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Private equity firm TA Associates acquired a minority stake in Indira IVF, a leading fertility hospital chain in India.
The Boston-based TA Associates said its investment will go into growing the infertility treatment provider in both India and internationally, while adding additional adjacent clinical services. Specific details of the deal weren’t released.
“The infertility treatment space, in particular IVF, represents a large and growing market,” Dhiraj Poddar, a managing director at TA Associates Advisory Private Limited, said in a press release. “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.”
TA Associates will add Poddar and Naresh Patwari to Indira IVF’s board of directors. Indira IVF started as a two-room clinic in Udaipur, India, in 1988. Since then it has grown to 59 centers across the country and employs more than 1,800.
According to the release, research suggests that infertility affects 10-15% of married couples in India. 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.
“TA has made many investments in healthcare services businesses, both in India and globally, and has a deep understanding of our industry,” Dr. Ajay Murdia, founder and chairman of Indira IVF, said in the release. “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.”
Oscar Gonzalez is a business reporter based in Brooklyn. He has written for CBS, NBC and Wired.