Boston, Massachusetts-based TA Associates has picked up a significant minority stake in infertility treatment provider Indira IVF, the global growth private equity firm said on Monday.
Founded in 2014 by Dr. Ajay Murdia, Dr. Kshitiz Murdia, Nitiz Murdia, Ashish Lodha and Manish Khatri, Indira IVF claims to be one of India’s largest network of in-vitro fertilization (IVF) centres. Financial terms of the transaction were, however, not disclosed.
“IVF is a large and fast-growing opportunity in India that we believe has the ability to make a lasting positive impact on the lives of millions of people. We look forward to working with Dr. Ajay Murdia and the management team at Indira IVF to help them continue their growth efforts in India and in international markets, both organically and inorganically, and to help them offer additional adjacent clinical services,” said Naresh Patwari, a director at TA Associates’ Mumbai office.
The company offers a wide variety of infertility treatments, including advanced IVF technology. It runs 59 centres in 16 states in India and has completed nearly 27,000 IVF cycles in the past year.
Indira IVF has 1,800 employees, including more than 150 IVF specialists and 100 embryologists.
“TA has made many investments in healthcare services businesses, both in India and globally, and has a deep understanding of our industry. We believe that our partnership with TA will help Indira IVF enhance its mission of providing world-class IVF services at affordable rates with best-in-class clinical outcomes, while simultaneously maintaining our patient-first approach and sharp focus on clinical excellence,” said Murdia, chairman, Indira IVF.
India sees 150,000-250,000 IVF cycles annually and the industry is expected to grow at nearly 20% annually, Indira IVF said in its statement, citing research by auditing and consulting firm EY.
“The infertility treatment space, in particular IVF, represents a large and growing market. We look forward to this partnership with Indira IVF and are thrilled to be supporting this seasoned, talented and passionate team of professionals to help Indira IVF enter into its next phase of growth,” said Dhiraj Poddar, a managing director at TA Associates.
Source: Mint