The funding will be used to expand the footprint of the company’s Eyecare Centers across Tier 2-4 sites in India
Eye-Q Vision, based in Gurugram, will raise debt financing of $9.9 million (Rs 81.5 crore) from the US government’s development finance institution, US International Development Finance Corporation (DFC).
Eye-Q has created a unique position in India with its focus on quality and safety and its lean operating model. The company provides easily available, affordable and high-quality end-to-end eye care services to populations in Tier 2-4 cities.
With many of its facilities accredited/certified by world-class certifying bodies like NABH, super specialty services like retina, glaucoma, and various government empannels for easy and less expensive access to services by underserved populations, society has created a differentiated space for itself. The company also provides its affordable and quality ophthalmology services in underserved countries like Nigeria.
With this funding from DFC, the company will expand these quality services within and beyond the Indian subcontinent by developing more centers – beyond its current 39 centers – to support growth momentum and create access in underserved areas of Tier 2-4 cities in India.
India’s eye care market is estimated at around $18 billion. With a 5% prevalence of visual impairment in the population (almost 1% prevalence of blindness), the dire need for affordable, quality eye care services is undisputed.