ChrysCapital invests $100 million in eyecare chain Centre for Sight
MUMBAI : Homegrown private equity firm ChrysCapital is set to invest up to $100 million in New Delhi-based Centre for Sight for a “significant" minority stake in the eyecare chain. As part of the transaction, ChrysCapital will purchase the entire stake held by Mahindra Holdings Ltd, a wholly owned subsidiary of Mahindra & Mahindra Ltd, in Center for Sight. Mahindra Holdings had invested in the eyecare chain in 2019.
Center for Sight will use the investment from ChrysCapital to accelerate its expansion plans. It currently has 83 centres across the country. “This investment will support CFS’s ability to further scale and serve the growing demand for eye care in India both across Tier I and tier II cities," ChrysCapital said in a statement on Tuesday.
The investment underscores the growing interest of risk investors in single-specialty healthcare providers in the country. Overall, the broader eyecare industry has received investments of over $1.05 billion in the last couple of years. Also read | Healthtech’s latest buzzword is a relentless killer “The healthcare sector in India is a key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organized players," Raghav Ramdev, managing director, ChrysCapital, said in the statement.
Founded in 1996 by Dr. Mahipal S. Sachdev, Center for Sight has a strong presence particularly in North India, treating more than 1.5 million patients annually.
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