Maxivision Eye Hospitals Plans Massive Western India Expansion Ahead Of 2027 IPO

Hyderabad-based Maxivision Super Specialty Eye Hospitals is aggressively scaling its operations across western India. The healthcare group is positioning the eyecare chain for a public market debut alongside sister ventures Neuberg Diagnostics and Trivitron Healthcare, targeting listings from 2027 onward.

MUMBAI : G.S.K. Velu-backed Maxivision Super Specialty Eye Hospitals is targeting a major expansion in western India, as it prepares for a public listing next year.

Velu, the chairman and managing director of the eyecare chain, told Mint in an interview that the Hyderabad-based company is expected to launch its initial public offering (IPO) process next year, as part of a broader plan to take his three healthcare ventures public over the next three years.

Diagnostic chain Neuberg Diagnostics—where Velu serves as chairman—is likely to be the first to list, followed by Maxivision Eye Hospitals and then medtech firm Trivitron Healthcare, where he is chairman and managing director. South Indian multispecialty chain Kauvery Hospital, where Velu is a director and mentor, is also likely to list in this timeframe.

While the IPO process for Neuberg is expected to start this year, Velu expects the listings to take place from calendar year 2027 onwards.

“For me, these are all long-term legacy businesses. So, we don’t worry about what is the immediate return or immediate valuation. This is a long-term play, we need to also give at least partial to full exits to our private equity investors in Neuberg and Maxivision,” said Velu.

“In Kauvery, I’m more like an investor and mentor… Trivitron, maybe, will take another two to three years before we list,” he added.

Maxivision raised up to ₹1,300 crore from Quadria Capital in 2023, while Neuberg Diagnostics secured a ₹940 crore investment from Kotak Alternate Asset Managers Ltd in 2025, as a pre-IPO fundraise.

The timelines reflect a strategy of scaling specialty businesses to become category leaders before approaching public markets. “You need to be one of the top three brands in the market,” he said.

For Maxivision, the goal is to become at least the country’s third-largest eyecare chain in terms of revenue before listing. It is currently in the top four, according to the company. The chain is betting on a premium model focused on making advanced technologies more affordable and accessible, while maintaining strong profitability and return metrics, said Velu.

Maxivision growth plan

The eyecare chain plans to grow its Mumbai network to at least 10 hospitals this year and eventually build a presence of more than 20-25 facilities across the city. Currently, it has 3 hospitals in Mumbai, and 10 in Gujarat.

“Our whole focus this year and next year will be to get very deep into the western region,” Velu said, adding that Maxivision is also evaluating expansion into Maharashtra, Madhya Pradesh and Chhattisgarh. The model involves acquiring smaller individual practices, or standalone clinics, as well as partnering with larger practices, or hospitals, as joint ventures. In Mumbai, Maxivision partnered with Ojas Eye Hospitals last year.

Western India is a key growth zone for Maxivision, contributing approximately 30-35% to the overall revenue, per the company.

Maxivision is aiming to clock revenue of close to ₹750 crore this financial year, while Trivitron plans to deliver revenues over ₹1,000 crore. The group declined to comment on Neuberg’s topline. However, Velu, in a November 2025 interview with The Hindu BusinessLine, said that the diagnostic chain would clock ₹1,600 crore in gross revenues in fiscal year 2026 (FY26).

Across his portfolio, Velu is focusing on specialised healthcare segments with strong growth prospects.

Velu signalled a growing focus on artificial intelligence (AI) and robotics. The group has floated Trivitron Digital AI as a new company, with plans to develop AI-driven tools for healthcare providers, particularly smaller and medium-sized companies.

“Across healthcare, a lot of disruption is happening through AI and robotics,” said Velu, adding that over the next five years, AI will be heavily embedded into healthcare processes across hospitals, diagnostics and medtech. “We are preparing for that journey in various forms for all our companies, through a separate venture for supporting the healthcare industry, at least in the entry and medium-level segment,” he said.

Future Outlook

The strategic roadmap laid out by G.S.K. Velu points toward massive consolidation in India’s regional healthcare markets. By pacing the public offerings between 2027 and 2029, the group aims to maximize valuation metrics while providing structured exits for institutional backers like Quadria Capital and Kotak Alternate Asset Managers.

Concurrently, the heavy capital expenditure channeled into western India will test Maxivision’s hub-and-spoke expansion model, which relies on a blend of outright acquisitions and strategic joint ventures. Over the long horizon, the successful integration of automated, tech-driven diagnostics via Trivitron Digital AI could provide these listing entities with a significant operational advantage, lowering diagnostic delivery costs across tier-2 and tier-3 medical landscapes.

FAQs

When is Maxivision Eye Hospitals planning to launch its IPO?

Maxivision Eye Hospitals expects to initiate its initial public offering process next year, with the final public listings for the group’s companies projected to materialize from calendar year 2027 onward.

Which other companies under G.S.K. Velu are slated for public listings?

The corporate listing roadmap features diagnostic powerhouse Neuberg Diagnostics listing first, followed sequentially by Maxivision Super Specialty Eye Hospitals, medtech leader Trivitron Healthcare, and regional multi-specialty chain Kauvery Hospital.

What are the specific expansion targets for Maxivision in western India?

The medical chain intends to expand its operational footprint in Mumbai from 3 facilities to at least 10 units within the year, with a long-term goal of running 20 to 25 specialty eye hospitals across the metropolitan area.

How much funding has Maxivision and Neuberg secured ahead of their market debuts?

Maxivision successfully raised ₹1,300 crore from private equity firm Quadria Capital in 2023, while Neuberg Diagnostics institutionalized a ₹940 crore pre-IPO funding round from Kotak Alternate Asset Managers Ltd in 2025.