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IDGVI News: Media Coverage 2014

Dabur’s Anand Burman, VC Funds back medical devices start-up

ET Bureau | 08.01.2014

By Soma Das

NEW DELHI: Asia Healthcare Fund (AHF), which was floated jointly by Dabur group Chairman Anand Burman and former Dabur Pharma Chief Executive Ajay Kumar Vij, and venture-capital companies Accel Partners and IDG Ventures are close to investing Rs 50 crore in a Bangalore-based medical devices startup, Forus Health.

For AHF, this is the third investment in Indian healthcare start-ups in 10 months. The private-equity firm's other two investments were in a dental chain, called Mydentist, and a primary healthcare chain that operates under the brand Healthspring Community Medical Centres.

AHF will be leading the current round of funding for Forus, the developer of 3nethra, a low-cost portable ophthalmology device used for pre-screening conditions like cataract, glaucoma, diabetic retina and refraction. Accel and IDG had invested about $5 million (Rs 31 crore at current exchange rate) in 2012 in Forus.

The company, which has already sold close to 200 devices in Indian and overseas markets, aims to reach out to 20 million people over the next three years, said Shyam V Rao, its cofounder and chief technological officer. Confirming the investment, AHF's Vij said: "We have been impressed with the unique value proposition and management depth of Forus as well as the social impact created by their product."