Chryscapital to Pour up to USD 100 Million into Centre for Sight

ChrysCapital to invest $100 million in eye care chain Centre for Sight, buying out Mahindra Group's stake. The investment will fuel the company's expansion in tier-1 and tier-2 cities. CFS, founded in 1996, is a leading organized eye care provider with 83 centers across 15 states. ChrysCapital sees healthcare as a growth area in India, citing underserved markets and opportunities for organized players.

Private equity find Chryscapital on Tuesday said it will invest up to USD 100 million in the eye care chain Centre for Sight for a significant minority stake.

The investment includes a primary infusion and also a secondary one, where it is buying out the entire stake in the New Delhi-headquartered company held by Mahindra Group arm Mahindra Holdings, a statement said without disclosing the exact split between the two.

The money will be used for expansion in tier-1 and tier-2 cities by the company, the statement said.

The 1996-founded CFS is among the top three organized eye care chains in the country with a network of 83 centres across 15 states, it said, adding that in the NCR market alone, it has 15 centres and 13 vision stores.

''The healthcare sector in India is a key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organized players,'' Raghav Ramdev, the managing director of the PE fund said.

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