ChrysCapital invests $100 mn in Centre for Sight, purchases Mahindra Holdings’ complete stake
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ChrysCapital, a private equity fund investing in India, is investing up to $100 million in New Delhi Centre for Sight, a leading eye care chain, based out of New Delhi. This transaction involves a mix of primary infusion and purchase of the entire stake held by Mahindra Holdings Limited, a wholly-owned subsidiary of Mahindra & Mahindra Limited for acquiring a significant minority stake in the company. This investment will support CFS’s ability to further scale and serve the growing demand for eye care in India both across Tier 1 & tier 2 cities, said the company. Overall, the broader eye care industry has received investments of over $ 1,050 million in the last couple of years.
Founded in 1996, CFS, is amongst the top three organised eye care chains in India, with an established pan-India presence particularly in North India, with an annual footfall of over 15 lakh. The company has a footprint of 83 centers across 15 states / UTs and 39 cities including Delhi, Gujarat, Rajasthan, Telangana as of March 2024. In the Delhi-NCR market, it has 15 centers and 13 Vision stores, including a flagship facility at Dwarka in Delhi.
CFS offers a full suite of eye care services, including cataract surgery, LASIK and Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as paediatric eye care. “The company has been at the forefront of technology adoption with multiple industry firsts including world’s first successful SILK procedure in a human eye, world’s first successful LASIK procedure on ELITA Femto Laser to name a few. CFS has an industry leading surgical mix in revenue of approximately 70%, best in class in the Indian eye care industry,” it said.
CFS was founded by internationally renowned ophthalmic surgeon, Prof (Dr) Mahipal S Sachdev who has over 40 years of clinical experience. Dr Sachdev was also the recipient of the Padma Shri Award for excellence in the field of Medicine in 2007.
This investment from ChrysCapital, which is a mix of primary and secondary, will support CFS in accelerating its expansion plans and will also provide an exit for MHL, who invested in the Company in 2019. “CFS has strong potential to accelerate its growth trajectory that it has showcased over the last 5 years driven by continued growth in existing centers and expansions through a mix of greenfield centers and inorganic expansion. Organised branded chains, such as CFS, are expected to gain share from standalone clinics, and ChrysCapital sees an opportunity for the Company to further scale through accretive tuck-in acquisitions on an accelerated pace in next few years,” said the PE fund.
Raghav Ramdev, Managing Director, ChrysCapital said: “The healthcare sector in India is key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players. ChrysCapital is very excited to partner with Centre For Sight, which has exhibited robust growth while maintaining strong profitability. We look forward to working with the team and strengthen CFS’s position as one of the leading healthcare delivery platforms in India.”
Dr. Mahipal Sachdev said: “I am delighted and excited to welcome ChrysCapital, one of the most sought-after investors, as a valued partner in the next phase of growth of the business. ChrysCapital’s investment is an endorsement of Centre For Sight’s capabilities and will also provide impetus to Company’s growth plans of strengthening its leadership position. I also take this opportunity to thank Mahindra Holdings for their support in our journey over the last 5 years, especially during the testing times of Covid. It’s a relationship that CFS will value forever.”
