ChrysCapital Commits Up to Rs 830 Crore Investment in Centre For Sight

ChrysCapital, a private equity (PE) firm, revealed its plans on Monday to inject up to $100 million (approximately Rs 830 crore) into Centre For Sight (CFS), an eyecare chain based in New Delhi. This investment, announced via a joint statement, will involve a combination of primary funding and the acquisition of Mahindra Holdings' (MHL) entire stake, a subsidiary of Mahindra & Mahindra, resulting in a substantial minority stake in CFS.

The influx of funds aims to bolster CFS's capacity to meet the escalating demand for eyecare services across both Tier-I and -II cities in India. Founded in 1996, CFS ranks among the top three organized eyecare chains in the country, boasting a nationwide presence and attracting over 1.5 million visitors annually. With 83 centers spread across 15 states and 39 cities, the company has established itself as a prominent player in the industry.

ChrysCapital's investment, a combination of primary and secondary funding, will facilitate CFS's ambitious expansion strategies and provide an exit route for MHL, which initially invested in the company in 2019. The transaction was facilitated by o3 Capital, serving as the exclusive financial advisor.

Raghav Ramdev, Managing Director of ChrysCapital, emphasized the healthcare sector's strategic importance for the firm, highlighting the substantial untapped market and the potential for organized players to capture market share. Mahipal Sachdev, Chairman and Founder of CFS, hailed ChrysCapital's investment as an affirmation of the company's capabilities, foreseeing accelerated growth and enhanced leadership positioning.

ChrysCapital anticipates that branded chains such as CFS will increasingly dominate the market, supplanting standalone clinics. The firm envisions CFS's growth trajectory to be fueled by both organic and inorganic expansions, including strategic acquisitions in the coming years.

In summary, ChrysCapital's substantial investment in Centre For Sight signifies a significant milestone for both parties, heralding a new phase of expansion and consolidation within India's eyecare industry.

HBL