Eye Care hospital chain Dr. Agarwal's raises Rs 650 crore funding
Dr Agarwals Health Care has raised about Rs 650 crore from the TPG Growth and Singapore's sovereign wealth fund Temasek, within a year of raising Rs 1,050 crore from them in an earlier round. The Chennai headquartered chain said they would use about Rs 1,200 crore to double their hospital count to 300 in the next 2-3 years. The company is mainly looking to open hospitals in Maharashtra, Delhi and Uttar Pradesh, a shift from its established ground in South India, company Chairman Dr.
Amar Agarwal told ET. «Most of our new hospitals will be acquired instead of built,» he said, adding that it was a more efficient way to break ground in newer territory. The company, he said, has 10 new acquisitions lined up in these regions, which are expected to be completed by the end of this year.
The hospital chain also has a significant presence in Africa with 15 hospitals. With the fresh infusion of capital, it hopes to add 10 more to its portfolio in the continent, CEO Dr. Adil Agarwal told ET.
«We will be deepening our presence in Kenya, Zambia, and Tanzania,» he said. The company, which opened a new corporate office in Mumbai this year, also plans to establish over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years. In the last five years, the company has opened 75 hospitals, bringing its current tally up to 155.
All acquisitions, Dr. Adil said, are EBITDA positive. Dr Agarwals Health Care Ltd had a revenue of Rs 1,050 crore, with 22% EBITDA margin in fiscal 2022-23.
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