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IIFL Group acquires majority stake in Infigo Life Sciences

The private equity arm of the IIFL Group acquired a majority stake in Infigo Life Sciences, a specialty eye care chain of hospitals,for Rs 70 crore, the company said on Monday. The capital will be invested in multiple tranches to pre-defined business milestones for setting up over 20 centres. 

The company will use the capital to expand its presence in Western India by opening 15 centres in next one year

Started by Shridhar Thakur, former COO of Vasan Eyecare and Anil Kamath, former managing director of Wockhardt Hospitals, Infigo Lifesciences currently has six centres- four eye care hospitals and two 3D eye clinics in Mumbai

“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,” the company said in its release

The 3D eye clinics provide doctor consultation, diagnostics and dispense (3D) using high-end equipment from the world’s best medical devices manufacturers.

“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, financia l services and consumer goods