Mahindra Partners makes Rs 226 crore investment in Centre for Sight
Author : Shikha Sinha | 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.
About Author
Shikha Sinha . .
Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999
Related News
Clio raises $250 million in a Series D funding by TCV and JMI Equity
The cloud-based legal technology startup hits a historic mark in future of legal industry with this investment. Clio, a leading legal software company has recently announced that it has bagged US$250 million in Series D funding from American equity firms JMI Equity and TCV. According to sour... Read More>>
Co-working firm Spacious the latest in WeWork’s acquisition spree
New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many... Read More>>
SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart
SoftBank is expected to lead a $250 million round with private equity major Carlyle for Dailyhunt South American conglomerate Synergy Group also hopes to invest in India’s Jet Airways. SoftBank Group Corp., a Japanese multinational conglomerate, is reportedly in talks to clo... Read More>>