Mahindra Partners announces investment in ‘Centre For Sight’
NDCFS provides comprehensive Eye-Care services from 44 eye care centers across 9 states and more than 24 cities in India.
In a mix of primary and secondary investment, Mahindra Partners today announced an investment of Rs 206.5 Cr in New Delhi based Centre for Sight Ltd (NDCFS), which will now be able to drive the latter's organic and inorganic growth and consolidate its leadership position in the growing Indian ophthalmology healthcare segment. NDCFS promoters have further invested Rs 20 Cr, while early investor Matrix Partners India fully exited its stake in the company, said a Mahindra statement.
“We are excited to partner with the Centre for Sight as it enters its next phase of growth,” said Parag Shah, Managing Partner at Mahindra Partners, adding, “It is a leader in ophthalmology in India and we want to be a part of its evolution and growth into the dominant Indian eye care brand. This investment also reflects Mahindra’s core values of doing well while doing good for the communities and society in which we operate. We have great confidence in Dr Mahipal & his team, their strong focus on execution and the large, growing market they serve, will help drive the company’s future growth”.
Shah explained, “Centre for Sight also 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.”
He further added, “It also creates a very measurable impact on the lives of people, serving close to seven lakh patients last year.”
Commenting on the latest development, Prof (Dr) Mahipal S Sachdev, the CMD of NDCFS, 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. We believe in our tagline of “Every eye deserves the best” and raising the bar of Ophthalmic care thus ensuring the delivery of the latest technology to various parts of our country.”
“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 centers in our existing territories as well as in areas lacking quality Eye-care and also to drive growth through strategic acquisitions of existing practices. We are also looking forward to playing a stellar role in Ophthalmic Training, Education and Research. I am sure, this partnership will be a value addition for both the organizations, increasing their strength and relevance in the Indian Healthcare space,” he added.
On his firm's partnership with NDCFF, Avnish Bajaj, Founder & Managing Director at Matrix India, said, “We have been privileged to partner with NDCFS from 2010 and from its very early days. The business has scaled almost 10 times since then and it has been a privilege to be part of this journey alongside Dr. Mahipal, Dr. Alka, Dr. Ritika and the team at NDCFS. It is great to see the coming together of two high quality brand names with the investment by Mahindra Partners and we wish both Godspeed ahead.”
Established in 1996 and incorporated in 2002 by Padma Shri recipient, Dr Mahipal Sachdev, NDCFS provides comprehensive Eye-Care services from 44 eye care centers across 9 states and more than 24 cities in India. It has a strong track record of clinical excellence, employing more than 145 doctors, many of whom are recognized as leaders in their respective super-specialties. NDCFS promotes a culture where business results are balanced with positive social impact.