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Mahindra Partners makes Rs 226 crore investment in Centre for Sight

Author : Saif Ali Bepari | Published Date : 2019-05-17 

Mahindra Partners, the private equity and corporate venture capital arm of Indian conglomerate Mahindra Group, has recently announced that it would be investing Rs 206.5 crore in eye care chain Centre for Sight. With this move, Matrix Partners India would be able to completely shed its stake in the company.

Apparently, as per the terms of the agreement, which comprises both primary and secondary components, the promoters of the New Delhi-based company led by Managing Director and Chairman Mahipal Sachdev have also put additional Rs 20 crore as part of the round.

Citing reliable sources, the entry of Mahindra Partners, which holds assets of more than $1 billion, has allowed a complete exit for Matrix Partners, a venture capital firm which was a long-term investor in the specialty eye care chain.

According to Mahipal Sachdev, in 2010, Matrix Partners had primarily invested in Centre for Sight and is believed to have earned a profit of under Rs 160 crore from its accumulative Rs 80 crore investment in the company.

For Mahindra Partners, this is the second investment in the broader healthcare segment. Apart from this, in 2017 the stage and sector-agnostic investor had led a $21 million round of funding in Medwell Ventures led by Vishal Bali, which owns and handles Nightingales Home Health Services, sources added.

Seemingly, with regards to the latest round of funding, Centre for Sight will use the proceeds towards possible acquisitions, building capacity and technology. In addition, it is planning to open 40 centres over the next four years.

For the uninitiated, Centre for Sight was established in 1996 by Mahipal Sachdev. Currently, it provides comprehensive eye care services from 44 centres in 24 cities, across nine states. In 2018, it had opened its flagship centre of excellence in Delhi spanning 90,000 square feet which has around 145 specialists on its platform.

 

Source Credit: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mahindra-partners-leads-rs-226-crore-investment-round-in-eye-care-specialty-chain-centre-for-sight/articleshow/69341325.cms

About Author

Saif Ali Bepari

Saif Ali Bepari

A qualified Computer Science graduate, Saif Ali Bepari, armed with more of an inclination toward writing than coding, commenced his journey in the content industry as a freelancer. Currently penning down content for fractovia.org and a couple of other portals, Saif has also tinkered with creative writing, technical writing, blog writing, and copywriting. He can be contacted at- [email protected] | https://twitter.com/Saif_B17

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