Disha Medical Services closed USD 4 Mn round from Insitor and other HNIs
Mumbai, 12 June 2019: Disha Medical Services (branded as ‘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 USD 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 advisor for the transaction. Intellecap’s Investment Banking Group acted as the exclusive financial advisor for the transaction.
Drishti was founded by Anjali Joshi, Kiran Anandampillai and Dr. Rajesh Babu. Anjali and Kiran are engineers who after successful corporate careers started the healthcare chain to bring high quality of care to tier 2 towns. It currently manages 6 eye hospitals, 6 mobile eye clinics and 4 vision centers across various towns of Karnataka. The company has treated over 4.6 lakh patients across these locations. Drishti is a proud winner of the ET Startup Awards 2018 – in the Social Enterprise category.
“Patients will the biggest beneficiaries as this round will enable us to serve millions more in Karnataka with high quality eye care.” said Kiran Anandampillai, CEO, Disha Medical Services.
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. The consistent support of Series A and B investors has been instrumental in establishing the Company’s operations since inception.
The Company will use the current round of capital 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.
“We will focus on empowering more Ophthalmologists with advanced infrastructure and processes that help them deliver high quality care in our markets.” said Anjali Joshi, Co-Founder, Disha Medical Services.
“Drishti’s high degree of focus on building a sustainable, scalable model that can provide affordable eyecare 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. We look forward to working closely with Anjali and Kiran to build out a world-class social enterprise in the healthcare space in the next few years.” says Abhijit Nath, Country Head, Insitor India.
The Nilekani Family Office said in a statement, “We believe in the vision of Drishti and its founders of providing affordable eyecare and continue to support the Company as it ramps up operations.”
“Lok has had a very satisfying journey with Kiran and Anjali, promoters of Drishti starting from the seed round in 2012. This company is in some ways an ideal example of a balanced venture that creates deep impact while delivering financial performance. We are happy that our exit has been to the current shareholders and an incoming investor that share the same philosophy of creating sustainable impact in the healthcare space in India” says Vishal Mehta, Co-Founder and Partner, Lok Advisory Services
“We are very delighted to be part of Disha Medical’s journey in bridging the eyecare needs of rural population in South India. Drishti has developed a unique model to deliver eye care and has a sustainable edge over other players.” says Sameer Gaud, Associate Director at Intellecap, which advised the Company exclusively on this transaction.View full article