Dr Agarwal’s Health Care Limited

South Asia Health

Dr Agarwal’s is a single-specialty healthcare business that provides world-class ophthalmology, optometry and associated laboratory/ pharmacy services to c.900,000 patients per year. Dr Agarwal’s is the largest ophthalmology chain in India and operates in 10 countries across Africa.

Our investment

CDC has provided an INR 2,150 million (c.$31 million) loan to Dr Agarwal’s Healthcare Limited that will be used to fund the company’s continued expansion in India and in Africa.

Impact
  • Supporting provision of healthcare (SDG target 3)
  • Supporting economic opportunities by creating jobs (SDG target 8.5)
How?

CDC’s investment will support the expansion of the business, opening new centres and upskilling the workforce, to increase provision of high-quality eyecare. CDC’s investment will support growth of Dr Agarwal’s business creating new jobs.

StakeholderGeographyCharacteristics
Patients

India, Nigeria, Ghana, Kenya, Tanzania, Uganda, Zambia, Rwanda, Madagascar, Mozambique, Mauritius

  • Middle-income (in some geographies low-income patients are reached and investment will pilot primary care centres for low-income).
  • Other (>70% of employees in Africa are local talent).
Employees

India, Nigeria, Ghana, Kenya, Tanzania, Uganda, Zambia, Rwanda, Madagascar, Mozambique, Mauritius

70% of employees in Africa are local talent.

Expected impact

CDC's investment will help in furthering the Group's vision in bringing affordable world class eye-care services to patients across the globe and will be used to support the business through its next phase of growth, including the acquisition of small hospitals and chains. Dr Agarwal’s also makes a significant contribution training junior doctors and upskilling of the existing eyecare workforce through a deep culture of regular and rigorous training of all staff.

Environmental and social aspects

CDC ESG-I team is supporting the company in developing and implementing a robust environmental and social management system. Improvements on energy and water conversation are also planned.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries:
India
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Health
Website:
http://www.dragarwal.com/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Direct Debt
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
November 2019
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$30.26m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
India