ASG Eye Hospitals raises Rs 1,500 crore from General Atlantic, others

ASG Eye Hospitals, an eye hospital chain, has secured Rs 1,500 crore in a funding round led by General Atlantic and Kedaara Capital, the company said on Wednesday, calling it the largest fundraising in that space.

The fresh funds will help the company to expand its presence in more Indian cities and also pave way for an exit to Investcorp, an early investor.

“We have been fortunate to work with like-minded, value-additive investors like Foundation Holdings that have been true partners and have strengthened our model, allowing for our expansion across India to establish over 50 hospitals. We are delighted and excited to welcome General Atlantic and Kedaara Capital on our mission to enhance the delivery of quality eye care for all and improve quality of life across India,” said Arun Singhvi and Shilpi Gang, founders of ASG.

ASG Eye Hospitals are currently operational in 16 states in the country, with a presence in Nepal and Uganda, too. Over the last three years, the company has doubled its number of hospitals to 50 and tripled its revenue to Rs 450 crore.

“General Atlantic has followed ASG Eye Hospitals for several years, and we are strongly encouraged by Drs. Singhvi and Gang’s commitment to clinical rigour and quality is grounded in academic research and training. We are excited to back the ASG team in their journey towards becoming not only a leading national provider for eye-care services in the country but also a partner of choice for the country’s most skilled ophthalmologists and medical professionals,” said Shantanu Rastogi, managing director of General Atlantic.

An estimated 62 million Indians are visually impaired and 8 million of them are blind, the statement noted. Adding to that, India has only an estimated 25,000 ophthalmologists and only 45,000 optometrists against a required 125,000, the company said citing a Lancet Global Health Commission report, an area the hospital chain hopes to address.

Founded in 2005 in Rajasthan’s Jodhpur, ASG is on a mission to become one of Asia’s leading eye hospital chains.