Eye care chain ASG Hospitals 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.
The investment will allow ASG Hospitals to pursue organic and inorganic expansion strategies to facilitate consolidation of the highly fragmented eye healthcare services sector.
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. With this investment, Foundation Holdings picks up a significant minority stake in ASG Hospitals.
Foundation Holdings and Symphony International Holdings together have entered into an agreement with ASG Hospitals and its promoters for an investment in the eye care chain. ASG Hospitals has 33 hospitals across 13 states in India, in addition to one centre each in Uganda and Nepal.