MaxiVision Flags off major expansion plan in India

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 23^rd 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)