IFC leading $10M Series B investment in NephroPlus
International Finance Corp, the private sector lending arm of World Bank group, is leading a Series B investment of $10 million in Nephrocare Health Services Pvt Ltd, which runs a dialysis chain under the brand NephroPlus.
IFC may bring in up to $7 million in the company with existing investor Bessemer Venture Partners bringing in another $3 million.
The company had first secured Series A funding of around $4 million from Bessemer Venture Partners in 2011.
Hyderabad-based NephroPlus has 19 centres across nine states in the country. The company runs dialysis units in multispecialty hospitals as well as stand-alone dialysis centres. It will look at PPP projects in India and neighbouring countries like Bangladesh, Nepal and Bhutan.
In India, the company is already active in PPP space and has a unit at Employees States Insurance Corporation (ESIC) Super Specialty Government Hospital in Hyderabad.
NephroPlus was founded by Vikram Vuppala, Sandeep Gudibanda and Kamal Shah in 2009.
Indian dialysis space has attracted attention from private equity investors and international players alike. Earlier, DaVita acquired majority stake in NephroLife India and a number of players are looking to raise capital like Sparsh Nephrocare and Deep Chand Dialysis Centre.
(Edited by Joby Puthuparampil Johnson)