Bengaluru: India’s leading fertility care provider Nova IVF Fertility has acquired a majority stake in Kerala-based CRAFT Hospitals & Research Centre for approximately $40 million (₹368 crore), marking a significant expansion of its footprint in South India.
The acquisition allows Nova IVF to establish a strong presence in Kerala, a state known for its advanced healthcare infrastructure and growing demand for specialized fertility services.
Strategic Expansion in South India
Nova IVF operates under Asia Healthcare Holdings, which is supported by global private equity firm TPG Capital. The platform focuses on building integrated, single-specialty healthcare networks across India.
With this acquisition, Nova IVF aims to strengthen its position in the rapidly expanding fertility treatment market and bridge the geographic gap in its network in southern India.
The deal was facilitated by investment bank Advay Capital, representing CRAFT Hospitals and its promoter C. Mohamed Ashraf.
Rising Demand for Fertility Treatments in India
India’s assisted reproductive technology (ART) sector is experiencing rapid growth. Industry estimates suggest that the fertility services market could expand from around $1.5 billion in 2024 to more than $4.4 billion by 2033.
Key factors driving this growth include:
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Rising infertility rates
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Increasing trend of delayed parenthood
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Greater awareness and acceptance of IVF treatments
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Advancements in reproductive technologies
Nova IVF has been actively expanding through acquisitions and partnerships, including its earlier acquisition of WINGS IVF, as it seeks to scale operations nationwide.
Intensifying Competition in the IVF Sector
India’s IVF market has become increasingly competitive, with major chains expanding aggressively. Key competitors include Indira IVF, which recently achieved a valuation of approximately $1.1 billion, and Apollo Fertility, along with several regional fertility providers.
Kerala in particular has attracted strong investor interest, with over $700 million invested in the state’s healthcare sector in recent years, reflecting its reputation as a major medical hub.
Integration and Regulatory Challenges
While the acquisition offers significant growth potential, Nova IVF will need to ensure smooth integration of CRAFT Hospitals into its operational and clinical framework. Maintaining consistent service quality and managing operational efficiencies will be crucial.
Healthcare mergers and acquisitions in India also involve navigating regulatory requirements, licensing norms, and evolving data protection regulations.
Consolidation in the Fertility Care Industry
Industry experts view this deal as part of a broader consolidation trend within India’s fertility care sector, where larger healthcare platforms are acquiring regional clinics to expand their reach.
With the acquisition of CRAFT Hospitals, Nova IVF is expected to strengthen its position in the southern fertility market and accelerate its growth strategy in one of India’s fastest-growing healthcare segments.