Private equity players have scrambled to take positions in almost all the eye-care chains of significant scale. Their exuberance is backed by ambitious growth projections and expectations of bumper returns, as the sector gets organised and family-run eye clinics make way for branded formats.
TA Associates, Multiples PE and ICICI Venture did not respond to ET’s queries. KKR declined to comment. A query sent to Eye Foundation remained unanswered until press time on Tuesday.
Industry watchers say organised eye care players have only 10% market share. Data supports the thesis for expansion and consolidation. India performed 8.3 million cataract surgeries in FY23 trumping the US, Europe and China put together in numbers of such surgeries performed in a single year. Deal activity in the sector has been encouraged by these numbers.
“This an asset-light model. It is scalable. The capital expenditure required is low. That’s why eye care is attracting private equity investors,” said a fund manager on condition of anonymity. The fund manager was an early investor in one of the eye care chains that is now owned by PE funds.
