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IDFC’s private equity arm invests Rs75 crore in ASG Eye Hospitals

LiveMint logoLiveMint 04-09-2017 Swaraj Singh Dhanjal &

Mumbai: Sequoia Capital-backed ASG Eye Hospital has raised Rs75 crore in a second round of institutional funding from IDFC Alternatives Ltd’s private equity fund, said a senior executive of the company.

Rajasthan-based ASG raised its first funding from Sequoia Capital in 2013. Sequoia invested Rs50 crore in the company.

“ASG is present in 18 cities (across nine states) in the north, east, west and central india. We plan to utilize this fund to go deeper in these states as well as expand in nearby states,” said Arun Singhvi, founder of ASG Eye Hospital.

The hospital chain plans to open 20 more full-facility eye hospitals in the next three years, he added.

“We have been expanding slowly and purely organically, as we feel that in patient care delivery, it takes time, effort as well as continuous good work to make people appreciate. We would look for opportunities in south India with a few good clinicians to get our footprint there,” said Singhvi.

The Indian healthcare space has been an attractive investment destination for private equity funds. The eye care space too has seen a handful of private equity investments over the years.

In July, Mint reported that eye care chain Dr Agarwal’s Health Care Ltd is raising Rs160 crore in structured credit from Edelweiss Special Opportunities Fund. Dr Agarwal’s Health Care last raised funds from private equity investor Hong-Kong based ADV Partners, which invested $45 million in January 2016.

Other deals in the eye care space include Singapore sovereign wealth fund GIC Pte. Ltd’s $100 million investment in Vasan Healthcare in 2012, Matrix Partners’s Rs50 crore investment in New Delhi Centre For Sight in 2010 and Eye-Q Super Specialty Eye Hospitals’s Rs60 crore fund-raising from World Bank arm International Finance Corp., Helion Venture Partners and Nexus Venture Partners.

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