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India, 24 Jun 2019

IIFL India PE Fund acquires majority stake in Infigo Lifesciences

Mumbai, June 24, 2019: IIFL Asset Management Limited (IIFL AMC) announced that it has acquired a majority stake in Infigo Life Sciences through IIFL India Private Equity Fund. Infigo Lifesciences is launching a chain of comprehensive specialty eye care centers, initially in Western India. Infigo started with six centres – four eye care hospitals and two 3D eye clinics in Mumbai. Also, two eye care hospitals are expected to open by August in Maharashtra. 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.

All centres boast state-of-the-art facilities with advanced technology to provide best eye care services in the country. The team constitutes the best doctors trained and experienced in India’s premier institutions. The 3D eye clinics are basically boutique hospitals providing doctor consultation, diagnostics and dispensing (3D) using high-end equipment from the world’s best medical devices manufacturers. IIFL India PE Fund will look to invest up to INR 70 crores in multiple tranches to pre-defined business milestones for setting up over 20 centres. 

Infigo Lifesciences Pvt Ltd. is promoted by Dr. Shridhar Thakur (Ex COO - Vasan Eyecare) and Mr. Anil Kamath (ex-MD - Wockhardt Hospitals). Dr. Thakur is one of the few professionals in India who has been closely associated with the organized eye care industry with an exemplary track record. He was the COO of Vasan Eye Care till early 2016, where he was instrumental in building a successful pan-India eye care chain. Prior to Vasan Eye Care, Dr. Thakur was associated with many reputed healthcare brands such as Apollo and Wockhardt Hospitals where he held top management positions. 

Commenting on the investment made by IIFL India PE Fund, Mr. Prashasta Seth, Senior Managing Partner, IIFL AMC, 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. We are happy to partner with Dr. Shridhar Thakur and Infigo Lifesciences in this journey and be a part of their growth story.”

Dr. Shridhar Thakur, Founder of Infigo Lifesciences, said, “We are delighted to welcome IIFL India PE Fund to partner with us in the exciting journey of tapping into the huge potential offered by the Indian eye care sector. 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.”  

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.

About IIFL Asset Management Limited

IIFL Asset Management Ltd. is part of IIFL Wealth Management. IIFL Asset Management (IIFL AMC) is a global asset management firm, launched with the objective of providing differentiated investment products suited for the market environment. The IIFL Asset Management business refers to licensed asset management activity carried out by IIFL Wealth Management through its group companies based in Singapore, India and Mauritius. IIFL AMC’s differentiated suite of mutual funds, alternative investment funds and Portfolio Management Services span public and private equities, fixed income securities and real estate. Its distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management firm.


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