India-based eye-care chain ASG Hospital raises funds for expansion

18 September 2019 (Last Updated September 19th, 2019 07:47)

India-based eye-care chain ASG Hospital has raised $43m from UAE-based investment firm Foundation Holdings and Symphony International Holdings.

India-based eye-care chain ASG Hospital has raised $43m from UAE-based investment firm Foundation Holdings and Symphony International Holdings.

The funding will enable ASG Hospital for an organic and inorganic expansion, reported Vccircle.com.

Set up in 2005 by Arun Singhvi and Shashank Gang, ASG Hospital operates 33 hospitals across 13 states in India.

Furthermore, it operates centres in Kampala of Uganda and Kathmandu of Nepal.

According to Mosaic Digital’s data and research platform VCCEdge, the hospital chain first secured its first external funding of around $11m in two phases from Sequoia Capital India Advisors in 2012.

Private investment firm IDFC Alternatives invested $11m to acquire a minority stake in ASG Hospital in 2017.

Foundation Holdings stated in 2016 that it intends to invest $275m over the next five years in healthcare, consumer and education sectors in India.

Foundation Holdings chief executive Abhishek Sharma was quoted by the website as saying:  “The emerging markets’ ophthalmology and single-speciality healthcare sector have been in our sight for years.”

Foundation Holdings closed its first transaction in the Indian education sector in July this year.

IIFL Asset Management purchased a majority stake in Infigo Life Sciences in June this year.

Infigo Life Sciences is promoted by eye-care chain Vasan Healthcare’s former COO Shridhar Thakur and Wockhardt Hospitals former MD Anil Kamath.

Eye-care chain Disha Medical Services raised $4m in its Series C round of funding during the same month.