Udaipur based Indira IVF has secured foreign private equity investment of an undisclosed amount as Boston based global growth private equity firm TA Associates picked up a significant minority stake in the infertility treatment provider.
Indira IVF was incorporated in 2014 by the Murdia family – Dr Ajay, Dr Kshitiz and Nitiz along with Ashish Lodha and Manish Khatri. The infertility provider has the largest India wide network of in-vitrio fertilization (IVF). The deal was informed by TA Associates on 15 April, without disclosing the financial terms.
Udaipur Times had earlier reported (2017) that three global private equity giants Warburg Pincus Llc, Carlyle Group and TPG Growth were in independent talks with Indira IVF for buying out a minority stake in Indira IVF.
Dr Ajay Murdia, in 1988 set up a two room clinic in Udaipur, and now the incorporated Indira IVF was eyeing a valuation of $600-800 million (Rs4,000-5,300 crore). Sources close to the had said then that the promoters were looking diluting 10-20% stake in the deal.
Naresh Patwari, Director of TA Associates’ Mumbai office said that IVF, being the largest and fast growing opportunity in India, is set to make a huge positive contribution to the lives of millions of people in the country and globally. He added that TA looks forward to working closely with the team at Indira IVF and contribute to their organic as well as inorganic growth in India and in the international markets.
Indira IVF currently operates out of 59 centres in 16 states in India and has completed 27,000 IVF cycles in the last one year. The IVF provier boasts of 1,800 employees, including 150 IVF specialists and 100 embroyologists.
Dheeraj Poddar, Managing Director at TA Associates said that his team is thrilled to support their passionate counterparts and help take Indira IVF to the newer orbits of growth.
Dr Ajay Murdia, Chairman of Indira IVF said that TA has a deep understanding of the healthcare industry, with numerous investments in healthcare both in India and abroad. He added that the induction of TA in Indira IVF will help augment its mission of providing state-of-the-art IVF services at affordable rates with positive clinical outcomes, at the same time maintaining Indira’s patient first approach as well as enhance its focus on clinical excellence.
A research by Enrst and Young says that the country should expect 150,000 – 250,000 IVF cycles annually with the industry set to grow at 20% annually.