TPG, Temasek double down on Dr. Agarwal’s

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₹650 crore ( $78 million) from existing investors TPG Growth and Temasek to bolster its aim of doubling its network of eye clinics in the country primarily through acquisitions. The Chennai-based company will also consider a public listing in two to three years, said senior company executives. The fresh infusion entirely comprised a primary issue and valued the company at ₹6,000 crore, said Dr.

Amar Agarwal, chairman, Dr. Agarwal’s Group of Eye Hospitals. He said the company is aiming to have more than 300 clinics across India over the next two years, up from the current around 150 clinics.

Majority of the network expansion is expected to accrue from inorganic growth where the company has been acquiring established single clinic set ups and chain of organized clinics in Maharashtra, Gujarat, Punjab and Delhi, among its existing markets, said Adil Agarwal, chief executive. “We are looking to acquire networks with 30-40 centres and to invest up to ₹400 crore behind the inorganic growth strategy of the company," he said. While 60% of the capital will be used towards brownfield assets, the company will look to deploy 30-40% of the funds to open over 100 primary eye clinics in tier II and tier III towns in the next few years.

Dr Agarwal’s had in May last year raised over ₹1,000 crore in funding from TPG Growth and Temasek, in one of the largest fundraisings in the eye care space. Founded by Dr. Amar Agarwal in 1957 as a single facility in Chennai, the group currently offers eye care services such as cataract, laser correction, vitreo-retinal surgery, corneal transplantation, glaucoma and squint at its centres.