IIFL Asset Management Ltd (IIFL AMC) has acquired a majority
stake in Infigo Lifesciences through IIFL India Private Equity Fund through an
unspecified amount.
Infigo, which started with six centres — four eye care
hospitals and two 3D eye clinics in Mumbai, is planning to start a chain of
speciality eye care centres in India.
The company plans to open a total of 15 centres within one
year, with ten centres in Mumbai and the remaining five spread across
Maharashtra. IIFL India PE Fund will look to invest up to ₹70 crore in multiple tranches to
pre-defined business milestones for setting up over 20 centres, the company
said.
“India is witnessing
an interesting trend with people preferring to visit branded specialty centers
for their healthcare needs. In a country where most eye care practices are
individually-run and often lack protocols or standards, there is an opportunity
to create a pan-India franchise of speciality eye care centres. The current gap
in demand and supply and increasing consumer preference for branded chains
presents a unique opportunity,” said Prashasta Seth, Senior Managing Partner,
IIFL AMC.
“There is a huge void for quality eye care service at an
affordable cost and IIFL’s support and guidance will help us fill this void and
build an accountable institution with qualitative clinical outcomes. All our
hospitals will be eyeing at NABH accreditation in immediate future,” said Dr.
Shridhar Thakur, Founder of Infigo Lifesciences.
IIFL AMC launched the IIFL India Private Equity Fund, a
close-ended SEBI-registered Category II Alternative Investment Fund, in May
2018. The fund seeks to back professional entrepreneurs at an early stage in
emerging sectors like healthcare, technology, financial services and consumer
goods.
