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, [and] 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).
Next avenue
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, [and] through a separate venture for supporting the healthcare industry, at least in the entry and medium-level segment,” he said.
