Right Axis Eye Hospital Private Limited, which provides eye care services under the Akshara Eye Hospitalbrand, has closed its second round of equity investment worth $61K from a group of angel investors. The stake given out and the investors’ names remain undisclosed.
This is the second round of investment raised from angels.
The latest infusion will be used by the Bengaluru based eye care provider to expand its range of ophthalmic service offerings apart from brand building.
DIA Capital Advisors was the exclusive financial advisor for the transaction.
Conceived as a tertiary care center, Akshara’s offering spans across eye care services like medical retina, cataract care, glaucoma services, paediatric ophthalmology and squint services, uveitis services among others.The organization aims to differentiate itself on patient care quality and governance in healthcare delivery.
The hospital launched its maiden center off Bannerghatta Road in South Bangalore in August last year.
The venture is co-founded by Dr. Ashish Kumar, Dr. P Rohitha Nayak, and Shailesh Kumar. While both Ashish Kumar and P Rohitha Nayak are ophthalmologists having worked with Sankara Eye Center, Narayana Nethralaya, Vasan Eye Care Hospital; Shailesh, an alumnus of IIM Bangalore, has previously worked with Sapient, HP, and Infosys.
Estimated to be worth R12,000 Cr as of 2013-14, the market for eye care treatments in India is poised to R23,600 Cr in the next five years. The emergence of private eye care ‘chains’, in a space dominated by hospitals and standalone centres, will underline the next growth story in the eye care services market, says a Crisil Report.
Center for Sight, Evolvence backed Dr Agarwal’s Eye Hospital, Eye Q, Lotus Eyecare, Medfort Hospitals, Sequoia backed Vasan Healthcare are among the private players eyeing to grab a major share in the growing market.
Other deals in this space:
Vasan Healthcare raised R300 Cr in fresh funds from existing investors Government of Singapore Investment Corporation (GIC), Sequoia Capital and WestBridge Capital.
Assam-based ERC Eye Care had raised funds form Ennovent Impact Investment Holding and Ankur Capital along with participation from angel investor Sadeesh Raghavan and Ennovent Circle
Chennai based affordable eye screening services company, Welcare Health Systems Private Limited has raised an undisclosed amount of funding from Unitus Seed Fund
A host of PE players including TPG Growth, Carlyle Group and TA Associates are said to be seeking to acquire a controlling interest in Kerala based Mosons Extractions, the company behind hair care brand ‘Indulekha’.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.