Mahindra Group partners with Centre for Sight Group to launch 500 centres

In partnership with Mahindra Group, the Centre for Sight Group of Eye Hospitals has planned to expand its presence across India with a novel initiative that aims to disrupt the Indian EyeWear market in the next five years.

The Centres will offer comprehensive eyewear solutions under the CFS Vision banner, featuring prominent international brands as well as private labels like 'Admyra' and 'Avanta.'

According to Statista.com, revenue in the Eyewear industry is estimated to reach Rs 32000 crores in 2021, with a CAGR of 10.5 percent from 2021 to 2025. Also, according to Market Scope, India's Eye Care industry will increase at a CAGR of 6.8% per year till it reaches Rs 13,300 crore by 2022, implying that the eyewear market is three times larger than the eye care market.

CFS Vision is to generate Rs 350 crore in yearly revenue by 2027, with a budget of Rs 250 crore over the next five years. With a 70% compound annual growth rate and a positive EBITDA.

“Patients can easily get a trusted facility for treatment as all the services will be available under one roof or at a neighboring Centre for Sight Eye Hospital. Our expansion target is to cover even the Tier 2 and 3 cities, so that the travel distance is minimized for such patients.” said Dr. Mahipal Singh Sachdev, Chairman and Medical Director, Centre for Sight Group of Eye Hospitals.

According to a recent Worldometer and Statista research 2021, 35 percent of the Indian population, or over 50 crores, requires vision correction, but only 25 percent of those have had their vision corrected. As a result, the Indian subcontinent's 36 million people still lack access to eyewear. This is a current unmet need that CFS Vision plans to address in the next few years.