Chennai: Sovereign fund Government of Singapore Investment Corporation (GIC) has picked up a minority stake in Vasan Healthcare Enterprise, an eye care chain, for $100 million. Vasan will use the funds to "expand rapidly in new geographies, besides look at acquisitions", A M Arun, chairman of Vasan, said.
The company had earlier raised about $50 million from Sequoia and Westbridge in three rounds of investments in the last three years. Vasan, which started as a stand-alone pharmacy in Trichy in 1947, set up its first eye care hospital in 2002 in Trichy. Today, the company has over 100 hospitals in 11 states.
Arun did not divulge the stake diluted or the valuation at which the stake was sold. Cumulatively, all three investors still hold minority stake, he said. GIC will be offered one seat on the company's board. Spark Capital was the adviser to the transaction.
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