PremiumMUMBAI : Mahindra Partners, the private equity and corporate investment arm of the Mahindra Group, said on Wednesday that it has acquired a stake in New Delhi-based eye care chain Centre for Sight for ₹206.5 crore from early investor Matrix Partners, giving Matrix a complete exit.
As part of the transaction, which includes a mix of primary and secondary shares, the promoter group led by founder Mahipal S. Sachdev also invested ₹20 crore.
The eye hospital chain said the fund infusion would help it expand its presence through organic and inorganic growth options.
“Our association with Mahindra Partners will help us sustain the scorching pace of growth we have set out for ourselves, enabling us to open new centres in our existing territories as well as in areas lacking quality," said Sachdev, who is also the chairman and managing director of the company. “I am sure, this partnership will be a value addition for both the organizations, increasing their strength and relevance in the Indian healthcare space."
The deal marks Mahindra Partners’ second healthcare foray, after its $14-15 million investment in Bengaluru-based home healthcare startup Medwell Ventures Pvt. Ltd in 2017.
“We are excited to partner with the Centre for Sight as it enters its next phase of growth," said Parag Shah, managing partner at Mahindra Partners. “Centre for Sight also fits into our larger healthcare strategy which is focused on the delivery side with a bias towards single specialty. This new investment aligns with the demographic catered to by our first healthcare investment, Medwell Ventures, which operates a home healthcare chain under the Nightingales brand," he said.
Centre for Sight, founded in 1996, has 43 eye care centres across nine states and more than 24 cities.
The chain, which has over 145 doctors, opened an institute in Delhi last year to train medical graduates in super-specialties of ophthalmology.
Venture capital firm Matrix first invested $11.3 million in the company in 2010 and followed that up with further funding of $3 million in 2013. As of November 2015, it held nearly 18% in Centre for Sight, as per the company’s filings with Sebi.
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