Dr. Agarwal's Health Care Secures $80 Million in Funding from Singapore's Temasek and TPG
On August 17, Dr. Agarwal's Health Care announced that it had raised $80 million from existing investors Temasek and TPG in order to double its hospital count.
Dr. Agarwal's Eye Hospitals, which is publicly traded, plans to operate 300 hospitals by the end of 2025. It currently runs over 150 hospitals, most of which are in African countries like Nigeria and Kenya.
Following the announcement, Dr. Agarwal's Eye Hospitals shares rose as much as 10.3% before paring some gains to close up 4.2%.
Dr. Agarwal's will invest more than 12 billion rupees ($144.45 million) in new hospitals in India and 10 centres in Kenya, Zambia, and Tanzania, according to a press release.
The fundraising comes more than a year after Dr. Agarwal's - founded in 1957 in the southern Indian city of Chennai - closed a 10.50 billion rupee funding round from Temasek and TPG Growth, TPG's middle market-focused arm.
Private care is becoming increasingly popular in India as the population grows and ages and income levels rise. The pandemic has heightened people's attention to health and wellness.
Global investors are scouting the approximately $48 billion Indian private healthcare market, with Temasek spending $2 billion in April to increase its stake in multi-specialty chain Manipal Hospitals from 41% to 59%.