Dr. Agarwal's Eye Hospital Secures $80 Mn from TPG & Temasek, Aims Doubling Network to 300 Hospitals

In strategically allocating the fund, the company is embarking on an expansion journey, aiming to transit from its current network of over 150 centres to over 300

Dr. Agarwal's Group of Eye Hospitals has secured $80 million (‚¹650 Cr) funding from global private equity firm TPG Growth and Singapore-based investment company Temasek as the primary investors. 

This funding marks a significant development one year after the two investors collectively invested ‚¹1,050 Cr in the Chennai-based eye-care chain in May 2022.

Furthermore, these funds will facilitate the acquisition of innovative technologies for specialised eye care. He announced that the network of hospitals would be doubled to over 300 within the next three years.

Dr. Agarwal's Group demonstrated an expansion strategy, particularly in key markets including Tamil Nadu and Karnataka, alongside newer territories such as Maharashtra. Substantial acquisitions have been made in Maharashtra, incorporating Aditya Jyot Eye Hospital in Mumbai's Wadala and another five eye hospitals in Pune. 

Similar expansion patterns have been observed in Punjab and Haryana, with the acquisition of five hospitals each. Furthermore, over 100 primary eye clinics will shortly open in Tier II and III towns.

Having originated as a solitary establishment in Chennai in 1957, Dr. Agarwal's Group of Eye Hospitals has expanded into a network of 151 centres, encompassing 140 hospitals and 11 eye clinics across India and Africa. This network is upheld by a workforce of more than 500 ophthalmologists and approximately 3,500 employees.

As part of the expansion blueprint, brownfield acquisitions will be blended with greenfield ventures. In the latter approach, Prof. Agarwal contends that more quickly, pre-equipped facilities, personnel, patients, and medical professionals can be brought to new regions. 

In addition, the expansion plans extend to Africa, where Dr. Agarwal's network consists of 15 hospitals in Kenya, Zambia, and Tanzania. They intend to reach 30 hospitals in the African region within three years.