ChrysCapital, a private equity fund focusing on investments in India, is set to inject up to $100 million into New Delhi Centre for Sight (CFS), a prominent eye care chain headquartered in New Delhi. This investment encompasses a combination of primary capital infusion and the acquisition of Mahindra Holdings Limited’s entire stake, a subsidiary of Mahindra & Mahindra Limited, thereby securing a significant minority interest in the company. CFS anticipates that this funding will bolster its capacity to expand further and cater to the escalating demand for eye care services across Tier 1 and Tier 2 cities in India.
The broader eye care industry has witnessed substantial investments exceeding $1,050 million in recent years.
Established in 1996, CFS ranks among the top three organized eye care chains in India, boasting a well-established nationwide presence, particularly in North India, with an annual footfall exceeding 1.5 million. As of March 2024, the company operates 83 centers across 15 states and union territories, spanning 39 cities, including Delhi, Gujarat, Rajasthan, and Telangana. In the Delhi-NCR region alone, it operates 15 centers and 13 Vision stores, featuring a flagship facility in Dwarka, Delhi.
CFS offers a comprehensive range of eye care services, including cataract surgery, LASIK and Smile treatments, retinal and glaucoma treatments, oculoplasty, and pediatric eye care. Notably, the company has been at the forefront of technology adoption, pioneering several industry-firsts such as the world’s first successful SILK procedure in a human eye and the world’s first successful LASIK procedure on ELITA Femto Laser.
Founded by internationally renowned ophthalmic surgeon Prof (Dr) Mahipal S Sachdev, who possesses over 40 years of clinical experience, CFS has garnered accolades, including the Padma Shri Award for excellence in Medicine in 2007.
ChrysCapital’s investment, comprising primary and secondary components, aims to expedite CFS’s expansion plans and facilitate an exit for Mahindra Holdings, which initially invested in the company in 2019. The partnership between ChrysCapital and CFS is expected to fortify the company’s growth trajectory, leveraging its demonstrated success over the past five years. ChrysCapital envisions an opportunity for CFS to further augment its market share through accelerated expansion initiatives, including strategic acquisitions.
Raghav Ramdev, Managing Director of ChrysCapital, underscored the healthcare sector’s strategic significance in India, given its significant underserved market and the potential for organized players to capture market share. He expressed ChrysCapital’s enthusiasm for collaborating with Centre For Sight, commending its robust growth and profitability. Dr. Mahipal Sachdev, in turn, expressed his delight in welcoming ChrysCapital as a valued partner, acknowledging the endorsement of CFS’s capabilities and the impetus it would provide to the company’s growth aspirations. He also extended gratitude to Mahindra Holdings for their support throughout the company’s journey, especially during the challenging times of the Covid-19 pandemic.
