The group has budgeted 500 Crore topline, by end of FY 22/23, to
infuse 300 crores for JV’s and launches 2 new Joint Venture practices today
Despite the pullback due to 2nd and 3rd wave Covid19, the group
posted close to 200 Crore revenue last financial year 21/22
Hyderabad 23rd April 2022:
MaxiVision Eye Hospitals, one of the largest eye care networks in Telangana
& AP, with 21 eye hospitals, and over 70 full-time eye care surgeons, have
announced their aggressive expansion plans to neighbouring states, Tamilnadu,
Karnataka, and Gujarat. MaxiVision is one of the largest eye care players in
South India, with its super specialty eye hospitals spread across 9 cities in
AP & Telangana. With over 27 years of stellar practice in the states of Andhra
and Telangana, Maxivision is the first choice of quality eye care for the
population of these two states. The group had planned
its expansion plan in the year 2020 itself, which was slowed down due to the
pandemic and uncertainty in the market. Last financial year 21/22, despite the
pullback due to 2nd and 3rd wave Covid19, which hit 5 months of operations, the
group posted close to 200 Crore revenue, from 21 Eye Care Centres.
MaxiVision has a unique
model, of acquisitions, in good reputed eye care practices in India. It was in
2019, they launched the first such model, with a leading practice of Dr.Sharat Babu
Chilukuri, in Warangal, and within 2 years of association, the JV has posted 3
times growth post-merger. The JV Sarath Maxivision Eye Hospital which started
with one hospital is now having 3 Super Specialty hospitals in Warangal,
Khammam, Karimnagar, and also 7 Vision Centres in deep rural Telangana.
With this confidence,
and proof of success, the group signed off its 2nd JV in November 2021 with one
of the leading practices in Narsaraopet, Dr.Ramalinga Reddy, who enjoys 35 years
of stellar eye care practice in the Narsaraopet District. This JV, Maxivision
Dr.Ramalinga Reddy Eye Hospital will expand to Guntur and Macherla by September
2022.
Today MaxiVision is
launching 1 new JV in Hyderabad, Telangana, one in Rajkot, Gujarat, and also Greenfield entry to the Tamilnadu
market. This will add 5 hospitals to the network, and around 100 crores to the current
topline. This year the group has budgeted 500 Crore topline, by end of FY 22/23
opening more hospitals in Telangana, Andhra Pradesh, Tamilnadu, and Gujarat.
Speaking on the
occasion, Dr.GSK Velu, Chairman of Maxivision Eye Hospitals said “ Maxivision
is one of the most respected brands in South India with ethical practice and
stellar patient care services. With the trust of 5 million patients, the group
plans to expand with the same philosophy to other states of South India.
We have a very unique
model of Joint Venture with leading eye care practices in the country, which is
a Practice Development and Wealth Maximisation program for doctors who have
been in the practice for decades, who are not able to expand due to a lack of
support from the professional management team. Maxivision steps in as a majority
partner in the practice and augments the current practice, and accelerates an
expansion plan with a joint brand name. Our Team has around 20/25 prospects
lined up for agreements and roll out in the year 22/23, for which the company is
infusing around 300 crores to acquire these practices. Currently, we hold 100%
stakes in the company, and we are in the process of fundraising discussions
with top Private equity firms in the globe. Meantime, Our Greenfield projects
will go on, with around 150 Crore infusion into the growth fund of the company.
Reason to go independently as a brand is to penetrate potential markets in
optimum pace, with a philosophy aiming to be the best alternative service
provider in all markets, delivering the best care to the patients in ethical
standards and affordable treatment charges"
Mr.Sudheer, Group CEO
said, "Maxivision was founded and nurtured by one of the greatest
ophthalmologists Dr.KP Reddy, and supported by professional corporate management
under the guidance of Chairman, Dr.GSK Velu. We believe that a successful eye
hospital is one that has a leader doctor and a good process-oriented management
Team to support patient care. Hence the majority of our expansion plans will
be in JV Model, where we have strong clinical leadership on board, and a regional management team working together to grow the practice to the next
level.
Today we are launching 2
JV practices, which will catapult our growth to over 100% this financial year,
along with our Greenfield expansion to Tamilnadu, AP & Telangana
We are launching our 3rd
Joint Venture model in Hyderabad, with one of the leading practices of
Dr.SubbaRao, of
Mahalakshmi Eye Hospitals, in Vanasthalipuram. Dr.Subbarao has been in this
practice for over 30 years, and enjoys a great reputation in Hyderabad, as one of the
best surgeons in town. Maxivision-Mahalakshmi Eye Hospitals will start
operations in the month of May 2022.
As per our Greenfield
expansion plans in AP & Telangana, we have started engaging real estate,
for expansion to Rajahmundry, Tirupathi, Kurnool, and 2 more hospitals in
Hyderabad by September 2022
West had been our
comfort zone due to the active presence of all our other businesses of the group.
Maharashtra and Gujarat's expansion plan is in the advanced stage now. Today, we are
launching our entry to Gujarat with one of the leading practices,
in Rajkot, Nethradeep Eye Hospitals. Dr. Vasanth Sapovadia, who is a
renowned ophthalmologist in the West with over 35 years of experience, will head as
Regional Medical Director for Saurashtra Region. This new JV, Nethradeep
Maxivision will expand to other districts in Saurashtra,
namely Morbi, Bhuj, Jamnagar, Porbandar, etc within the next 6 to 8
months.
We entered Tamilnadu
on March 21/22, with one Super Specialty eye hospital
in Tiruchirappalli. Dr.Shibu Varkey, 30 years experienced Surgeon, and one
of the leading ophthalmologists in Tamilnadu will head this cluster as
Regional Medical Director, which will spearhead our aggressive expansion plans
in the entire Tamilnadu, Chennai, and other districts in Tamilnadu, Tanjore,
Kumbakonam, Salem, Madurai, and Erode throughout year 22/23.
In the next phase post-September we will finalize 5 more JV’s in Telangana, AP, Maharashtra, Gujarat,
and Karnataka, with reputed doctors of the region. Parallel we are also pursuing
our organic expansion in our home markets Telangana, AP, and Tamilnadu.
Telangana & AP is the strong foundation of the Maxivision eye care group. We will
spread across these 2 states with our own Greenfield Tertiary Care and
Secondary care hospitals.
Year 22/23, this
aggressive expansion plan will be one of the fastest growth of any eye care
chain in the past decade, which will add 20 hospitals next year to the group and be
a 55 hospitals network, led by a team of 160+ doctors and around 1000 patient
care team to give exemplary patient care in these hospitals. Tertiary care
centers will have all advanced technology in eye care, like Higher-end cataract
surgeries, Robotic cataract surgeries, Lasik, and refractive surgeries, Vitreo
Retina surgical stations, and Diabetic eye care services. All centers will have
state-of-the-art diagnostic facilities, optical outlets, and pathology services
through our group company Neuberg Diagnostics.
The group believes in
operating hospitals, with experienced super-specialty ophthalmic surgeons, who
can deliver the best quality vision for every patient. The expansion will help the quality eye care practice of many ophthalmologists, in the region, supported by the best technologies available in the world. Maxivision will preserve the service
motto, by ensuring all economic segments of the patients, get the best
treatment for their eyes with the best technology
Present on the occasion
were:
Dr.GSK Velu, Chairman,
Maxivision Group of Eye Hospitals,
Dr.Kasu Prasad Reddy,
Founder and Co-Chairman of Maxivision Group of Eye Hospitals,
Mr.Sudheer, Group CEO of
Maxivision Group of Eye Hospitals,
Incoming JV heads,
Dr.Vasanth Sapovadia, Managing Director, Nethradeep Maxivision Eye
Hospitals,Rajkot, Dr.Subbarao, Managing Director, of Maxivision Mahalakshmi Eye
Hospitals, Hyderabad. Dr.Shibu Varkey, Regional Medical Director, Tamilnadu
Management Team, Dr.Anilkumar (VP-Clinical),
Mr.Anand Baggadeo (VP-Operations), Mr.Raviprakash (CFO), and Mr.Arjun
(VP-Business Development)
