DR.AGARWAL’S HEALTHCARE RAISES INR 160 CRORES FROM EDELWEISS SPECIAL OPPORTUNITIES FUND

Posted by: at 7/06/2017 02:18:00 am
DR.AGARWAL’S HEALTHCARE RAISES INR 160 CRORES FROM EDELWEISS SPECIAL OPPORTUNITIES FUND

July 6, 2017: Dr. Agarwal's Healthcare Limited, India’s leading eye care chain today announced that it has entered into an agreement with Edelweiss Special Opportunities Fund II to raise INR 160 crores. The fund will be generated through structured debt arrangement and will be used to fuel the company’s growth plans. Dr. Agarwal’s Group of Eye Hospital aims to grow its network from the current 70 centres to 150 centres by 2020.

Elaborating about the funding, Dr. Adil Agarwal, Chief Executive Officer of Dr. Agarwal's Healthcare Limited, said, “We are thrilled to have ESOF on board as investors as we continue to increase our pan India presence by launching hospitals in newer geographies such as within India as well as abroad. In India we are looking at entering Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. Internationally, we will be launching our first hospital in the Middle East. We are also planning to strengthen our presence in the existing geographies, especially in Maharashtra, West Bengal, Gujarat and Kerala.”

“This will allow us to plan for sustainable development in the sector so that we can continue to deliver high-quality care for generations to come. Additionally, it will also foster investments in new and innovative models of care, ensuring our patients receive the best care using the latest advances in technology”, added Dr. Adil Agarwal

FirstRand Bank acted as the exclusive financial advisor to Dr Agarwal's Healthcare Limited for this transaction.

India accounts to more than 30 percent of the world’s visually impaired population and a majority of them do not have access to quality care. In fact, in India one ophthalmologist needs to serve around 75,000 people as against one ophthalmologist for every 16,000 people in US or Europe presenting a huge opportunity.

The company also plans to invest in research and development initiatives.

About Dr. Agarwal’s Eye Hospital:
Dr. Agarwal’s Eye Hospital a comprehensive eye hospital offering a one-stop solution for eye ailments; was started in the year 1957. Now the hospital is in its 57th year of offering quality services in eye care. It has 16 branches in Chennai and a visible footprint in the states of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Odisha, Andaman and Rajasthan. A tertiary eye care centre at Mauritius marks its first step towards establishing an international presence extended up to 14 branches covering the Indian Ocean region and African countries.

The hospital has received various awards for its inventions and services. In March 2006, Late Dr. J Agarwal, Founder-Chairman was awarded Padma Bhushan by the former President of India, Dr. APJ Abdul Kalam for his dedicated services to the poor and downtrodden. The hospital received visibility in the global arena for its inventions - Micro-Phakonit (Cataract surgery with 0.7 mm size incision) in 1999 and ‘Glued Intraocular Lens Implant’ performed on a 4 year old girl in January 2008 by Prof. Amar Agarwal. In February 2009, the world's first Anterior Segment Eye Transplant Surgery was performed on a 4 month old child to treat corneal disorder. In November 2013, for the first time in the World, Dr. Agarwal’s Eye Hospital, Chennai transplanted a one year old donor cornea giving a new lease of sight to a 60 year old man through the new technique PDEK (Pre Descemet’s Endothelial Keratoplasty).



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