Iswarya Health Pvt Ltd, which operates a chain of in-vitro fertilization clinics under Iswarya Fertility Center, said Thursday it has secured Rs 350 crore (around $37 million) in growth investment from healthcare-focused private equity firm OrbiMed to expand its presence across India.
This is Chennai-based Iswarya’s maiden external funding round and comes a year after VCCircle first reported that it was looking for investors.
Iswarya said in a statement it plans to use the capital to establish new clinics in existing and “underserved” markets, bolster its clinical infrastructure, invest in digital capabilities and expand its embryology team.
Investment bank Veda Corporate Advisors advised the company on the fundraising.
Iswarya Health was earlier known as Iswarya Fertility Services Pvt Ltd as it began primarily with its fertility treatment services but rebranded after setting up a superspecialty hospital. The IVF chain is led by directors Dr S. Chandralekha, Dr K. Veluswamy and Dr Arun Muthuvel.
The company was set up in 1986 and has since expanded to more than 85 centres across eight states. It claims to have served over 300,000 couples across four decades. Iswarya offers services spanning IVF, fertility preservation, genetics, and advanced reproductive treatments.
“Our focus over the next phase is clear: deepen our pan-India presence, enter underserved geographies and keep raising the bar on clinical outcomes,” Muthuvel said.
For the fiscal year ended March 2025, the company recorded over 21% growth in consolidated revenue, reaching Rs 222 crore with a net profit exceeding Rs 17 crore, according to VCCEdge data.
The market for IVF treatment in India is expected to grow at a compound annual rate of between 14% and 18%, with some estimates expecting the market size to exceed $4 billion by 2030.
The industry has seen consolidation and investment activity in the recent past. In March, Asia Healthcare Holdings' Nova IVF Fertility acquired CRAFT Hospital & Research Centre in Thrissur, Kerala.
In April, India’s largest fertility clinic chain, Indira IVF, acquired Kolkata-based IVF and gynaecology network Abha Surgy Healthcare Pvt Ltd. It also acquired a Puducherry-based fertility hospital in September last year.
