Private Equity Fund ChrysCapital Invests up to USD 100 Mn in Centre for Sight With the raised funds, the New Delhi-based eye care chain CFS aims to further scale and serve the growing demand for eye care in India, both across Tier I and Tier II cities.
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Private equity fund ChrysCapital announced that it is investing up to USD 100 million in the New Delhi-based eye care chain Centre for Sight ("CFS").
As per the official release, this transaction involves a mix of primary infusion and purchase of the entire stake held by Mahindra Holdings Limited ("MHL"), a wholly owned subsidiary of Mahindra & Mahindra Limited, for acquiring a significant minority stake in the company.
In 2019, the organisation made an investment of INR 206.5 crore in CFS.
With the raised funds, CFS aims to further scale and serve the growing demand for eye care in India, both across Tier I and Tier II cities.
Dr Mahipal Sachdev, Chairman and Founder of Centre For Sight, said, "ChrysCapital's investment is an endorsement of Centre For Sight's capabilities and will also provide impetus to the company's growth plans for 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."
Founded in 1996 by ophthalmologist and Padma Shri awardee Dr Mahipal Sachdev, 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 pediatric eye care.
It has a footprint of 83 centers across 15 states/UT's and 39 cities, including Delhi, Gujarat, Rajasthan, and Telangana, as of March 2024. It claims to have a clear leadership position in the Delhi NCR market with 15 centers and 13 Vision stores, including a flagship facility at Dwarka in Delhi.
Raghav Ramdev, Managing Director, ChrysCapital, said, "The healthcare sector in India is a 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."
For this transaction, o3 Capital acted as the exclusive financial advisor. Alvarez & Marshal (A&M) advised ChrysCapital on commercial and financial diligence. Shardul Amarchand Mangaldas & Co (SAMCO) acted as legal counsel to ChrysCapital; IndusLaw acted as legal counsel to the Mahindra Group; and DMD Advocates acted as legal counsel to the company and promoters.
Puneet Renjhen, Head of Partnerships and Alliances, Member of Group Executive Board of the Mahindra Group, added, "For Mahindra Group, the CFS investment exemplifies our focus on long term sustainable value creation. It's been a pleasure to be a strategic partner to CFS and Dr. Mahipal Sachdev in their journey towards building one of the largest ophthalmology businesses in India, and we are confident that with the new partnership with ChrysCapital, CFS will continue on its strong upward growth trajectory."
