Transaction:
- Nova IVF Fertility, a leading fertility chain owned by Asia Healthcare Holdings (AHH) and backed by global PE firm TPG Capital, has acquired a majority stake in Kerala-based CRAFT Hospital & Research Centre.
- The transaction values CRAFT Hospitals at approximately $40 million (around Rs. 368 crore) and marks Nova IVF’s formal entry into the high-potential Kerala market, expanding its footprint in South India.
About CRAFT Hospital & Research Centre:
- Founded in 1987 by Prof. Dr. C. Mohamed Ashraf, CRAFT (Centre for Research in Assisted Reproduction and Fetal Therapy) is well-established fertility care provider with nearly four decades of clinical legacy in reproductive medicine.
- Headquartered in Kodungallur (Thrissur), it operates a 250-bedded super-specialty hospital offering services across infertility, gynecology, andrology, fetal medicine, neonatology, and medical genetics.
About Nova IVF Fertility:
- Founded in 2011 and acquired by Asia Healthcare Holdings in 2019, Nova IVF Fertility is among India’s leading fertility service providers.
- The company operates 120+ centres across 70 cities, performing approximately 19,000 to 21,000 IVF treatments annually with a team of 150+ fertility specialists and 200 embryologists.
- It is led by healthcare veteran Vishal Bali and backed by global private equity firm TPG Capital.
Rationale:
- The acquisition plugs a key geographic gap for Nova in Kerala, where it previously had only 1 centre (Palakkad). proving immediate access to CRAFT’s established brand equity and massive patient base in the region.
- Following the acquisition, the combined entity plans to launch 10 new IVF centres across urban and tier 2/3 cities in Kerala over the next 3 to 5 years.
- The deal combines CRAFT’s clinical excellence and surgical expertise with Nova’s national network and advanced technologies like AI-based embryo selection, PGT (Preimplantation Genetic Testing), and international-standard lab protocols.
- Kerala remains a high-potential market with fertility rates declining to 1.3 – 1.7 vs replacement level of 2.1, driving demand for assisted reproductive services.
- The deal reflects a broader trend in the Indian IVF sector valued at over Rs.3,000 crore where scaled, PE-backed chains are acquiring reputable regional players to achieve rapid expansion and operational synergies.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.