Centre for Sight Expands Footprint in West India with Laxmi Eye Hospital Tie-Up
Centre for Sight has announced a strategic collaboration with Laxmi Eye Hospital to increase its footprint in Maharashtra to nine centres, including locations in Navi Mumbai and Thane.
Centre For SightLaxmi Eye HospitalHealthcareEyecarePrivate EquityReal Estate MaharashtraSep 04, 2024
The Delhi-based company currently has 82 centres across 40 cities and plans to add around 15-20 centres a year over the next four years, for a total of 150. As part of the collaboration, Centre For Sight has acquired a 51% equity stake in Laxmi Eye Hospital.
The investment underscores the growing interest of risk investors in single-specialty healthcare providers in India. The broader eyecare industry has received investments of more than $1.05 billion over the past couple of years.
Dr Mahipal Singh Sachdev, Chairman and Medical Director of Centre for Sight, said, “These collaborations not only enhance our capacity to meet the region's increasing needs but also exemplify the broader trend in healthcare, where consolidation is key to extending the reach of world-class services.”
Laxmi Eye Hospital serves around 2.5 million patients across four locations – Panvel, Khargar, Dombivili, and Kamothe. Centre for Sight will continue to look for more collaboration opportunities in west India to deepen its presence there.
The company is actively looking to add more centres in Gujarat and Maharashtra, where post-covid single doctor setups are now willing to sell to corporate chains. Over the past year, the eyecare chain has added 10 brownfield centres through strategic collaborations in various cities.
Private equity firm ChrysCapital recently picked up a minority stake in the eyecare chain for $100 million at a valuation of $350-400 million. Centre for Sight said it would use the funds to accelerate its expansion.
Raghav Ramdev, Managing Director of ChrysCapital, said, “The healthcare sector in India is a key area of focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players.”
About Centre for Sight
Centre for Sight is a leading healthcare chain with 82 centres across 40 cities in India. The company provides comprehensive eye care services, including cataract surgery, glaucoma treatment, and retina care.
About ChrysCapital
ChrysCapital is a private equity firm that invests in growth-stage companies in India. The firm has a strong focus on the healthcare sector and has invested in several companies in the space.
About Laxmi Eye Hospital
Laxmi Eye Hospital is a leading eye care hospital in Maharashtra, with four locations in Panvel, Khargar, Dombivili, and Kamothe. The hospital serves around 2.5 million patients and provides comprehensive eye care services.
Frequently Asked Questions
What is the investment plan of Centre for Sight in west India?
Centre for Sight plans to invest ₹300-500 crore over the next few years to expand its presence in west India.
How many centres does Centre for Sight currently have in India?
Centre for Sight currently has 82 centres across 40 cities in India.
What is the stake acquired by Centre for Sight in Laxmi Eye Hospital?
Centre for Sight has acquired a 51% equity stake in Laxmi Eye Hospital.
What is the focus area of ChrysCapital in India?
ChrysCapital has a strong focus on the healthcare sector in India and has invested in several companies in the space.
How many patients does Laxmi Eye Hospital serve across its four locations?
Laxmi Eye Hospital serves around 2.5 million patients across its four locations in Panvel, Khargar, Dombivili, and Kamothe.
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