Centre For Sight ties up with Laxmi Eye Hospital; plans ₹300-500 crore expansion in west India

New Delhi: Healthcare chain Centre for Sight has announced a strategic collaboration with Laxmi Eye Hospital to increase its footprint in Maharashtra to nine centres, including locations in Navi Mumbai and Thane.

The Delhi-based company also said on Wednesday it has allocated ₹300-500 crore for further expansion across west India over the next few years. It plans to add around 15-20 centres a year over the next four years, for a total of 150. It currently has 82 centres across 40 cities.

As part of the collaboration, Centre For Sight has acquired a 51% equity stake in Laxmi Eye Hospital, the company told Mint. 

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The investment underscores the growing interest of risk investors in single-specialty healthcare providers in India. The broader eyecare industry has received investments of more than $1.05 billion over the past couple of years.

Dr Mahipal Singh Sachdev, its chairman and medical director said in a statement, “These collaborations not only enhance our capacity to meet the region's increasing needs but also exemplify the broader trend in healthcare, where consolidation is key to extending the reach of world-class services.”

Laxmi Eye Hospital serves around 2.5 million patients across four locations – Panvel, Khargar, Dombivili, and Kamothe.

Not done yet

Centre for Sight will continue to look for more collaboration opportunities in west India to deepen its presence there. “We are actively looking to add more centres in Gujarat and Maharashtra, where post-covid single doctor setups are now willing to sell to corporate chains,” Dr Sachdev had told Mint in May.

Over the past year, the eyecare chain has added 10 brownfield centres through strategic collaborations in various cities including Srinagar, Sikar, Warangal, Badlapur, Chembur, and now Mumbai. It has also launched six greenfield centres in north India.

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“By collaborating with us, regional eye care hospitals gain strategic, clinical, and technological support, fostering growth and excellence as part of our united team. Centre For Sight is looking to invest ₹300-500 crore over the next few years to support its expansion plans,” the company said.

Private equity firm ChrysCapital recently picked up a minority stake in the eyecare chain for $100 million at a valuation of $350-400 million. Centre for Sight said it would use the funds to accelerate its expansion.

Raghav Ramdev, managing director of ChrysCapital said in a statement, “The healthcare sector in India is a key area of focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players.”

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