- Saturday, April 27, 2024
By: Radhakrishna N S
INDIA’S Eyecare chain Dr Agarwal’s Health Care Ltd has raised about $30 million or £23m as debt funding from CDC Group.
CDC Group Plc is a development finance institution owned by the UK government.
The company’s board will have a member from CDC group following the latest funding programme.
Dr Agarwal’s will use the funding to push its expansion plans further during the next three years.
The Dr Jaiveer Agarwal founded business aims to raise its number of hospitals to 150 in the next three years.
The medical care chain, which is supported by Singapore state investment company Temasek, aims to expand its business across India, Africa, and South Asia.
The future expansion plans are expected to move ahead through a mix of organic and inorganic partnerships.
The eyecare chain has 90 hospitals, including 14 in Africa.
Earlier this year, Dr Agarwal’s obtained a cash pump of about $38m from Temasek.
In 2017, it had raised structured debt from Edelweiss Special Opportunities Fund as part of its expansion plans.
Dr Agarwal’s claims to be a debt-free business now.
The group is planning to close this financial year with Rs 6 billion or £64.53m revenue, and almost double it by the end of financial year 2023.
CDC India’s portfolio stands at $1.7bn across direct investments into companies, and investments in private equity and venture capital funds.
The British entity plans to double its exposure to India with investments of up to $3-$3.5bn by 2021, according to media reports.
