Eye care provider ASG Hospitals on Wednesday said it has raised ₹308 crore in a round led by UAE-based family investment office Foundation Holdings. Symphony International Holdings also participated in the round.
ASG Hospitals was founded in 2005 and has 33 centres in India, and one each in Africa and Nepal. The eye care chain, started by All India Institute of Medical Science-trained doctors, is also backed by Sequoia Capital and Investcorp.
“We have spent the lastcouple of years strengthening and expanding the bench strength of our senior management, which positions us well to enter this next phase of the company," said Dr Arun Singhvi, chairman and managing director, ASG Hospitals.
Aakash Sachdev, managing director, India, Foundation Holdings, said: “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. 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."
“We will continue to focus on organic expansion. We are looking to partner with big practices, smaller or regional chains, with like-minded people, where quality is assured," said Dr Singhvi over the phone. “We will be looking for acquisitions. We will look at smaller chains which have developed a good, niche name in cities. We are ready for partnerships with doctor-led models anywhere in the country."