Asia’s leading dialysis network, NephroPlus, has closed Series E round of funding to pursue growth opportunities across India and select International markets. The current round led by IIFL Asset Management (IIFL AMC) along with investment from existing investors InvestCorp and Bessemer Venture Partners (BVP) comes on the heels of notable scale-up that the company has delivered in recent years towards maintaining its dominant market leadership in the dialysis space.
NephroPlus had raised a prior round of funding in 2019 from InvestCorp, one of the leading global private equity investors. In the last two years, it further cemented its market leadership position by adding 80+ centres in India, entered the Philippines market with acquisition of Royal Care Dialysis and bagged a significant USD100mn dialysis contract in Uzbekistan, which includes building world’s largest dialysis centre in Tashkent. So far, NephroPlus has signed up 200+ reputed hospitals as partners for operating dialysis centres including Fortis Hospitals, CARE Hospitals, Medanta and Max Healthcare. It has also set up PPP centres in partnership with state governments and operates the country’s largest dialysis centre at Tirupati.
NephroPlus Founder and CEO, Mr. Vikram Vuppala, sharing his views on the transaction said, “We welcome IIFL Asset Management as our newest shareholder and it is great to see our two existing investors (InvestCorp and BVP) participating in this Series E round as well. While NephroPlus had faced few challenges during the COVID waves, our scale, diversified presence, customer connect, along with strong backward integration on costs has helped us emerge stronger overall. We look forward to not only driving organic and inorganic growth in India & overseas with this capital, but also invest in building a unique digital health solution targeted at dialysis patients.”
NephroPlus Co-founder and Director of Guest Services, Kamal Shah, himself on dialysis for 23+ years added, “NephroPlus was founded with the sole purpose of impacting lives of dialysis patients positively and we have come a long way in making high-quality care accessible to tens of thousands of patients in India and now overseas as well. The pedigree and long-term global investor base we continue to attract is a testament of the trust NephroPlus has earned not just from the patients, but also of the potential impact we can make in dialysis at a global level.
Anshuman Goenka, Head Private Equity, IIFL Asset Management, led the investment in NephroPlus and said, “We are excited to partner with the dialysis market leader NephroPlus. As an integrated dialysis chain with a strong track-record of growth and returns, NephroPlus will continue expanding into new geographies in India and overseas. There are not too many unique scaled-up market leading businesses in healthcare like NephroPlus, especially with such a capable management team. We look forward to joining this growth journey with NephroPlus.”
NephroPlus operates 275 dialysis centres in more than 170 cities across 23 states in India and is known for its quality focus and patient-centricity. The company was established 11 years back with a vision to enable people on dialysis across the world to lead long, happy, and productive lives. The company treats 18,000+ patients per month and has performed 60+ Lakh treatments to date. For further information: https://www.nephroplus.com/
About IIFL Asset Management
IIFL Asset Management, part of IIFL Wealth & Asset Management group, is an India-focused global asset management firm. The AMC’s endeavour is to create investment products that generate sustainable risk-adjusted returns. The sizeable and growing asset management business is the market leader in alternatives and is an important pillar of the IIFL Wealth & Asset Management group, growing independently but also synergistically. The AMC’s differentiated product suite includes alternative investment funds (AIFs), portfolio management services (PMS) and mutual funds (MFs) spanning across asset classes of public and private equity, fixed income and real estate. IIFL AMC has been a playing a pivotal role in the growth of the AIF industry in India.
IIFL Private Equity is a part of IIFL Asset Management and has been active in the private equity ecosystem since late 2015. Across multiple strategies, IIFL Private Equity manages an AUM of ~US$3bn from early-stage to late-stage investments across Healthcare, Technology, Financial Services and Consumer spaces. In a span of five years, IIFL Private Equity Fund has made investments in multiple unicorns in India and has also generated exits from few of their portfolio companies.