Hyderabad, July 12, 2023: Quadria Capital (“Quadria”), one of Asia’slargest healthcare-focused private equity firms, today announced an investment of upto INR 1,300 crores in Maxivision Eye Hospital (“Maxivision”), one of India’s leading andfastest-growing private eye care clinics. Quadria will make an initial investment of roughly INR 600 crores for a minority stake and a further investment of up-to INR 700 crores for additional stake, representing one of the largest investments in the eye care services space, to support Maxivision’s ability to scale and serve the growing demand for eye care in India, particularly inter-2 and tier-3 cities that remain underserved by the Indian eye care market. Overall, the broader eye care industry has received investments of over INR 7,000 cr in the last year.
Founded in 1996, Maxivision operates 42 centers in six states across South and West India, with a leadership position in Andhra Pradesh and Telangana. The company offers a full suite of eye care services, including cataract surgery, LASIK and ReLEx Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as neonatal and pediatric eye care.
Dr. GSK Velu, Promoter and Chairman of Maxivision, said: “Our business has evolved tremendously over the past few years and today we are proud to be one of the fastest-growing and most trusted providers of eye care, particularly in South and West India. Quadria’s expertise, capital and focus on operational value creation will put us in an even better position to keep scaling, innovating, and delivering for patients seeking affordable and quality eye care.”
Sunil Thakur, Partner and Head of South Asia at Quadria Capital, said: “Quadria’s investment into Maxivision underscores our ambition to invest in regional leaders of Asian healthcare, who offer full-service offerings within a single speciality to the wider population. Maxivision has successfully demonstrated its ability to improve lives and outcomes whilst achieving organic growth and maintaining industry-leading growth and profitability. We look forward to working with their leadership team and bringing our global and local access to expertise, technology and markets to further accelerate Maxivision’s next phase of growth.”
Mr Sudheer VS,CEO of Maxivision, said: “The market for eye care in India is expected to grow at a rate of over 12% per year over the next five years. With our strong brand, doctor roster, and partnership model,Maxivision is well positioned to capitalise on, and be at the centre of, this growth. With Quadria’s support, both through their investment, and also deep experience in the sector, we will be able to meet this growing demand for affordable, accessible and high-quality eye care across India.”
Veda Corporate Advisors were the Exclusive Financial Advisors to the Company and Promoters on this transaction.
Organised chains, such as Maxivision, are expected to gain share from standalone clinics, and Quadria sees an opportunity for the company to further scale through accretive tuck-in acquisitions, particularly in Maharashtra, Gujarat, Karnataka, Kerala, and Madhya Pradesh.
Quadria’s approach is rooted in its ability to create value through its extensive network, experience, and focus on the Asian healthcare sector. The company has a strong track-record of successful investments in some of India’s leading single-specialty healthcare companies including AIG, a leading global referral center for gastroenterology, and HCG, India’s leading oncology network.