New Delhi, Sept. 23 -- Indira IVF, a fertility clinic chain backed by Swedish private equity firm EQT, has acquired a Puducherry-based reproductive healthcare chain in a bid to expand its presence in southern India.
The Mumbai-based in-vitro fertilization (IVF) chain, which confidentially filed for an initial public offering (IPO) in July 2025, has completed the takeover of Srishti Hospital. The terms of the transaction were not disclosed.
Advay Capital served as the sole financial advisor to Srishti Hospital.
Srishti Hospital will leverage Indira IVF's national platform, "bringing in structured protocols, supportive digital systems, and consistency in care", according to a statement.
Srishti Hospital was founded in 2010 by Soumyaroop Dash, a fertility specialist and laparoscopic surgeon. It provides assisted reproductive technology (ART) services such as IVF, intracytoplasmic sperm injection (ICSI), intrauterine insemination (IUI), and advanced male infertility treatments.
EQT had acquired a controlling stake in Indira IVF from TA Associates for over $1 billion in 2023. The fertility clinic had earlier confidentially filed for a public listing in February but withdrew its IPO papers in March.
There's been an increase in dealmaking in the Indian fertility space in recent years. In May, VCCircle reported that Malaysia's IHH Healthcare Berhad and several other suitors were in the fray to pick up a stake in Kerala-based Craft Hospital and Research Centre.
In June, Chennai-based Iswarya Health Pvt Ltd sought to raise between $50 million and $60 million (Rs 430-516 crore) from investors in its maiden external equity funding, while Chennai-headquartered fertility clinic chain Prashanth Fertility Research Centre (PFRC) appointed an investment banker to support its debut external fundraising efforts, VCCircle reported.
Last year, a consortium of private equity investors led by CX Partners acquired a controlling stake in Kerala-based Sabine Hospital & Research Centre.
Published by HT Digital Content Services with permission from VC Circle.