PE firm in­vests in ASG Eye Hos­pi­tals

BioSpectrum (India) - - FINANCE NEWS -

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.

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