Warburg Pincus invests in Appasamy Associates, the largest Indian brand for ophthalmic equipment and intraocular lenses

Chennai, April 10, 2024: Appasamy Associates Pvt. Ltd.  a leading Indian manufacturer of ophthalmic equipment and devices in India, announced today that Warburg Pincus, a leading global growth investor has acquired a stake in the Company. This is the largest investment in the healthcare sector by the firm in India. 

Based in Chennai, India, Appasamy is the largest Indian manufacturer of ophthalmic equipment and intraocular lenses (IOLs). The Company is present across the entire value chain of ophthalmic devices – diagnostic, surgical equipment, and IOLs. Its vertical integration into manufacturing and its strong R&D capabilities allow the Company to offer products that meet global standards at comparatively affordable prices. 

As the industry leader in India operating in the attractive ophthalmic medical devices market, Appasamy is well positioned to capitalize on opportunities emerging from product innovation, and export market growth. Appasamy will continue to be led by the recently appointed CEO, Senthil Kumar who will drive the business going forward with the support of the promoter family and in partnership with Warburg Pincus. 

Arvind Kasthuri, from Appasamy’s promoter family, said, “It is a matter of great pride for us to witness the evolution of Appasamy, from being just an idea of PSN Appasamy, the founder, to becoming a leading player in the Indian and global ophthalmic space, with remarkable growth over the last 40+ years. We are thrilled to have the support of Warburg Pincus as well as a like-minded partner in Senthil Kumar as we steer Appasamy to the next level of growth.”

Narendra Ostawal, Head of India Private Equity, Warburg Pincus said, “Over 40 years, the promoters of Appasamy have built a robust enterprise that has emerged as a leading provider of affordable, high-quality offerings across the complete spectrum of ophthalmic products spanning equipment, lenses, pharmaceuticals and surgical instruments. Warburg Pincus recognizes the substantial potential within this space and holds in high regard the ethos, aspirations, and vision of the Company. The promoters and the management team have a distinguished history of successfully running businesses in the ophthalmic industry. Senthil brings great strengths in building and scaling teams and products across geographies, and we are excited to collaborate with him in Appasamy’s next phase of growth.” 

Senthil Kumar, CEO, Appasamy said, “We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets. As Appasamy progresses into this new era of expansion, we are excited to partner with Warburg Pincus given the firm’s global expertise in healthcare and its long-term business-building focus in India.”

Nuvama Investment Banking acted as the exclusive financial advisor to this transaction.

Warburg Pincus is one of the earliest private equity investors to have identified India as a high-growth region in Asia and has continued to be amongst the most active private equity growth investors in the Indian sub-continent over the last 25+ years.  Some of the firm’s investments in the Indian healthcare sector include Meril Life Sciences, MedPlus, Laurus Labs, and Metropolis Healthcare.  

About Appasamy: 

Founded in 1978 and headquartered in Chennai, Appasamy Associates is present across the entire value chain of ophthalmic devices – diagnostic, surgical equipment, and IOLs, and caters to domestic and export markets. The company is vertically integrated into manufacturing and strong R&D capabilities which allow it to offer products that meet global standards at comparatively affordable prices. Appasamy is 100% owned and managed by the five founding families since its inception. For more information, please visit https://www.appasamy.com/.