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ChrysCapital invests up to $100 M in Centre for Sight

The investment from ChrysCapital, which is a mix of primary and secondary, will support CFS in accelerating its expansion plans and will also provide an exit for MHL

ChrysCapital is investing up to $100 million in New Delhi Centre for Sight, based out of New Delhi. The transaction involves a mix of primary infusion and purchase of the entire stake held by Mahindra Holdings, a wholly-owned subsidiary of Mahindra & Mahindra for acquiring a significant minority stake in the company. The 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. Overall, the broader eye care industry has received investments of over $1,050 million in the last couple of years. 

CFS offers a full suite of eye care services, including cataract surgery, LASIK and Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as paediatric eye care. The company has been at the forefront of technology adoption with multiple industry firsts including the world’s first successful SILK procedure in the human eye and, the world’s first successful LASIK procedure on ELITA Femto Laser to name a few. CFS has an industry-leading surgical mix in revenue of approximately 70 per cent, best in class in the Indian eye care industry. 

The investment from ChrysCapital, which is a mix of primary and secondary, will support CFS in accelerating its expansion plans and will also provide an exit for MHL, which invested in the company in 2019.  

Raghav Ramdev, MD, ChrysCapital said, “The healthcare sector in India is a key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players. ChrysCapital is very excited to partner with Centre For Sight, which has exhibited robust growth while maintaining strong profitability. We look forward to working with the team and strengthening CFS’s position as one of the leading healthcare delivery platforms in India.” 

Dr Mahipal Sachdev, Chairman and Founder, Centre For Sight commented on this development and stated, “I am delighted and excited to welcome ChrysCapital, one of the most sought-after investors, as a valued partner in the next phase of growth of the business. ChrysCapital’s investment is an endorsement of Centre For Sight’s capabilities and will also provide impetus to the company’s growth plans of strengthening its leadership position. I also take this opportunity to thank Mahindra Holdings for their support in our journey over the last 5 years, especially during the testing times of COVID-19. It’s a relationship that CFS will value forever.” 

Puneet Renjhen, Head – Partnerships & Alliances, Member of Group Executive Board of the Mahindra Group commented, “For Mahindra Group, the CFS investment exemplifies our focus on long-term sustainable value creation. It’s been a pleasure to be a strategic partner to CFS and Dr Mahipal Sachdev in their journey towards building one of the largest ophthalmology businesses in India and we are confident with partnership with ChrysCapital, CFS will continue on its strong upward growth trajectory.” 

o3 Capital acted as the exclusive financial advisor for the transaction. Alvarez & Marshal (A&M) advised ChrysCapital on the commercial and financial diligence. Shardul Amarchand Mangaldas & Co (SAMCO) acted as legal counsel to ChrysCapital, IndusLaw acted as legal counsel to the Mahindra Group and DMD Advocates acted as legal counsel to company and promoters.

 

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