[Funding alert] Eye care chain Disha Medical Services raises $4 M in Series C from Insitor and HNIs
The Bengaluru-based company will use the funds to further strengthen its position in the existing region by building over 10 more hospitals, vision centres and mobile eye clinics. It is also looking at expanding strategically in other states as well.Sujata Sangwan
Bengaluru-based Disha Medical Services, which operates under the brand name ‘Drishti’, an eye care chain focused on providing affordable eye care in the underserved markets in the Southern region of India, has raised Series C funding of $4 million from Insitor Impact Asia Fund, the Nilekani Family Office (managed by Entrust Family Office) and other HNIs.
Exiting investor, Lok advised fund - Sarva Capital has been provided a full exit as a part of this current fund raise. Intellecap acted as the exclusive financial adviser for the transaction.
The company will use the funding to further strengthen its position in the existing region by building over 10 more hospitals, vision centres and mobile eye clinics as well look to expand strategically in other states.
Speaking on the announcement, Kiran Anandampillai, CEO, Disha Medical Services said,
“Patients will the biggest beneficiaries as this round will enable us to serve millions more in Karnataka with high quality eye care.”
Founded by Anjali Joshi, Kiran Anandampillai, and Dr Rajesh Babu in 2008, Drishti had raised seed funding from Sarva Capital in 2012. Subsequently, it received funding again from Sarva Capital and the Nilekani Family Office in Series A & B rounds respectively.
Drishti currently manages six eye hospitals, six mobile eye clinics and four vision centres across various towns of Karnataka. The company has treated over 4.6 lakh patients across these locations.
Commenting on the investment, Abhijit Nath, Country Head, Insitor India added,
“Drishti’s high degree of focus on building a sustainable, scalable model that can provide affordable eye care to millions of hitherto unserved patients was an extremely compelling opportunity for us. This closely aligns with Insitor’s mission of building fair, inclusive marketplaces for low-income consumers across our investments in Asia.”
Last month, Mahindra Partners, the investment arm of automobile conglomerate Mahindra Group, invested over $32 million in speciality eye care chain Centre for Sight, marking the exit of VC firm Matrix Partners from the company.