Private equity find Chryscapital on Tuesday said it will invest up to $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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