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Chennai-based Dr Agarwal’s Group of Eye Hospitals has raised $45 million from Asia-focused private equity firm ADV Partners.
According to a press release, the group will invest the money for expansion in India, Africa, West Asia and South-East Asia over four years through a mix of joint ventures and greenfield hospitals.
ADV’s investment is predominantly in the form of compulsorily convertible preference shares in the privately held Dr Agarwal’s Healthcare Ltd (AHCL). An undisclosed portion of the investment will be utilised to give an exit to existing investor Evolvence India.
Suresh Prabhala, the Singapore-based partner of ADV, will join the Dr Agarwal’s board.
On the domestic front, the group will consolidate its presence in existing Sates and set up new hospitals in Kerala, Gujarat, New Delhi, Maharashtra and Punjab. The group will also be investing in eye care technology.
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