o3 Capital acted as the exclusive financial advisor to Centre for Sight for a significant minority stake sale to ChrysCapital.

New Delhi Centre for Sight (“CFS” or “Company”) was founded by internationally renowned ophthalmic surgeon, Prof. (Dr.) Mahipal S. Sachdev in 1996. CFS, is amongst the top three organized eye care chains in India, with an established pan-India presence, particularly in in North India, with an annual footfall of 1.5mn+. CFS offers a full suite of eye care services, including cataract surgery, LASIK and Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as pediatric eye care. The company has a footprint of 83 centers across 15 states / UT’s and 39 cities including Delhi, Gujarat, Rajasthan, and Telangana as of March 2024. It has a clear leadership position in the Delhi NCR market with 15 centers and 13 Vision stores, including a flagship facility at Dwarka in Delhi.

ChrysCapital is one of the largest and foremost India-focused investment firms. Founded in 1999, the firm has raised $5.7 billion and is currently investing out of its $1.3+ billion ninth fund. Since inception, ChrysCapital has made 100+ investments across a variety of sectors, with a strong focus on healthcare, making some marquee investments such as Krishna Institute of Medical Sciences, Intas Pharma, Mankind Pharma, La Renon Healthcare, and Zydus Cadila amongst others. The firm has realized about $7 billion from 80 full exits and has fully monetized five successive funds with strong net USD returns.

This transaction involves a mix of primary infusion and purchase of the entire stake held by Mahindra Holdings Limited ("MHL"), a wholly owned subsidiary of Mahindra & Mahindra Limited, for acquiring a significant minority stake in the Company. This investment will support CFS’s ability to further scale and serve the growing demand for eye care in India, both across Tier 1 & Tier 2 cities.

Dr. Mahipal Sachdev, Chairman and Founder of Center For Sight commented on this development and stated “I am delighted and excited to welcome ChrysCapital, one of the most sought-after investors, as a valued partner in the next phase of growth of the business. ChrysCapital’s investment is an endorsement of Centre For Sight’s capabilities and will also provide impetus to Company’s growth plans of strengthening its leadership position. I also take this opportunity to thank Mahindra Holdings for their support in our journey over the last 5 years, specially during the testing times of Covid. It’s a relationship that CFS will value forever.”

Commenting on the investment, Raghav Ramdev, Managing Director, ChrysCapital said, “The healthcare sector in India is key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organized players. ChrysCapital is very excited to partner with Centre For Sight, which has exhibited robust growth while maintaining strong profitability. We look forward to working with the team and strengthen CFS’s position as one of the leading healthcare delivery platforms in India.”

Shiraz Bugwadia, Senior Managing Director, o3 Capital adds “We have witnessed heightened investor interest in the single specialty healthcare space in the recent years. CFS offers a unique combination of market leadership, strong unit economics, consistent growth and highly profitable operations over the years and promises to be a milestone single specialty investment for ChrysCapital”

This deal marks o3 Capital's 13th deal closure in the Healthcare & Lifesciences space in the last 18 months. The deal reiterates o3 Capital’s strong credentials to consummate large deals in single-specialty segment within the healthcare & lifesciences industry (62 deal closures to date, and 3rd in the single specialty segment within the last 12 months).