Singapore’s Temasek backs eye specialty major Dr Agarwal’s Healthcare with INR 2.7 billion investment
- by Team ABLE - 15 Feb, 2019
Singapore-based global investment major Temasek has made a minority stake investment in Chennai-based eyecare hospital Dr Agarwal’s Healthcare for INR2.7 billion (SGD51 million).
The funds will be deployed for significant expansion of the chain within India, through strategic partnerships, acquisitions and new hospitals.
This investment is the third fund-raising of Dr Agarwal’s Healthcare - it had raised INR2.7 billion (SGD51 million) from ADV Partners in 2016 followed by a INR1.6 billion (SGD30.57 million) investment from Edelweiss (as debt) in the latter part of 2017.
From now on, an official from Temasek will be on the company’s board.
“The expansion will be done through a mix of strategic partnerships, acquisitions and greenfield hospitals. Of the proposed addition, 65 per cent of new hospitals will be brownfield and the rest will be greenfield,” said Adil Agarwal, Dr Agarwal’s CEO, in the press statement.
He also added that Temasek, apart from investments, will also bring in a lot of technology advancements through its investments in global hospitals, including in Verily Life Sciences
“We are a INR5 billion (SGD95.54 million) company right now and will become an INR 15 billion (SGD286.63 million) company after the expansion with 25 per cent Ebitda margins,” said Adil Agarwal.
The funds will be deployed for significant expansion of the chain within India, through strategic partnerships, acquisitions and new hospitals