Mahindra Partners Invests Rs 226 Crore in ‘Centre For Sight’
Centre For Sight is the leading eye care hospitals chain in India.
- (1888PressRelease) June 21, 2019 - Centre for Sight has struck an impressive deal with Mahindra Partners, which is a private equity and corporate venture capital arm of the Mahindra Group. Mahindra Partners and the promoters of New Delhi based Centre for Sight has invested Rs 226.5 crores in the specialty eye care chain through a mix of primary and secondary investments. This transaction also marks the end of Matrix Partners’ decade-long investment in the company. According to the terms of the deal, Mahipal Sachdev, Chairman, and MD of the New Delhi-based company and a Padma Shri recipient have invested Rs 20 crore as part of the round, while Mahindra Partners has invested Rs 206.5 crore. According to Mahipal Sachdev, the first investor- Matrix Partners made a cumulative investment of Rs 80 and earned a little less than Rs 160 crore from the company.
Mahindra Partners has invested in the broader healthcare segment for the second time, in the year 2017 it had funded $21 million in Medwell Ventures led by Vishal Bali which operates and owns Nightingales Home Health Services. As per the recent analysis of the eye-care space reflects that the combined net sales growth of six players slowed down to 8.2% in 2017-18 which used to be 14% and 13.3% in previous two financial years. Centre for Sight, however, was the only one to achieve higher net sales growth of 12.1% in 2017-18. With the latest funding, the Centre for Sight will focus on acquisitions, technology, and building capacity. It also aims to grow rapidly and add 40 more centers to the existing list over the next four years.
Centre for Sight will be seen expanding its wings in the North East, West Bengal, Jharkhand, Bihar, and Uttar Pradesh. Centre for Sight is currently extending eye care services across 9 states, through 44 centers located in 24 different cities in India. It employs over 145 doctors; several of them are experts in their respective super specialties. It promotes a culture where making a social impact is considered as important as business results. Three doctors of Centre for Sight have been honored with the prestigious Padma Shri award and several doctors are office bearers in renowned Ophthalmological Societies across the country. The key hospitals of NDCFS are NABH accredited and the organization has consistently delivered a static growth in top line and bottom line as well as a healthy operating profit. With the association of two quality brand names, the business is sure to scale up at Godspeed.
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