Representative image of a hospital corridor.
Credit: iStock Photo
Homegrown eye hospital chain Dr. Agarwal’s Health Care Ltd has secured Rs 650 crore ($80 million) in Series E funding from existing investors - US-based TPG and Singapore’s Temasek - the eye care provider said in a press statement on Thursday.
It will deploy over Rs 1,200 crore in the next 3 years to double its existing network of 150–plus centres to over 300, including 10 new centres in Africa. About 65-70% of this expansion will be brownfield in nature.
The incoming phase of scale up includes five new centres in Mumbai, ten in Tamil Nadu and five in Karnataka, among others.
Additionally “We will also be establishing over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years,” said company chief executive Dr Adil Agarwal.
Furthermore, a part of the capital will be channeled towards acquisition of advanced technology to treat vitreo-retinal diseases such as diabetic retinopathy and age-related macular degeneration.
The company, which currently employs around 4,000 employees across its hospital network, will see an addition of 5,000 new employees to its workforce in the next three years, the CEO revealed in a conversation with DH. It is also eyeing an initial public offering within the next 24-36 months, he added.