General Atlantic and Kedaara-Backed ASG Eye Hospitals Acquires Majority Stake in Dr. Gadgil Eye Hospital

In a significant move to strengthen its footprint in the Mumbai Metropolitan Region (MMR), Rajasthan-based ASG Eye Hospitals has acquired a majority stake in Dr. Gadgil Eye Hospital, a 30-year-old eye care facility in Thane, according to sources familiar with the transaction.

The acquisition marks ASG’s strategic entry into the rapidly growing MMR healthcare market. The Thane-based eye hospital, according to those same sources, has a track record of over 50,000 successful cataract surgeries with lens implantation and more than 25,000 Lasik procedures—it brings those decades of expertise to ASG’s expanding network.

Market sources indicate that Intellecap, the advisory arm of the Aavishkaar Group, is advising the sellers on this transaction, though financial details remain undisclosed.

The move is part of ASG’s broader expansion strategy, backed by significant investments from private equity giants General Atlantic and Kedaara Capital. According to ASG’s web site, it owns and operates 160+ super specialty eye hospitals across 83 cities all over India—this makes it one of the country’s largest eye care providers.

In July 2022, General Atlantic and Kedaara Capital led a substantial INR 1,500 crore (approximately $188 million) investment in ASG Eye Hospitals, representing the largest fundraise in India’s eye care industry at that time.
This acquisition continues ASG’s aggressive growth trajectory, which has seen the company expand from 50 hospitals in 2022 to its current network of over 160 facilities across 83 cities in India. The company’s most notable previous acquisition was Vasan Eye Care in early 2023, which significantly bolstered its presence in South India.

This acquisition is a continuation of the consolidation trend in India’s fragmented healthcare sector, with organized chains acquiring established standalone specialist providers to achieve scale and operational efficiencies.