PE firm invests in ASG Eye Hospitals
Private equity firm IDFC Alternatives has invested Rs 75 crore ($11 million) for a minority stake in ASG Eye Hospitals Pvt Ltd. This is the second investment from the PE firm’s fourth fund.
IDFC Alternatives – IV marked its first close at $100 million in January this year. Its first investment was a Rs 80 crore bet on Incred Finance. The investment is predominantly a primary round with only a minor secondary component where a few old investors exited.
In March 2017, the Rajasthan- based eye care chain had hired investment bank Allegro Advisors for a fresh capital raise. Previously, ASG Eye Hospitals had received its first external funding of about $11 million in two tranches from Sequoia Capital India Advisors Pvt Ltd in 2012.
The hospital chain has 24 operating centres across nine Indian states, in addition to a centre in Kampala, Uganda. The chain is founded by Dr Singhvi and Dr Shashank Gang, who are alumni of the All India Institute of Medical Sciences, Delhi.