Centre for Sight Group of Eye Hospitals, in collaboration with Mahindra Group, has planned to expand its footprints throughout India with a bold idea that intends to disrupt the Indian EyeWear market in the coming five years.
Under the banner of CFS Vision, the Centre will provide complete eyewear solutions showcasing leading international brands.
“CFS Vision aspires to be the largest and comprehensive eyewear and eye care chain in the country, by ensuring that anyone who needs eyewear or eye care knows where to go. The synergy of having world-class eyewear and the best-in-class clinical care in this field will make CFS Vision stand out from the other Optical chains. Patients can easily get a trusted facility for treatment as all the services will be available under one roof or at a neighbouring, Centre for Sight Eye Hospital. Our expansion target is to cover even the Tier 2 and 3 cities so that the travel distance is minimised for such patients.” said Dr. Mahipal Singh Sachdev, Chairman and Medical Director, Centre for Sight Group of Eye Hospitals.
As per the Statista.com report, revenue in the eyewear market amounts to INR 32000 Crores in 2021 and is expected to grow annually by 10.5 percent as per the CAGR 2021-25. Also, the research firm Market Scope forecasts that India’s eye care market growing at a CAGR of 6.8 percent a year shall reach INR 13,300 Crores by 2022, which clearly suggests that the eyewear market is three times bigger than the eye care market.
CFS Vision said that it targets to achieve annual revenue of INR 350 crores by 2027 and plans an outlay of INR 250 crores over the next five years. Having a growth of CAGR 70% and EBITDA positive. The company which currently operates about 47 Centres has proposed to spread in established and new geographies with 500 CFS Vision Centres by 2027. As per the recent report provided by the Worldometer and Statista report 2021, 35 percent or around 50 crores of the Indian population need some form of vision correction but only 25 percent of these have had their vision corrected. “Therefore, 36 Crore population in the Indian sub-continent is still bereft of an eyewear solution. This is the current unmet need that CFS Vision is gearing up to cater to in the coming years. CFS Vision shall double up its efforts to undo this across the country. The issues can be tackled with the use of eyewear, lenses or laser vision correction.” Dr. Sachdev added.