ASG Eye Hospitals secures Rs 308 crore investments

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Published: September 19, 2019 5:43:56 AM

According to Crisil, the eye healthcare market is expected to record a compounded annual growth rate of 12% over FY15-20, owing to the rising proportion of ageing population, high prevalence of eye disorders, innovative models for improving penetration of medical facilities, increasing disposable income and rising insurance penetration.

ASG Eye Hospitals, industry news,Foundation Holding, Symphony International Holding, ASG HospitalsASG Hospitals was founded in 2005 by Dr Arun Singhvi and Dr Shashank Gang.

ASG Hospitals, which runs 33 eye care hospitals across 13 states in the country, announced on Tuesday the receipt of investments worth Rs 308 crore. The funding was led by global investment firm Foundation Holdings. Symphony International Holdings is also one of the investors in the deal.

ASG Hospitals plans to use the money to “continue to roll out its disruptive, high quality-focused service model to those who need it the most across India”, it said in a statement.

“This 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 $4.4-billion opportunity in India alone,” said Aakash Sachdev, managing director of Foundation Holdings.

According to Crisil, the eye healthcare market is expected to record a compounded annual growth rate of 12% over FY15-20, owing to the rising proportion of ageing population, high prevalence of eye disorders, innovative models for improving penetration of medical facilities, increasing disposable income and rising insurance penetration.

ASG Hospitals was founded in 2005 by Dr Arun Singhvi and Dr Shashank Gang. The company has earlier received backing from marquee investors such as Sequoia Capital and Investcorp. It has also opened centres at Kampala in Uganda and Kathmandu in Nepal. “We have spent the last couple of years strengthening and expanding the bench strength of our senior management team led by Dr Himanshu and Dr Vikas, which positions us well to enter this next phase of the company,” said Dr Arun Singhvi, CMD, ASG Hospitals.

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