ASG Hospitals Private Ltd on Wednesday said that it has secured Rs 308 crore investment from global investment firms Foundation Holdings and Symphony International Holdings.
ASG Hospitals Private Ltd on Wednesday said that it has secured Rs 308 crore investment from global investment firms Foundation Holdings and Symphony International Holdings. Foundation Holdings, in partnership with Symphony International — an investor in consumer-related businesses — entered into a transaction with the the chain of eye care hospitals and its promoters.
“Foundation Holdings’ passion, operational approach and focus on healthcare delivery makes them the ideal partner for the next phase of growth for ASG Hospitals and will bolster both our healthcare delivery and our mission – to bring quality and affordability to all Indians when it comes to eye health,” Dr Arun Singhvi, Chairman and Managing Director of ASG Hospitals said.
According to a report by CRISIL, the eye healthcare market is likely to hit $4 billion by 2020, with a compounded annual growth rate (CAGR) of 12 per cent over FY15-FY20. Surgery amounts for a major share accounting for more than 80 per cent of the market, while consultation and diagnosis account for the remaining 20 per cent, the report added.
In 2013, Rajasthan-based ASG Hospitals had raised its first funding from Sequoia Capital in 2013. Sequoia had then invested Rs 50 crore in the company. “This (new) investment will allow ASG Hospitals to pursue organic and inorganic expansion strategies to facilitate the consolidation of the highly fragmented eye healthcare services sector, a USD 4.4 billion opportunity in India alone. Bringing its industry leading full-service hub offering to its regional partners will result in service offering enhancements for the patients in these micro markets,” Aakash Sachdev, Managing Director of Foundation Holdings said.
ASG Hospitals is one of the largest corporate eye healthcare groups in the country. It was founded in 2005 by Dr Arun Singhvi and Dr Shashank Garg. The hospital chain has Sequoia Capital, Investcorp and now Foundation Holdings as its investors.
“The emerging markets ophthalmology and single speciality healthcare sector has been in our sights for years, however, until we met ASG Hospitals, we struggled to find truly high-quality partner companies. ASG Hospitals immediately stood out due to their inherent focus on high quality healthcare services, a strategic expansion plan to address an under-served and fragmented market, and a very capable clinical and administrative team that can successfully execute its plan,” Abhishek Sharma, CEO Foundation Holdings, said.