NephroPlus, India’s largest dialysis chain, said it has raised $103 million (₹860 crore) in a Series F funding round from Quadria Capital through a mix of fresh capital infusion and a secondary sale aimed at driving expansion plans within India and targeted markets overseas.
The primary component is ₹100 crore.
Quadria will become a minority shareholder post the latest round of funding which valued NephroPlus at more than ₹2,000 crore. Quadria will have a slightly higher stake than Bahrain-based Investcorp, which was the largest shareholder in the company prior to the latest round at 35-40%.
Other existing investors comprising US-based Bessemer Venture Partners (BVP), International Finance Corporation (IFC) and IIFL also pared their stakes in the latest round.
ET in January reported on Quadria being in talks to buy NephroPlus at ₹2,000 crore ($250 million) valuation.
Founded in 2009 by Vikram Vuppala, Sandeep Gudibanda and Kamal Shah, NephroPlus has a network of 440 dialysis chains across 20 states in India and four countries – the Philippines, Nepal, Uzbekistan, and Saudi Arabia. It posted revenue of ₹550 crore in FY24, recording 25% growth.
“This new funding will fuel our organic growth plans while allowing us to make significant acquisitions, putting us at the forefront of dialysis healthcare innovation,” Vikram Vuppala, NephroPlus founder and CEO, told ET.
In 2021, NephroPlus raised $24 million (₹180 crore) in a Series E funding round led by IIFL Asset Management along with existing investors Investcorp and BVP.
To date, the company has raised about $104 million through several rounds.
In January 2023, NephroPlus received about ₹70 crore loan from Asian Development Bank for expanding in Uzbekistan.
