Indian IVF chain Oasis Fertility on Thursday said it has received an investment of $50 million from private equity firm Kedaara Capital for a significant minority stake in the company.
The transaction also provides an exit to InvAscent, which invested in the company in 2016.
Founded in 2009 by Durga Rao and Kiran Gadela, Oasis Fertility claims to have 26 centres across 16 cities in India. The company said it has doubled its revenues in the last three years.
The company also runs an in-house training academy, Oasis School for Human Embryology and Reproductive Medicine (OSHERM), that has trained over 200 medical professionals. Oasis has also launched a first-of-its-kind andrology (male infertility) practice, known as AndroLife.
Through the new funds, Oasis aims to strengthen its organic expansion and accelerate inorganic partnerships across India and adjacent markets.
Homegrown PE firm Kedaara Capital currently advises/manages over $3.6 billion through investments in several businesses across a variety of sectors, including consumer, financial services, pharma/healthcare, technology/business services and industrials. Some of its investments include beauty retailer and unicorn purplle.com, diagnostics chain Vijaya Diagnostics and health insurance company CARE Health,
“We look forward to this partnership as we embark on a journey to pursue attractive synergistic acquisitions and create a leading fertility platform in India and South Asia to further our core purpose of helping couples achieve parenthood,” Oasis Fertility co-founder and Managing Director Kiran Gadela said.
Earlier this month, Kedaara Capital emerged as the frontrunner to invest $44 million for a majority stake in dermatology chain Oliva Skin and Hair Clinic, VCCircle reported. Last month, it invested Rs 1,500 crore in ASG Eye Hospitals, along with General Atlantic.