
Matrix exits India eye care chain
Matrix Partners India has made a full exit from Centre for Sight, operator of a chain of eye clinics in India, to Mahindra Partners after a holding period of nearly 10 years.
Mahindra Partners, the private equity and venture capital arm of Indian conglomerate Mahindra Group, invested INR2.1 billion ($29.4 million) for a mix of primary and secondary shares, while Centre for Sight’s promoters invested a further INR200 million. Details about Matrix’s return and the size of Mahindra’s stake have not been disclosed.
Centre for Sight was established in 1996 and now operates 43 clinics across 24 cities in India. The company provides comprehensive ophthalmology services including a range of laser surgery options, pediatric vision correction, treatments for diabetes-related blindness, and vision-related nervous disorders.
Matrix first invested in Centre for Sight in 2010, committing INR500 million. Another investment of INR300 million followed in 2013, according to AVCJ Research.
“We have been privileged to partner with Centre for Sight from its very early days. The business has scaled almost 10 times since then,” said Avnish Bajaj, founder and managing director at Matrix India, in a statement. “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.”
Mahindra Partners, launched in 2010, has more than $1 billion in assets under management across sectors including logistics, healthcare, and renewable energy. The firm invests in India and Silicon Valley, and commits capital on an evergreen basis rather than according to a fixed fund cycle in order to allow a longer time horizon than traditional private equity investments.
Centre for Sight is Mahindra Partners’ second healthcare investment in India, following a commitment to home healthcare start-up Medwell Ventures in 2017.
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