ASG Hospitals raises Rs 308 cr in funding led by Foundation Holdings

Eye care chain ASG Hospitals on Wednesday said it has raised Rs 308 crore in a funding round led by global investment firm Foundation Holdings. The company will use the funds for its next phase of growth, ASG Hospitals and Foundation Holdings said in a joint statement.

"Foundation Holdings' passion, operational approach and focus on healthcare delivery makes them the ideal partner for next phase of growth for ASG Hospitals and will bolster both our healthcare delivery and mission - to bring quality and affordability to all Indians when it comes to eye health," ASG Hospitals Chairman and MD Arun Singhvi said. 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 USD 4.4 billion opportunity in India alone, Foundation Holdings MD Aakash Sachdev said.

Foundation Holdings' focus is to invest in market segments that are underserved and where its investment can result in a social impact while providing economic returns, he added. "With this investment, Foundation Holdings picks up a significant minority stake in ASG Hospitals," Sachdev said.

Foundation Holdings and Symphony International Holdings Ltd together have entered into an agreement with ASG Hospitals and its promoters for an investment in the eye care chain, the statement said. ASG Hospitals has 33 hospitals across 13 states in India, in addition to one centre each in Uganda and Nepal.