ASG’s hospital count became two and a half times and revenue tripled under Investcorp’s ownership
– Investcorp, a leading global alternative investment firm,
announced that it has sold its stake in ASG Eye Hospital (“ASG” or the “Company”), the second
largest eye care hospital chain in India, to General Atlantic and Kedaara Capital.
Investcorp invested in ASG in 2017 and has worked closely with its founder and management
team to drive significant expansion and revenue acceleration by implementing several value
enhancement initiatives. During the period Investcorp was an investor in ASG, ASG successfully
executed a domestic expansion strategy, entering new and under-served markets in India. As a
result of these initiatives, the number of hospitals operated by ASG in India has increased two-and-
a-half fold and revenues have tripled since Investcorp’s investment. Earlier this year, ASG won the
bid to acquire Vasan Eye, a large eye care hospital chain in India. This acquisition will expand
ASG’s footprint in South India.
Investcorp sold its shareholding as part of a growth capital funding round of INR 15 billion, marking
India’s biggest private equity funding in the eye care space and one of the largest private equity
transactions in the single specialty healthcare industry in the country.
Commenting on the exit, Gaurav Sharma, Head of Private Equity India at Investcorp, said, “It gives
us great pleasure to see that ASG has grown to become one of the most prominent eye care
chains in India. Millions of people have had access to quality eye care through ASG over the past
two decades. It was a pleasure working with ASG’s founder, Dr Arun Singhvi, and ASG’s
leadership team and we wish them continued success in their next phase of growth."
Yasser Bajsair, Head of KSA for Investcorp’s Private Wealth said, “The sale of ASG Eye Hospital
represents a successful exit for Investcorp. Since we made our investment in ASG, the company
has demonstrated strong success outside its core market of Rajasthan and became a leading
player in the eye care industry in India. We are pleased with our partnership with the ASG team
and wish them continued success in their next phase of growth.”
In India, Investcorp is an active investor in mid-market companies across consumption-linked
sectors and in the real estate business. In the private equity space, Investcorp targets
opportunities across the Healthcare, Software and Business Services, Financial Services and
Consumer sectors. Its investments over the last four years include Wingreens, V-Ensure, Intergrow
Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees,
and Safari Industries.