Sequoia Capital India has invested Rs 50 crore ($9.1 million) in Rajasthan-based ASG Eye Hospitals, a super specialty eye hospital chain, for an undisclosed stake.
ASG will use the funding to expand its footprint in central and northern India. The company plans to set up 25 new centres in the next two years.
Started in 2006, ASG Eye Hospitals has grown significantly over the years and focuses on all areas of ophthalmology. It is currently present in nine cities across Rajasthan and plans to expand to Jharkhand, Madhya Pradesh, Uttar Pradesh, Chhattisgarh and Bihar.
“ASG Eye Hospitals brings the best technology in healthcare to tier II and tier III markets, and offers advanced and competent eye care services in the region,” said Abhay Pandey, MD of Sequoia Capital India Advisors.
“We provide comprehensive diagnosis, treatment and surgical services through our cutting edge technology. Ophthalmic care requires highly skilled and trained professionals, and ASG provides world-class surgeons with vast experience and expertise. The founders, as well as many specialists at ASG, are trained at AIIMS, India’s foremost medical institution,” said Arun Singhvi and Shashank Gang, founders of ASG.
Sequoia Capital, which currently manages assets worth $1.4 billion, has invested in more than 50 Indian companies over the past five years including Café Coffee Day, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax and Mu Sigma, among others.
In the healthcare space, Sequoia invested Rs 100 crore in Delhi-based multi-specialty hospital Moolchand Healthcare in 2012. Other investments included eye-care & dental chain Vasan Healthcare, Glocal Healthcare Systems, Paras Pharmaceuticals and Suburban Diagnostics.
(Edited by Sanghamitra Mandal)