Chennai-headquartered eye care chain Dr Agarwal's Healthcare on Thursday said it has entered into an agreement with Edelweiss Special Opportunities Fund II (ESOF) to raise Rs 160 crore.
Chennai-headquartered eye care chain Dr Agarwal’s Healthcare on Thursday said it has entered into an agreement with Edelweiss Special Opportunities Fund II (ESOF) to raise Rs 160 crore. 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. The eye care chain raised funding to the tune of Rs 270 crore through a private equity deal in series B investment last year from ADV Capital. Adil Agarwal, chief executive officer of Dr Agarwal’s Healthcare, said, “In India we are looking at entering Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. We are also planning to strengthen our presence in the existing geographies, especially in Maharashtra, West Bengal, Gujarat and Kerala.” Internationally, the company will be launching its first hospital in the Middle East. FirstRand Bank acted as the exclusive financial advisor to Dr Agarwal’s Healthcare for this transaction.ax