Dr Aggarwal’s, Indian Eye Hospital Chain, Raises $80 Million From Existing Investors

Dr Aggarwal’s Health Care announced on Thursday that it has raised $80 million from existing investors — Singapore’s Temasek and US-based TPG as it plans to double its hospital count.

The publicly listed hospital chain plans to operate over 300 hospitals by the end of 2025. It currently operates 150 chains, including in African countries like Nigeria and Kenya.

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The firm is aiming revenue of about Rs 15 billion for the current financial year and up to Rs 25 billion within the next three years, CEO Adil Agarwal said. The hospital chain will invest over Rs 12 billion to set up new hospitals in India and 10 centres in the African countries of Kenya, Zambia, and Tanzania, the company said in a statement.

The new funding round comes after the Chennai-based hospital chain closed a funding round of Rs 10.50 billion from Temasek and TPG Growth, the middle market-focused arm of TPG, a year ago.

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Private care is gaining momentum in the country due to the rising aging population as well as rise in the income level of people. The shares of Dr Aggarwal’s rose as much as 10.3%, before paring some gains to last trade up 5.1%. 

Global investors are scouting to make investments in the $48 billion valued Indian private healthcare market. Temasek has spent $2 billion in April to lift its stake in multi-specialty chain Manipal Hospitals by 41% to 59%.