Adil Agarwal, its CEO, declined to comment on how much capital the company is planning to raise but said an announcement will be made in this regard in a couple of months. “The investment will be made through a combination of primary fund raise, debt and internal accruals,” Agarwal told ET.
The company’s existing investors, including Temasek, CDC and ADV Partners, may take part in the funding round, he said.
The group has so far raised Rs 755 crore in three rounds of funding–Rs 270 crore from Temasek in February 2019, Rs 215 crore from CDC in December 2019, and Rs 270 crore from ADV Partners in 2016.
Agarwal said the plan is to open over 100 eye hospitals and 500 outreach clinics. About 20% of the new expansion will be outside of India, he said. The company will earmark about Rs 300 crore for expansion in Maharashtra alone, he said.
Dr Agarwals operates 100 eye hospitals, of which 86 are in India and the remaining in Africa. It has clinics in Mauritius, Mozambique, Tanzania, Rwanda and Uganda.
The company on Friday said it has acquired Mumbai-based Aditya Jyot Eye Hospital for an undisclosed amount.
Aditya Jyot Eye Hospital, the largest eye care centre in Mumbai headed by ophthalmologist Sundaram Natarajan, will become the hub of operations for Dr Agarwals in Mumbai and Maharashtra, the company said.
