India-based ASG Eye Hospitals bags $189m funding

The transaction paves the way for an exit for one of the hospital chain’s investors.

India-based ASG Eye Hospitals has received a $189.41m (INR 1,500 crore) investment in what one of its investors described as the largest fundraising in the eye care industry and the largest private equity transaction in the single specialty healthcare industry to date.

In a press release, General Atlantic said that the growth equity firm and Kedaara Capital led the investment in the eye hospital chain.

The transaction is also expected to pave the way for an exit for Investcorp, who invested in the company in 2017, General Atlantic said.

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Founded in 2005 in Jodhpur, Rajasthan, ASG runs over 50 state-of-the-art, specialty eye hospitals across 16 states in India, Uganda, and Nepal.

The hospital chain provides diagnosis, treatment and surgical services covering basic eye care procedures through to complex surgeries, including 24/7 emergency services for trauma and 24-hour eye banking facilities, the investor said.