Chennai (Reuters) – Dr. Agarwal’s Health Care said on Thursday it raised $80 million from existing investors Singapore’s Temasek and U.S.-based TPG as the Indian eye hospital operator plans to double its hospital count.
The top shareholder of publicly listed Dr. Agarwal’s Eye Hospitals (DRAG.BO) plans to operate 300 hospitals by the end of 2025. It currently has over 150 hospitals, including in African countries like Nigeria and Kenya.
Shares of the company rose as much as 10.3%, before paring some gains to last trade up 5.1%.
The firm is aiming revenue of about 15 billion rupees for the current financial year and up to 25 billion rupees within the next three, CEO Adil Agarwal said.
Dr. Agarwal’s will invest over 12 billion rupees ($144.45 million) to set up new hospitals in India and 10 centres in the African countries of Kenya, Zambia, and Tanzania, it said in a press release.
The fundraise also comes over a year after Dr. Agarwal’s – founded in 1957 in the southern Indian city of Chennai – closed a funding round of 10.50 billion rupees from Temasek and TPG Growth, the middle market-focused arm of TPG (TPG.O).
Private care is becoming more and more popular in India due to a growing and ageing population, as well as rise in income levels. The pandemic has sharpened people’s focus on health and wellness.
Spotting the trend, global investors are scouting the around $48 billion Indian private healthcare market, with Temasek itself spending $2 billion in April to lift its stake in multi-specialty chain Manipal Hospitals by 41% to 59%.
