Matrix Partners India announced on Wednesday that it had fully exited its long-term stake in eye care service provider Centre for Sight, after Mahindra Partners said it would invest Rs 206.5 crore in the business.
Mahindra Partners has totally invested Rs 226.5 crore through primary and secondary capital in New Delhi-based Centre for Sight (NDCFS), and the promoters of the specialty eye care company have invested Rs 20 crore.
“Centre for Sight also fits into our larger healthcare strategy, which is focused on the delivery side with a bias towards single specialty," Parag Shah, Managing Partner at Mahindra Partners, said in a statement released to the media.
NDCFS said the investment would help them to open new eye centres, as well as drive growth through acquisitions of existing practices. This is Mahindra Partner's second healthcare investment in India, after Medwell Ventures, which operates Nightingales specialty home healthcare services.
Centre for Sight was established in 1996, and has 43 centres across nine states, and more than 24 cities in India. This year, they opened a flagship centre in Dwarka, New Delhi.
“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," added Avnish Bajaj, Founder and Managing Director at Matrix India.
Matrix Partners India, which has about $1 billion assets under management, specialises in seed, early, and early growth stage investments in India. The firm has also invested in cab aggregator Ola, online classifieds marketplace Quikr, and healthtech startup Practo.