British International Investment

Dr Agarwal's Health Care Limited

South AsiaConsumer - Health

Dr Agarwal’s is a single-specialty healthcare business that provides world-class ophthalmology, optometry and associated laboratory/ pharmacy services to c. 900,000 patients per year. Dr Agarwal’s is the largest ophthalmology chain in India and operates in 10 countries across Africa.

This investment was made when British International Investment was named CDC Group.

We have now exited this investment. This is what we achieved.

Achieved impact

During our investment, the number of patients treated by Dr. Agarwal grew from approximately 900,000 to approximately 1.5 million patients each year across India and Africa. The company also saw an increase from over 70 to over 140 centres across India and Africa. At the same time, employment numbers grew from 2600 in 2019 to 4000 in 2023.

From a study carried out with Dr. Agarwal's patients, it was found:
1. 68 per cent of the respondents reported their quality of life 'very improved' or 'slightly improved' due to Dr. Agarwal's services, indicating depth of impact.
2. A Net Promoter Score of 45, suggesting very good customer satisfaction.
3. 52 per cent of the respondents mentioned not having any good alternative to Dr. Agarwal, suggesting it is meeting an unmet need for many.

Expected impact

CDC has provided an INR 2,150 million (c. $31 million) loan to Dr Agarwal's Healthcare Limited that will be used to fund the company's continued expansion in India and in Africa.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • Support provision of healthcare (SDG target 3).
  • Support economic opportunities by creating jobs (SDG target 8.5).



CDC's investment will support the expansion of the business, opening new centres and upskilling the workforce, to increase provision of high-quality eyecare. CDC's investment will support growth of Dr Agarwal's business creating new jobs.


Stakeholder Geography Characteristics

India, Nigeria, Ghana, Kenya, Tanzania, Uganda, Zambia, Rwanda, Madagascar, Mozambique, Mauritius

Middle-income (in some geographies low-income patients are reached and investment will pilot primary care centres for low-income).


India, Nigeria, Ghana, Kenya, Tanzania, Uganda, Zambia, Rwanda, Madagascar, Mozambique, Mauritius

Over 70 per cent of employees in Africa are local talent.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Consumer - Health

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    November 2019
    End date :
    May 2023
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


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