India-based eye care services provider Centre of Sight has received almost Rs 2.1bn ($29.3m) in funding from Mahindra Partners, the private equity arm of conglomerate Mahindra Group, Hindu BusinessLine has reported.
The investment was completed through primary and secondary transactions. Venture capital firm Matrix Partners India, which invested $5m in company in 2013 according to VentureBeat, has fully divested its stake through the transaction.
Founded in 1996, Centre of Sight operates a range of ophthalmology centres across 24 cities in India that diagnose and treat eye disorders. The funding will enable the company to open additional centres in new and existing territories, and will also fund acquisitions of existing practices.
Parag Shah, managing partner at Mahindra Partners, said: “Centre for Sight is a leader in ophthalmology in India and we want to be part of its evolution and the growth into the dominant Indian eyecare brand.”
At the time of Matrix Partners India’s investment, VentureBeat stated that Centre for Sight was looking to raise up to $20m by the end of 2013, though the company did not confirm additional funding. The VC firm was described as an existing investor.