The Eye Foundation Raises USD 75 Mn from Verlinvest to Fuel Expansion Across South India The funding will be used to expand the network through new greenfield centres and brownfield acquisitions, enhance customer experience, and strengthen the organisation's reach across southern India.
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Coimbatore-based The Eye Foundation, one of South India's leading eye care chains, has raised USD 75 million (INR 650 crore) from consumer-focused investment firm Verlinvest, marking its first-ever external fundraise.
The transaction gives Verlinvest a 20 per cent stake in the healthcare provider, which has been operating successfully for over four decades through internal accruals.
The funding will be used to expand the network through new greenfield centres and brownfield acquisitions, enhance customer experience, and strengthen the organisation's reach across southern India.
The Eye Foundation currently operates more than 25 hospitals in Tamil Nadu, Kerala, and Karnataka, offering comprehensive eye care services, including cataract, retina, LASIK, glaucoma, ocular trauma, and corneal transplants. The chain treats over one million patients annually through its combination of tertiary and secondary centres.
This investment marks one of the largest single-specialty healthcare deals in India by a private equity firm and signals growing investor interest in focused healthcare delivery models. It also represents Verlinvest's largest commitment in the Indian healthcare sector to date.
Verlinvest, which has backed several Indian consumer brands such as Veeba, Epigamia, Purplle, and Wakefit, plans to double its annual investment deployment in India, particularly across the healthcare and consumer sectors. The firm has been consistently deploying over USD 100 million annually in the Indian market in recent years.
Arjun Anand, Managing Director and Head of Asia at Verlinvest, said, "India has already shown strong returns for us to date and we believe it has further scope to consistently outperform most global markets. Growing our India investment footprint with this partnership with The Eye Foundation is a fantastic opportunity for us."
Veda Corporate Advisors acted as the exclusive financial advisor to The Eye Foundation and its promoters for the transaction.
In the competitive Indian ophthalmology space, The Eye Foundation faces rivals such as Dr. Agarwal's Eye Hospital, Sankara Nethralaya, and Sankara Eye Foundation, all of which have a strong presence in southern India.
While large private players like Dr. Agarwal's and ASG Eye Hospital pursue expansion through acquisitions and greenfield projects, institutions such as Sankara and Ahalia Foundation Eye Hospital focus on outreach and community-oriented models.
Operating in both urban and semi-urban markets, The Eye Foundation aims to balance clinical quality with accessibility. Its latest capital infusion will help it expand its footprint and patient care capabilities amid growing demand for specialised eye care services.
The ophthalmology segment in India has witnessed steady but selective investment activity in recent years. Dr. Agarwal's raised around INR 300 crore through a public issue earlier in 2025, while ASG Eye Hospital secured further funding from existing investors after an INR 1,500 crore round led by General Atlantic and Kedaara Capital in 2022.
