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.
Eye-Q Vision Pvt. Ltd. operates chain of eye care hospitals. It offers services for maintaining optimum vision, preventing deterioration and correcting vision related problems. The firm also provides eye examinations, cataract treatment, surgery, refractive services, retina services, glaucoma services, paediatric, oculoplasty, visual aid services, optical services, general eye care, women’s eye care and diabetes eye care. The company was incorporated in 2006 and is based in Gurgaon, Haryana.
Capital Nexus Partners Group is an investment banking and private equity firm focused on cross-border opportunities between India and the global community. Its services include corporate finance, debt syndication and mergers and acquisitions advisory services. The company was founded in 2010 and is based in Bangalore, Karnataka.
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Helion Venture Partners LLC is a venture capital firm with $605 million under management. It provides capital to seed and early stage companies operating in India. The firm seeks to invest in technology-powered and consumer service businesses in sectors like outsourcing, internet, mobile, technology products, retail services, education and financial services. It seeks to invest between $2 million and $10 million. The firm also participates in future rounds of financing in syndication with other venture partners. The company was founded in 2006 and is based in Mauritius.
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