Dialysis services provider NephroPlus on Monday said it has raised USD 24 million (over Rs 180 crore) in Series E round of funding to finance expansion in India and select international markets.
The current round was led by IIFL Asset Management (IIFL AMC) along with investment from existing investors InvestCorp and Bessemer Venture Partners (BVP), the company said in a statement. Commenting on the fundraise, NephroPlus Founder and CEO Vikram Vuppala said, “We look forward to not only driving organic and inorganic growth in India and overseas with this capital, but also invest in building a unique digital health solution targeted at dialysis patients.”
While NephroPlus had faced few challenges during the COVID waves, its scale, diversified presence, customer connect, along with strong backward integration on costs has helped it emerge stronger overall, he added. NephroPlus operates 275 dialysis centres in more than 170 cities across 23 states in India. It entered the Philippines market with the acquisition of Royal Care Dialysis. In Uzbekistan, it had bagged a USD 100 million dialysis contract, including building a dialysis centre in Tashkent.
The company said so far it has signed up over 200 hospitals as partners for operating dialysis centres, including Fortis Hospitals, CARE Hospitals, Medanta and Max Healthcare. On its investment in the company, IIFL Asset Management Head Private Equity Anshuman Goenka said, “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.”