ASG Eye Hospital Funding, Investors & Competitors

ASG Eye Hospital has raised $64M across 3 funding rounds, most recently a $43M undisclosed-stage round in September 2019.

Last ASG Eye Hospital funding round

$43M

Undisclosed stage · Sep 2019

Cumulative funding ASG Eye Hospital raised

$64M

across 3 funding rounds

Key investors in ASG Eye Hospital

  • Peak XV Partners
  • General Atlantic
  • Kedaara Capital
  • IDFC Private Equity
  • Foundation Holdings

ASG Eye Hospital Overview

About ASG Eye Hospital

ASG Eye Hospital is a chain of specialty eye hospitals founded in 2005 by Dr. Arun Singhvi and Dr. Shashank Gang. It provides diagnosis, treatment, and surgical services including cataract surgery, LASIK, vitreo-retinal procedures, glaucoma treatment, and 24/7 emergency eye care, operating a network of hospitals across India as well as Uganda and Nepal. The chain has grown to around 170 hospitals across more than 80 Indian cities and has treated several million patients to date.


Founded

2005

HQ

IndiaJodhpur

Status

Privately held

Customer focus

B2C

Revenue model

Services

ASG Eye Hospital Funding History

ASG Eye Hospital has raised a total of $64M across 3 funding rounds, plus 1 secondary share sale.

ASG Eye Hospital's first fundraising round was a $9M Series A in January 2013. The most recent completed round was a $43M undisclosed-stage round in September 2019.

ASG Eye Hospital funding rounds

ASG Eye Hospital funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2022SecondaryGeneral Atlantic (lead); Kedaara Capital (lead)$189MASG Eye Hospitals operates a chain of specialty eye hospitals in India, providing comprehensive diagnosis, treatment, and surgical services including cataract surgeries, LASIK, vitreo-retinal procedures, and 24/7 emergency care with HOTA-approved eye banking facilities. In July 2022, General Atlantic and Kedaara Capital led a INR 1,500 crore investment in the company, marking India's largest fundraise in the eye care industry and the biggest private equity transaction in single-specialty healthcare at the time. The investors acquired around 46% stake, joining existing backer Foundation Holdings and facilitating an exit for prior investor Investcorp, who entered in 2017. The funding supported ASG's expansion plans, including organic growth through new hospitals and inorganic moves like the 2023 acquisition of Vasan Eye Care, adding 150 hospitals and establishing pan-India presence, particularly strengthening Western and Southern markets. Over the three years prior to the fundraise, ASG doubled its hospital count and tripled its revenue, serving over 6.5 million patients historically. Post-investment, the company aimed to reach over 200 hospitals within 36 months amid high demand from 62 million visually impaired individuals in India. ASG competes with chains like Dr. Agarwal’s Eye Hospital and Centre for Sight in the growing eye care sector focused on cataract and vision correction surgeries. In FY23, General Atlantic and Kedaara infused additional ₹827 crore in tranches to fuel scaling.
Sep 2019Undisclosed stageFoundation Holdings (lead)$43MASG Eye Hospitals, founded in 2005 by Dr. Arun Singhvi and Dr. Shashank Gang, is an affordable eye healthcare provider operating 33 centers across India, Africa, and Nepal, having treated over five million patients. On September 18, 2019, the company secured an investment of INR 308 crore led by Foundation Holdings, with participation from Symphony International Holdings Limited. The funds are intended to support organic and inorganic expansion to consolidate the fragmented eye healthcare sector in India, valued at USD 4.4 billion. Foundation Holdings, focused on healthcare and education, and Symphony, targeting consumer-related businesses, entered the transaction with ASG's promoters. This marked Foundation Holdings' second investment in India that year, following an education deal. ASG's scalable clinic model serves a diverse patient mix with a focus on quality eye care for cataract, retina, glaucoma, and refractive issues. Later developments include a 2022 INR 1,500 crore investment led by General Atlantic and Kedaara Capital, where ASG reportedly tripled revenue over three years and doubled hospitals to over 50. In 2022, ASG sought a ₹2,300 crore valuation for selling a 49% stake, with existing investors including Foundation Holdings, Investcorp, and Symphony. The company has grown to ~170 hospitals across 83 cities, pursuing IPO in 2026 and mergers like Sharp Sight at ~INR 7,000 crore valuation.
Sep 2017Series AIDFC Private Equity (lead)$12MASG Eye Hospital, founded in 2005 by AIIMS alumni Dr. Arun Singhvi and Dr. Shashank Gang, operates eye care centers across India, Uganda, and Nepal. In 2017, IDFC Alternatives (now Investcorp) invested Rs 75 crore ($11 million) for a minority stake in a predominantly primary round with a minor secondary component. The funds supported plans to open 20 new centers over the next three years. At the time, ASG had 24 operating centers across nine Indian states plus one in Kampala, Uganda.
Jan 2013Series APeak XV Partners$9M-

Who has invested in ASG Eye Hospital?

5 investors have backed ASG Eye Hospital across its funding rounds, including Peak XV Partners, General Atlantic, Kedaara Capital, IDFC Private Equity and Foundation Holdings.

Lead investors include General Atlantic, Kedaara Capital, Foundation Holdings and IDFC Private Equity.


ASG Eye Hospital Investors

Investors in ASG Eye Hospital by funding rounds participated
InvestorHQRoundsRoleFirst check
IDFC Private EquityIndiaMumbai1LeadSep 2017
Foundation HoldingsUAEDubai1LeadSep 2019
General AtlanticUnited StatesNew York City, NY1LeadJul 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by ASG Eye Hospital

ASG Eye Hospital has acquired 2 companies to date.

Last acquisition by ASG Eye Hospital was on May 13th 2025. ASG Eye Hospital acquired Dr. Gadgil Eye Hospital for undisclosed valuation.


Latest Acquisitions by ASG Eye Hospital

Dr. Gadgil Eye Hospital
Vedanta Centre For Ophthalmic Sciences
Description
Dr. Gadgil Eye Hospital is a Pune-based eye care clinic providing specialized services in cataract surgery, glaucoma treatment, retina care, and LASIK procedures. The hospital focuses on personalized diagnostics and conservative sight preservation using advanced equipment for comprehensive eye examinations and surgical interventions.
Vedanta Centre For Ophthalmic Sciences is a Patna-based eye hospital in India that delivers comprehensive diagnostic and surgical services for cataracts, glaucoma, retina disorders, and corneal conditions. The facility employs advanced technologies such as phacoemulsification systems and laser treatments to serve patients from diverse socioeconomic backgrounds. It operates multiple outpatient clinics and inpatient wards, focusing on accessible care through subsidized programs and partnerships with local health initiatives in Bihar.
HQ CountryIndiaIndia
HQ City
Mumbai
Patna
Deal Date13 May 20256 Mar 2025
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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ASG Eye Hospital Competitors

ASG Eye Hospital competitors include listed companies like HCA Healthcare, Alcon, Fresenius and Dr. Sulaiman Al Habib, and private ones like IVC Evidensia and Luz Saude.

Public and private companies comparable to ASG Eye Hospital
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HCA HealthcareUnited StatesUnited StatesPublicly listed$76B$16B$93B1.9x
AlconSwitzerlandSwitzerlandPublicly listed$10B$2.6B$31B3.3x
FreseniusGermanyGermanyPublicly listed$26B$4.2B$30B1.6x
Dr. Sulaiman Al HabibSaudi ArabiaSaudi ArabiaPublicly listed$3.7B$927M$21B5.9x
IVC EvidensiaUnited KingdomBristolPrivate--$14B-
Luz SaudePortugalLisbonPrivate-$333M$3.2B-

ASG Eye Hospital Public Comps

ASG Eye Hospital is still privately-owned, but its public comps include HCA Healthcare, Alcon, Fresenius, Dr. Sulaiman Al Habib, Tenet Healthcare, IHH Healthcare, Rede D'Or São Luiz, Apollo Hospitals, Encompass Health and DaVita.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
HCA Healthcare$76B$16B1.9x1.9x9.4x9.4x
Alcon$10B$2.6B3.4x3.3x13.4x12.5x
Fresenius$26B$4.2B1.6x1.6x10.1x9.4x
Dr. Sulaiman Al Habib$3.7B$927M6.4x5.9x25.2x24.7x
Tenet Healthcare$21B$4.5B1.7x1.6x8.1x7.5x
IHH Healthcare$6.3B$1.5B3.3x3.0x13.8x13.6x
Rede D'Or São Luiz$11B$1.3B1.7x1.6x14.3x8.4x
Apollo Hospitals$2.6B$398M5.3x4.9x34.9x32.1x

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Common questions about ASG Eye Hospital

When was ASG Eye Hospital founded?ASG Eye Hospital was founded in 2005.
Where is ASG Eye Hospital headquartered?ASG Eye Hospital is headquartered in Jodhpur, India.
Is ASG Eye Hospital publicly listed?No, ASG Eye Hospital is a private, VC-backed company.
How much funding has ASG Eye Hospital raised?ASG Eye Hospital has raised $64M across 3 funding rounds.
What was ASG Eye Hospital's last funding round?ASG Eye Hospital's last funding round was a $43M undisclosed-stage round in September 2019, led by Foundation Holdings.
Who are ASG Eye Hospital's investors?ASG Eye Hospital's investors include IDFC Private Equity, Foundation Holdings, General Atlantic, Kedaara Capital and Peak XV Partners.
Which companies are comparable to ASG Eye Hospital?Companies comparable to ASG Eye Hospital include HCA Healthcare, Alcon, Fresenius, Dr. Sulaiman Al Habib, IVC Evidensia and Luz Saude.
How many companies has ASG Eye Hospital acquired?ASG Eye Hospital has acquired 2 companies, including Dr. Gadgil Eye Hospital and Vedanta Centre For Ophthalmic Sciences.

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