Inviga Healthcare Fund takes 21 per cent stake in Forus Health to scale AI-led eye diagnostics

Inviga Healthcare Fund (IHF) has acquired a 21 per cent stake in Indian ophthalmic diagnostics specialist Forus Health, backing the scale-up of its AI-integrated eye screening platforms in India and global markets.

The deal marks Inviga’s second major transaction, following its 2024 investment in vaccine start-up Mynvax, and underlines the fund’s focus on Indian-built health technologies with international potential. The investment is a secondary transaction, signalling confidence in Forus Health’s existing commercial traction and business model.

Bengaluru-based Forus Health has developed a portfolio of ophthalmic screening devices that have been used to examine more than 22 million patients across over 75 countries. Its digital eye health platform, integrated with AI for ocular diagnostics and emerging “oculomics” use cases, has delivered comprehensive eye assessments to more than five million patients worldwide.

“Forus Health embodies the Inviga ethos: clinically strong, technologically deep, socially impactful, growth oriented, profitable,” said Dr B. S. Ajaikumar, founder of Inviga Healthcare Fund and chairman of Healthcare Global Enterprises (HCG). “This investment is a testament to our confidence in India’s ability to produce world-class healthcare innovations for domestic and international markets. We are delighted to partner with visionary founders like Chandrasekhar (KC) who combine deep insight with execution to make preventive, equitable healthcare a reality.”

Founded by K. Chandrasekhar, Forus Health is best known for its 3nethra series of ophthalmic screening devices, designed to support early detection of conditions such as diabetic retinopathy, glaucoma and age-related macular degeneration in both clinic and community settings. Its products are deployed in emerging and developed markets to extend access to vision care, particularly in underserved populations.

In 2025, the company was named among TIME Magazine’s World’s Top 400 HealthTech Companies, reflecting growing international recognition of its technology. Forus also offers a digital platform for continuous eye health management and has introduced 3nethra specto, a wearable digital refractor operated via smartphone to support remote and tele-optometry workflows.

“We are thrilled to welcome Inviga as we enter the next phase of our growth,” said Chandrasekhar, co-founder and CEO of Forus Health. “Their expertise in healthcare, operational experience, and insights from a clinician’s perspective are incredibly valuable. Together, we aim to enhance our AI and platform capabilities, utilise our proven ability to innovate in medical devices, and expand our reach both in India and globally. Our mission remains focused on eradicating preventable blindness.”

The scale of the challenge underscores the commercial and social opportunity. An estimated 270 million people in India live with visual impairment, much of it preventable. Diabetes places around one in five individuals at risk of diabetic retinopathy, while preterm births increase the risk of retinopathy of prematurity. Globally, more than 2.2 billion people are affected by vision impairment or blindness, with over one billion cases considered preventable or treatable. Forus Health’s devices are used to enable early-stage screening across primary care, outreach camps and hospital networks.

Inviga Healthcare Fund backs healthcare ventures and Indian healthcare entrepreneurship, with a strategy that combines hospital platform development with minority investments in companies built around intellectual property.

“Our collaboration with Forus is a strategic step intended to facilitate the expansion of a reputed med-tech franchise that is serving a significant market demand through a sustainable and economically sound business model,” said Rakshith Rangarajan, fund manager at Inviga Healthcare Fund. “The Make in India, Make for India and Make for the World ethos of Forus resonates deeply with our fund. We’re confident this partnership will drive sustained growth and long-term value creation.”