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Quadria Capital-backed Maxivision on expansion spree, eyes IPO by 2027
- Strong in the south, the company is looking at expanding in other states with an immediate focus on Gujarat, Maharashtra and Madhya Pradesh.
Leading eye care hospital chain Maxivision Super Specialty Eye Hospitals is on an aggressive expansion plan as it hopes to go public by 2027, promoter and chairperson G.S.K. Velu told Mint in an interview.
The Hyderabad-headquartered hospital chain, which raised ₹1,300 crore from private equity firm Quadria Capital in 2023, presently has a strong presence in all south Indian states except Karnataka. Now, the company is looking at expanding in other states with an immediate focus on Gujarat, Maharashtra and Madhya Pradesh.
Maxivision announced its first venture into Maharashtra on Friday—acquiring an undisclosed stake in Mumbai-based eye care provider Ojas Group of Eye Hospitals, which runs three centres in the city. The eye care hospital was founded and is run by leading ophthalmologist Dr Nitin Dedhia.
“We always prefer to go with the partnership model…[you] can acquire infrastructure but you can’t acquire reputation and expertise,” Velu said. The company is employing a model where it partners with leading ophthalmologists in micro-markets to expand its footprint.
Also read | Quadria to invest half its India capital in climate-related healthcare solutions
Overall, Maxivision has committed an investment of ₹500 crore to expand in Maharashtra, through a combination of greenfield expansion and acquisitions. “We would look to partner with other ophthalmologists in Mumbai and outside Mumbai in Maharashtra,” Velu said. Maxivision aims to have about five centres in Mumbai and five in other parts of Maharashtra in the next 12 months.
This follows the chain’s expansion in Gujarat, where it committed ₹200 crore to build 25 new hospitals in December. It has employed a similar model of teaming up with local leading ophthalmologists in the state.
“If you have the reputation, revenues will follow,” Velu said.
“The way we could race to achieve our common goals is to create these kinds of partnerships…that is how you bring together doctor-entrepreneurs,” said Sunil Thakur, partner, Quadria Capital.
In the next two years, Maxivision plans to have a presence in 10 to 12 Indian states and hopes to launch its initial public offering in 2027. Velu said it will continue to focus on tier 2 and tier 3 towns in addition to metro cities through a hub-and-spoke model.
More organised eye care
The company’s strategy focuses on how eye care is seeing a shift from unorganised to organised.
For doctors running individual practices, being part of an organised chain offers room for growth and the ability to reach more people and regions. “They [Maxivision] have the expertise, they have the infrastructure, and they have a good backend [support] for us…to partner with them would be an easier way to go ahead,” Dr Nitin Dedhia, promoter of Ojas Eye Hospitals, now rebranded as Ojas Maxivision Eye Hospitals, told Mint.
In the last few years, there has been a slew of private equity investment in single-speciality eye care.
Last month, TPG Capital and Temasek-backed Dr Agarwal's Health Care launched a ₹3,027 crore IPO. In May 2024, PE firm ChrysCapital invested up to $100 million in the New Delhi-based Centre for Sight. In July 2022, ASG Eye Hospital raised ₹1,500 crore from General Atlantic and Kedaara Capital. Healthcare-focused PE InvAscent invested ₹70 crore in Sharp Sight Eye Hospitals in 2020.
Also read | Quadria, TPG eye up to 25% stake for $100 mn in Samarth Life Sciences
Mint reported earlier how single-speciality centres by organised players have boomed over the past decade, growing 10x, as patients prefer these models for their curated care, uniform models across markets, focus on technology and customer experience.
“Today, with organised eye care and organised health care overall, people are looking at compliance, be it of buildings, compliance of technologies, compliance of professionals,” Velu said. “It's very difficult for an individual ophthalmologist in many parts to take care of this compliance and keep on upgrading technology,” he added.
Maxivision has been growing at a compound annual growth rate of about 25% in the last five years, Velu said, adding that the company aims at a revenue of ₹600-650 crore this fiscal year. “We should hopefully cross over ₹800 crore next year,” he said.
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Business NewsCompaniesQuadria Capital-backed Maxivision on expansion spree, eyes IPO by 2027
First Published:15 Feb 2025, 12:15 AM IST
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