IVF: 150,000-250,000 IVF cycles/yearly

TA Associates, a leading global growth private equity firm, has completed a significant minority investment in Indira IVF, a leading India-based infertility treatment provider.

Financial terms of the transaction were not disclosed.

Founded in 2014 by Dr. Ajay Murdia, Dr. Kshitiz Murdia, Nitiz Murdia, Ashish Lodha and Manish Khatri, Indira IVF is one of India’s largest network of in-vitro fertilization (IVF) centers.

The company offers a wide variety of infertility treatments, including advanced IVF technology. Indira IVF currently operates 59 centers across 16 states in India and has completed nearly 27,000 IVF cycles in the last 12 months. Indira IVF has a staff of 1,800, including more than 150 IVF specialists and 100 embryologists.

“We are excited about the opportunity to partner with Indira IVF, a leader in IVF in India that aims to provide affordable, high-quality IVF services, while delivering best-in-class clinical outcomes,” said Naresh Patwari, a Director at TA Associates Advisory Private Limited.

“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 Patwari in a release on 15 April 2019.

“We have built a strong relationship with the TA Associates team,” said Dr. Ajay Murdia, Founder and Chairman of Indira IVF.

TA has made many investments in healthcare services businesses, both in India and globally, and has a deep understanding of IVF 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. We welcome TA to Indira IVF, and look forward to a successful, long-term partnership,” said Dr Murdia.

Research suggests that infertility affects 10-15% of married couples in India. Ernst & Young estimates that more than 25 million couples actively seeking children in 2015 were suffering from infertility-related issues. Industry estimates suggest that there are 150,000-250,000 IVF cycles being done annually in India, and Ernst & Young expects the industry to grow at nearly 20% annually.

“The infertility treatment space, in particular IVF, represents a large and growing market,” said Dhiraj Poddar, a Managing Director at TA Associates Advisory Private Limited. “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.”

Naresh Patwari and Dhiraj Poddar will join the Board of Directors of Indira IVF as nominee directors of TA Associates Advisory Private Limited.

Pioneer Legal (previously with DSK Legal) provided legal counsel and KPMG served as financial advisor to TA Associates. Veritas Legal provided legal counsel to Indira IVF. TA Associates Advisory Private Limited provided advisory services on the investment.

Indira IVF is a leading fertility hospital in India with 59 centers across 16 states. The company has more than 150 IVF specialists and 100 embryologists, and a total staff of more than 1,800 incorporating international treatment standards for infertility and assisted reproductive technologies such as IUI, IVF/ICSI, PGT and other technologies.

TA Associates is one of the most experienced global growth private equity firms. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world.

Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies.

TA has raised US$24 billion in capital since its founding in 1968 and is committing to new investments at the pace of over US$2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. fiinews.com