Business

IIFL AMC buys majority stake in Infigo

IIFL Asset Management Ltd (IIFL AMC) has acquired a majority stake in Infigo Lifesciences through IIFL India Private Equity Fund through an unspecified amount.

Infigo, which started with six centres — four eye care hospitals and two 3D eye clinics in Mumbai, is planning to start a chain of speciality eye care centres in India.

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. IIFL India PE Fund will look to invest up to ₹70 crore in multiple tranches to pre-defined business milestones for setting up over 20 centres, the company said.

Prashasta Seth, senior managing partner, IIFL AMC, said: “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,” he said.

Shridhar Thakur, founder of Infigo Lifesciences, said: “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.”

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Printable version | Jul 4, 2020 7:33:15 PM | https://www.thehindu.com/business/iifl-amc-buys-majority-stake-in-infigo/article28128940.ece

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