Quadria Capital invests in Maxivision Eye Hospital to drive organic expansion and accelerate inorganic partnerships to cement Maxivision’s position as one of India’s leading eye care platforms
SINGAPORE/NEW DELHI – July 12, 2023. Quadria Capital (“Quadria”), one of Asia’s largest healthcare-focused private equity firms, today announced an investment of up to US$ 155 million in Maxivision Eye Hospital (“Maxivision”), one of India’s leading and fastest-growing private eye care clinics. Quadria will make an initial investment of roughly US$ 75 million for a significant minority stake and a further investment of up to US$ 80 million 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 in tier-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 US$ 900 million in the last year.
Founded in 1996, Maxivision operates 42 centres in five 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 paediatric 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.”
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 centre for gastroenterology and HCG, India’s leading oncology network.
About Quadria Capital
Founded in 2012, Quadria is an Asia healthcare-focused private equity firm with assets under management of over US$ 3.4 billion, maximising returns by investing in the high growth healthcare sector of some of the world’s fastest-growing economies in South Asia and Southeast Asia, including Healthcare Delivery, Life Sciences, Medical Technology and Associated Healthcare Services subsectors. The firm aims to create significant and sustainable shareholder value by supporting strong, professionally run, stable and scalable healthcare organisations to address the critical and undersupplied healthcare needs in Asia.
For more information, please visit https://quadriacapital.com
About Maxivision Eye Hospitals
Founded by Dr. KP Reddy in 1996 and subsequently acquired by Dr. GSK Velu in 2010, Maxivision is one of India’s fastest growing eye care chains, offering quality, affordable eye care services to over 5 million patients across 42 centres in 6 states across South and West India. As one of India’s first operator of a LASIK machine, Maxivision has a long history of focusing on clinical excellence, while making quality eye care services available to tier 2 and tier 3 cities in India. Maxivision provides comprehensive offers gamut of services across diagnosis, treatment and surgical services covering procedures such as Cataract, Laser correction, Vitreo-Retinal Surgery, Glaucoma and Squint at its centers.
For more information, please visit www.maxivisioneyehospital.com
Investor Relations Contact
Gerald Ng, Head of Investor Relations