Eyecare chain Maxivision to invest ₹100 cr in expansion
Maxivision Super Speciality Eyecare Hospitals plans to invest about ₹100 crore to add 10 more centres over the next six months.
The eyecare chain has a presence in Telangana and Andhra Pradesh with 16 centres.
GSK Velu, Chairman, Maxivision, said “The first six months of the lockdown phase was a complete washout. But the last four months have seen things getting back to normalcy. We are now at pre-covid level and believe, we will see better situation next fiscal.”
“During the next fiscal, the focus will be on Andhra Pradesh and Telangana. However, we plan to cover the entire South after next fiscal,” Kasu Prasad Reddy, Founder and Co-Chairman, said.
“The funding requirements are being met with internal accruals and debt. However, for the next phase of expansion to cover South, we will raise funds. The quantum of funds has not been decided,” he said.
S Sudheer, Chief Executive Officer of Maxivision, said, “We plan to invest about ₹100 crore in expansion and adding more equipment to the network. Some of the centres planned will now be soon in place. On an average we invest about ₹3.5-₹4 Crore per centre. We have capacity to handle about 25,000 patients a day and plan to take this up to 60,000 patients a day with this phase of expansion.”
“We were expecting to close this fiscal with revenues of about ₹150 crore but are likely to end up with around ₹120 crore due to Covid induced lockdown. However, we are confident of crossing ₹200 crore revenue mark by next fiscal with expanded reach with new centres. Our target is to be a ₹500 crore eyecare company within five years,” Velu said.
The interaction with Velu and his team coincided with the visit of Katrin Kivi, Ambassador of Republic of Estonia, who was conducted around the latest facilities set up in the eyecare chain.