Deal Street

May 15, 2019

Mahindra to Invest in Centre for Sight


Mahindra-Partners-Centre-for-Sight

Mahindra Partners investment of over Rs.206 crores in the Delhi-based Centre for Sight (CFS) is expected to consolidate the institute’s leadership position in the growing Indian ophthalmology healthcare segment.

As promoters, Mahindras have further invested Rs.20 crore and thus getting Matrix Partners India who early invested in CFS to fully exit its stake in the eye-care setment. Mahindras have thus invested Rs.226.50 crore in a mix of primary and secondary investments.

Parag Shah, Managing Partner at Mahindra Partners said, “We are excited to partner with the Centre for Sight as it enters its next phase of growth, It is a leader in ophthalmology in India and we want to be a part of its evolution into the dominant Indian eye care brand”

Parag Shah added, “Centre for Sight fits into our larger healthcare strategy which is focused on the delivery side with a bias towards single specialty. This new investment aligns with the demographic catered to by our first healthcare investment, Medwell Ventures, which operates a home healthcare chain under the Nightingales brand.”

Mahipal S. Sachdev, CMD of CFS, said: “Our focus on the principles of efficiency, precision, integrity and compassion has brought us from a single small set-up to a proud chain with state-of-the-art ophthalmic care facilities. Our association with Mahindra Partners will help us sustain the scorching pace of growth we have set out for ourselves, enabling us to open new centres in our existing territories as well as in areas lacking quality eye care and also to drive growth through strategic acquisitions of existing practices.”

Induslaw led by partners Suneeth Katarki, Anindya Ghosh, principal associate Mayukh Datta, senior associate Anantha Krishnan Iyer, and associate Anshul Chhirang advised Mahindra Partners. On due diligence the team also included associates Nishihi Shah, Kriti Gangwar, Adarsh Kumar, Prerna Bharti, Neha Balodhi and Suvarna Swain.

Cyril Amarchand Mangaldas led by partner Akila Agrawal, partner Mukul Sharma, principal associate Naveen Kumar and principal associate Himanshu Chahar advised New Delhi’s Centre for Sight.

Rajaram Legal led by partner Archana Rajaram and partner Prasad Subramanyan acted for exiting investor Matrix Partners.

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