Quadria Capital, one of Asia’s largest healthcare-focused private equity firms, has announced an investment of up to $155 million in Maxivision Eye Hospital, one of India’s leading and fastest-growing private eye care clinics.

Quadria will make an initial investment of roughly $75 million for a significant minority stake and a further investment of up to $80 million for additional stake, representing one of the largest investments in the eye care services space, to support Maxivision’s ability to scale and serve the growing demand for eye care in India, particularly in tier-2 and tier-3 cities that remain underserved by the Indian eye care market. Overall, the broader eye care industry has received investments of over $900 million in the last year.

Founded in 1996, Maxivision operates 42 centres in five states across South and West India, with a leadership position in Andhra Pradesh and Telangana. The company offers a full suite of eye care services, including cataract surgery, LASIK and ReLEx Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as neonatal and paediatric eye care.

Organised chains, such as Maxivision, are expected to gain share from standalone clinics, and Quadria sees an opportunity for the company to further scale through accretive tuck-in acquisitions, particularly in Maharashtra, Gujarat, Karnataka, Kerala and Madhya Pradesh.