IFC Invests in India’s Eye-Q Vision
IFC, a member of the World Bank Group, has invested $5.5 million in eye-hospital chain Eye-Q Vision. The investment will help expand access to high-quality and affordable eye-care services to Indian non-metro cities. This equity investment is part of a $10 million financing round raised by Eye-Q.Nexus Venture Partners and Helion Venture Partners have also invested in this round.This is IFC’s second healthcare venture capital investment in South Asia.
“IFC’s global healthcare industry knowledge, expertise and long-term financing are valuable to our current expansion plans,” said Rajat Goel, co-founder and CEO, Eye-Q Vision. “Eye-Q will benefit from IFC’s broad network of healthcare clients across emerging markets as we expand our quality-driven yet affordable eye-care model in India.” These views were also echoed by Dr. Ajay Sharma, founder and CMD, Eye-Q Vision.
“IFC’s investment in Eye-Q will help increase and improve access to affordable health services,” said Pravan Malhotra, IFC’s venture capital lead for south and southeast Asia. “Eye-Q’s focus on emerging cities will help expand access to quality eye-care services while creating skilled healthcare jobs, especially for women.” Around one-fourth of Eye-Q’s hospitals are already located in the low-income state of Uttar Pradesh.
(Source: Press release)