 "MaxiVision")
MaxiVision, the south India’s eye care hospital chain led by industry veteran GSK Velu, is now eyeing expansion in western India and has earmarked ₹500 crore investment fund for Maharashtra.
The firm is also setting its sights on the stock market debut, with plans to go public within the next two years.
The company has announced a partnership with Ojas Group of Eye Hospitals to strengthen its presence in Mumbai, where it plans to establish five new hospitals next year.
Beyond Mumbai, the group is eyeing expansion in key Maharashtra cities such as Nagpur, Nashik, Pune and Kolhapur, tapping into existing ophthalmology practices and enhancing them with cutting-edge technology. Two brownfield acquisitions are also planned in Mumbai, though details of the acquisitions remain undisclosed.
Speaking on the partnership, GSK Velu, promoter and chairman of Maxivision Super Speciality Eye Hospital said, “This collaboration aligns with our vision to expand footprint across Maharashtra for which ₹500 crore have been allocated. Our first phase of expansion will focus on key cities in Maharashtra before moving into tier-two and tier-three cities using a hub-and-spoke model. Within the next 2 years our goal is to reach 100 centres.”
MaxiVision currently operates 52 centres, with two more being added, bringing the total to 54. The company projects exceeding 60 centres by the end of March and aims to reach 100 within the next two years.
For this the company is leveraging strategic partnerships and investments to achieve its growth targets.
Niteen Dedhia, promoter and chairman, Ojas Eye Hospitals said, “This collaboration will enable us to leverage MaxiVision’s investment capabilities and expand our practise across Mumbai and Maharashtra. This investment will be utilised primarily for infrastructure and equipment. Currently we are looking to expand to South Bombay, Central Bombay, Thane, Mulund, and New Bombay, essentially covering the entirety of Bombay.”
Currently Ojas Group of Hospitals has presence in Bandra and Kandivali. Going ahead, they will further look into expanding in tier-two areas around Mumbai, including Palghar, Daman, and parts near Namdev, which are strong catchment areas.
Maxivision is also setting its sights on the stock market, with plans to go public within the next two years. The IPO will provide further capital to fuel its growth strategy, which aims to expand its reach in underserved areas through a hub-and-spoke model. This approach will place advanced eye care hospitals (hubs) in major cities while smaller centres will offer primary eye care services in semi-urban and rural areas.
“We are also considering an IPO within the next two years, though it’s still in the planning stage,” Velu added.
With India’s eye care market growing at a CAGR of 12-15 per cent, MaxiVision is positioning itself to outpace the industry, targeting a 20-25 per cent growth rate annually. The expansion aims to ensure affordable and quality eye care for patients across economic segments, with services ranging from ₹3,000 cataract surgeries to high-end ophthalmic procedures.
A critical aspect of the company’s strategy is tackling the shortage of trained ophthalmologists. The group plans to expand its training programs and fellowships, ensuring a steady pipeline of skilled professionals to meet the rising demand for specialised eye care.
