Eye-Q raised $4.5M more from Helion, Nexus
Eye-Q Vision Pvt Ltd, which runs eye care hospitals in North and West India, raised Rs 25 crore ($4.5 million) more from two of three existing investors, a top company executive told VCCircle.
Helion Venture Partners, who led the Series B round around two years ago, participated in the fresh funding along with Nexus Venture Partners. Eye-Q, which was founded in 2008 and operates around 30 hospitals, raised this capital a few months ago.
This is the third round of investment in the company. It raised Rs 10 crore from SONG Fund in 2010 and then raised around Rs 45 crore Helion and Nexus in 2012.
Eye-Q co-founder & CEO Rajat Goel said the company would use the capital to build more hospitals and that it is eyeing aggressive expansion and could also look at raising more in the second quarter of next financial year.
“We plan to launch 100 more hospitals in five years and will invest around Rs 250 crore for this expansion. In the last three years the company has grown around seven times and we plan to grow it at 40 per cent CAGR,” Goel said.
Eye-Q will focus on northern and western parts of the country and is looking at locations like Haryana, UP, Uttaranchal, Punjab, Haryana, Gujarat, Maharashtra and Rajasthan.
According to Goel, the company will focus on building these hospitals in tier II and III locations and will look at both organic and inorganic expansion. Eye-Q had made a few acquisitions two years back in locations like Lucknow and Surat and plans to do more starting end of next year.
Eye-care segment, which is a high margin business and a mature business model, has been getting a lot of investor attention. Some of the recent investments in this segment include Vasan Healthcare which got investment of $100 million from GIC, New Delhi Centre for Sight which secured over $15 million from Matrix in two rounds and ASG Hospital which raised $9 million from Sequoia.