Nova IVF Fertility, India's second largest fertility chain, has expanded its presence in Gujarat by acquiring Ahmedabad-based Wings IVF, which has six centres in the state.
According to sources, the transaction is worth 125-140 crore. Nova IVF Fertility will expand its footprint to 68 centres in 44 cities as a result of this acquisition.
TPG Growth, TPG Capital's growth equity investment arm, owns Nova IVF via its healthcare platform Asia Healthcare Holdings (AHH). GIC of Singapore 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.