Jashvik Capital to acquire over 50% stake in Smart Vision Eye Hospitals

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Subscribe to enjoy similar stories. MUMBAI : Private equity (PE) firm Jashvik Capital Advisory Llp is acquiring a majority stake in Smart Vision Eye Specialities Pvt. Ltd, a Hyderabad-based eye care hospital chain, said a person close to the deal.

The person, however, didn't disclose the quantum of the investment. Smart Vision is the second-largest eye care hospital chain in the Andhra Pradesh-Telangana region after Quadria Capital-backed Maxivision Eye Hospitals. Founded in 2016, the chain has 11 hospitals across the region and is growing at a rate of about 30% annually, the person said on the condition of anonymity.

The company clocked in a revenue of ₹100 crore and an Ebitda (earnings before interest, tax, depreciation and amortisation) of ₹35 crore in the last fiscal year. The company plans to use the funds raised to expand in South India. "The plan is to extend to at least all over South India in the initial 12-18 months," the person added.

Emails sent to Jashvik Capital and Smart Vision on Thursday did not elicit a response. This investment is the latest in a slew of PE investments in single-speciality eye care hospitals, indicating robust growth in the segment. Earlier this month, TPG Capital and Temasek-backed Dr Agarwal's Health Care, a leading eye care services provider, got the Securities and Exchange Board of India (Sebi) nod for its proposed initial public offering (IPO).

In May 2024, PE firm ChrysCapital invested up to $100 million in New Delhi-based Centre for Sight. In July 2023, Maxivision Eye Hospital secured a ₹1,300 crore investment from healthcare-focused fund Quadria Capital. ASG Eye Hospital raised ₹1,500 crore from General Atlantic and Kedaara Capital in July 2022.