TPG, Temasek double down on Dr. Agarwal's

₹650 cr infusion has valued the Chennai-based company at ₹6,000 cr

- Sneha Shah

Dr. Agarwal's Health Care Ltd has raised ₹650 crore ($78 million) from existing investors TPG Growth and Temasek to bolster its aim of doubling its network of eye clinics in the country primarily through acquisitions.

The Chennai-based company will also consider a public listing in two to three years, said senior company executives.

The fresh infusion entirely comprised a primary issue and valued the company at ₹6,000 crore, said Dr. Amar Agarwal, chairman, Dr. Agarwal's Group of Eye Hospitals. He said the company is aiming to have more than 300 clinics across India over the next two years, up from the current around 150 clinics.

Majority of the network expansion is expected to accrue from inorganic growth where the company has been acquiring established single clinic set ups and chain of organized clinics in Maharashtra, Gujarat, Punjab and Delhi, among its existing markets, said Adil Agarwal, chief executive.