Private equity arm of the Mahindra Group, Mahindra Partners recently announced an investment of Rs. 206.5 crore in New Delhi-based Centre for Sight Ltd. (CFS). With this, the company aims to help CFS grow its leadership position in eye care segment in India.
As part of this transaction, promoters of CFS further invested Rs. 20 crore, taking the overall investment to Rs. 226.5 crore.
In tandem, early investor Matrix Partners India fully exited its stake in CFS.
“Centre for Sight is a leader in ophthalmology in India and we want to be part of its evolution and growth into the dominant Indian eye care brand,” said Parag Shah, Managing Partner, Mahindra Partners.
It also fits into Mahindra Partners’ healthcare strategy that is focused on the delivery side with a bias towards single specialty, added Shah.
This is the second time Mahindra Partners has invested in the healthcare segment. Its first was in Medwell Ventures, which operates a home healthcare chain under the Nightingales brand.
“Our association with Mahindra Partners will help us sustain the scorching pace of growth we have set for ourselves, enabling us to open new centres in our existing territories and in areas lacking quality eye care,” said Mahipal S Sachdev, CMD, Centre for Sight.
Centre for Sight was established in 1996 and incorporated in 2002 by Padma Shri recipient, Mahipal Sachdev. It provides eye-care services from 44 centres across nine States and 24 cities.
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