NephroPlus raises $24 million from IIFL AMC, existing investors
Hyderabad: Hyderabad-based NephroPlus has closed Series E round of funding of $24 million (over Rs 180 crore) 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 a scale-up that the company has delivered in recent years in the dialysis space.
NephroPlus had raised a prior round of funding in 2019 from InvestCorp. In the last two years, it added 80 plus centres in India, entered the Philippines market with acquisition of Royal Care Dialysis and bagged a significant $100 million dialysis contract in Uzbekistan, which includes building the world’s largest dialysis centre in Tashkent.
So far, NephroPlus has signed up over 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 Vikram Vuppala, said, “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 and overseas with this capital, but also invest in building a unique digital health solution targeted at dialysis patients.”
Anshuman Goenka, head, Private Equity, IIFL Asset Management, said, “There are not too many unique scaled-up market leading businesses in healthcare like NephroPlus, especially with such a capable management team.”
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