Nova IVF Fertility, the second largest fertility chain in India, has expanded its presence in Gujarat through the acquisition of Ahmedabad-based Wings IVF that has six centres in Gujarat.

The deal is valued at ₹125-₹140 crore, said sources. With this acquisition, Nova IVF Fertility will expand its footprint to 68 centres in 44 cities.

TPG Growth, the growth equity investment arm of TPG Capital, owns Nova IVF through its healthcare platform Asia Healthcare Holdings (AHH). Singapore’s GIC is another investor in AHH.

Wings IVF was launched in 2014 and set up centres in Gujarat, Rajasthan, Bihar, and Delhi. The enterprise specialises in treating couples with recurrent implantation failures and has achieved 20,000 live births through IVF pregnancies.

Wings is expected to achieve a revenue of ₹70 crore and Ebitda of ₹12 crore in FY24, said sources.

“Both the organisations have an inherent DNA for enabling couples to achieve pregnancies through the self-cycle technique. With the launch of the ART Act this focus has only increased and today 90% of our IVF cycles are through self-cycles,” said Shobhit Agarwal, CEO, Nova IVF Fertility.”One in every six Indian couples struggles with infertility. With this partnership, we aim to bring in advanced newer technologies like Regenerative therapy which can help couples reduce their dependence on donor eggs.” said Dr Jayesh Amin, founder of Wings IVF.Nova IVF Fertility has achieved over 55,000 pregnancies across 1,10,000 couples performing close to 15,000 cycles each year. The company has added 43 centres in the last three years.

India’s IVF services market was valued at $750 million in 2020 and is poised to grow to $3.7 billion by 2030.

The IVF industry in India is witnessing a consolidation as several private equity funds are aggressive with acquisitions.

BPEA EQT, Blackstone, Bain Capital, Advent International and TPG Capital have submitted non-binding bids to acquire a majority stake in India’s largest fertility clinic chain, Indira IVF, valuing the chain at ₹8,000-₹10,000 crore ($1-1.2 billion), ET reported early this month.

Homegrown PE fund Kedaara Capital owns a minority stake in Oasis Fertility, while Brussels-based fund Verlinvest owns a controlling stake in Ferty9 F, a premier chain of fertility clinics in the AP/Telangana region.

The country currently sees about 337,000 IVF cycles in a year as about 10-15% of couples in India are said to have fertility issues, as per a study conducted by AIIMS. Each IVF cycle costs ₹1.5-2 lakh.

About 25% of India’s IVF market is controlled by the top 10-15 clinics and the rest are held by unorganised firms.

Major IVF service providers in India are Indira IVF, Nova IVI, Oasis IVF, Bloom Fertility Centre, Bengaluru-based Milann, Morpheus IVF, Ridge IVF, Akanksha IVF and Bourn Hall Clinic.