Eyecare chain ASG Hospitals has raised Rs 308 crore in a funding round led by UAE-based family investment office Foundation Holdings, company said. Symphony International Holdings also participated in the round.
Backed by Sequoia Capital and Investcorp, the Eyecare provider was founded in 2005 by AIIMS alumni Dr. Arun Singhvi and Dr. Shashank Gang. It has 33 centres in India Africa and Nepal.
The latest round of funding will enable the hospital to pursue organic and inorganic expansion.
Responding to the development, Dr Arun Singhvi, chairman and managing director, ASG Hospitals was quoted as saying, “We have spent the last couple of years strengthening and expanding the bench strength of our senior management, which positions us well to enter this next phase of the company.”
“This investment will allow ASG Hospitals to pursue organic and inorganic expansion strategies to facilitate the consolidation of the highly fragmented eye healthcare services sector, a $4.4 billion opportunity in India alone. Bringing its industry leading full-service hub offering to its regional partners will result in service offering enhancements for the patients in these micro markets,” said Aakash Sachdev, Managing Director of Foundation Holdings.