BPEA Private Equity Fund VIII, known as BPEA EQT, is in the process of acquiring a majority stake in Indira IVF, India’s foremost fertility services provider valuing the firm at $1.1 billion according to Reuters. With a network of 116 centers spanning 20 states, Indira IVF conducts about 40,000 IVF cycles annually, resulting in over 125,000 successful pregnancies.

The move aligns with the rising demand for Assisted Reproductive Technology services in India, attributed to evolving demographics and a relatively low market presence. BPEA EQT’s investment is set to enhance Indira IVF’s research and development capabilities, fortify its technological infrastructure, and expand its operations across India and adjoining markets. The partnership draws on BPEA EQT’s expertise in healthcare and digital advancements.

Ashish Agrawal, Partner at BPEA EQT, commented, “Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF’s presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT’s in-house expertise within healthcare and digitalization.” 

Dr. Kshitiz Murdia, CEO of Indira IVF, commented, “Partnership with BPEA EQT is the beginning of a new phase of sustainable growth for Indira IVF. Starting from a single clinic in Udaipur to becoming the largest provider of Assisted Reproductive Technology services in India today, Indira IVF’s journey has been a remarkable success story. The ART sector in India is at an exciting stage of development and we are lucky to have a great company, partners, and colleagues to lead the growth of this segment. BPEA EQT is one of the largest healthcare investors globally and has a deep understanding of the IVF sector. We, at Indira IVF, are on a mission to provide world class IVF services to more couples with best-in-class clinical outcomes. I am delighted to have a like-minded partner in BPEA EQT who shares our purpose and we are ready to scale the Indira IVF platform to the next level.” 

Jimmy Mahtani, Partner and Co-Head of BPEA EQT India, concluded, “This investment aligns with EQT’s commitment to investing in companies that address critical societal needs and have the potential to impact people’s lives for the better. Under the stewardship of the founding Murdia family and the management team, Indira IVF has scaled to become a leader that has helped more than a hundred thousand couples achieve parenthood. We couldn’t be prouder to support such an important mission and we look forward to partnering with Indira IVF and the Murdia family on its next stage of growth.”

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