Mahindra Partners, the private equity and corporate venture capital arm of Mahindra Group, Wednesday announced an investment of Rs 206.5 crore in leading ophthalmology player Centre for Sight.
As part of the transaction, the promoters of the company have also put in additional Rs 20 crore, taking the total investment to Rs 226.5 crore.
Besides, Matrix Partners India has fully exited its stake in Centre for Sight.
"We want to be a part of its (Centre for Sight) evolution and growth into the dominant Indian eye care brand," Mahindra Partners Managing Partner Parag Shah told reporters here.
The company also fits into Mahindra's larger healthcare strategy which is focused on delivery side with a bias towards single specialty, he added.
"This new investment aligns with the demographic catered to by our first healthcare investment, Medwell Ventures, which operates a home healthcare chain," Shah said.
Centre for Sight CMD Mahipal S Sachdev said the association with Mahindra Partners would help the company sustain its "scorching pace of growth".
"Our phase of consolidation is over and now we plan to expand our operations. We are aiming to open around 10-12 centres per year going ahead," he added.
The company will consolidate its position in the existing geographies and also plans to enter new regions like eastern and central parts of the country, Sachdev said.
Centre for Sight currently provides comprehensive eye care services from 44 centres across nine states in the country. It employs over 145 doctors.
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