Dr.Ajaikumar-backed Inviga Healthcare Fund picks up 21% stake in Forus Health

eye care

Inviga Healthcare Fund, the private equity platform founded by cancer care chain  HCG founder Dr. B. S. Ajaikumar, has acquired a 21% stake in Forus Health Pvt. Ltd., an Indian med-tech company working on AI-driven ophthalmic diagnostics. The investment marks Inviga’s second major bet after backing vaccine innovator Mynvax in 2024.

The financial details of the investment were not disclosed.

Forus Health, best known for its 3nethra series of eye screening devices, has screened over 22 million patients across 75 countries. Its AI-powered platform for ocular diagnostics and oculomics has reached more than 5 million patients globally, enabling last-mile access to comprehensive eye care. The company’s latest innovation, the 3nethra specto — a smartphone-controlled wearable digital refractor — is designed to enable remote and tele-optometry services.

“Forus Health embodies the Inviga ethos: clinically strong, technologically deep, socially impactful, growth oriented, profitable,” said Dr. Ajaikumar, Chairman of HCG and Founder of Inviga. “This investment is a testament to our confidence in India's ability to produce world-class healthcare innovations for domestic and international markets.”

Founded by K. Chandrasekhar, a veteran of the semiconductor and health-tech industries, Forus Health was recently named among TIME Magazine’s World’s Top 400 HealthTech Companies for its impact on global vision care. The company aims to eradicate preventable blindness through scalable, affordable diagnostics.

“We are thrilled to welcome Inviga as we enter the next phase of our growth,” said Chandrasekhar. “Their healthcare expertise and clinician-led perspective will help us expand our AI and platform capabilities and deepen our global footprint.”

The investment comes amid rising global concern over preventable blindness. India alone has over 270 million people with visual impairment, including 100 million diabetics at risk of diabetic retinopathy and 2 million infants vulnerable to retinopathy of prematurity. Globally, more than 2.2 billion people suffer from vision impairment, with over 1 billion cases considered preventable or treatable.

“Our collaboration with Forus is a strategic step to expand a reputed med-tech franchise serving a significant unmet need,” said Rakshith Rangarajan, Fund Manager at Inviga. “The Make in India, Make for India and Make for the World ethos of Forus resonates deeply with our Fund.”

Inviga’s broader strategy includes building a multi-specialty hospital platform and investing in IP-rich, mid-market healthcare ventures. The fund aims to blend clinical depth with scalable innovation to create high-impact, globally competitive Indian healthcare enterprises.