India-based chain of dialysis centres NephroPlus has recently raised US$24 million in a Series E funding round to expand in India and abroad.
The funding round was led by IIFL Asset Management (IIFL AMC) along with investment from existing investors Bessemer Venture Partners and InvestCorp.
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.” He added, “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.”
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.”
IIFL Private Equity has US$3 billion assets under management starting from early-to-late stage investments across technology, healthcare, consumer spaces, and financial services.
Founded in 2009 by Kamal D Shah, Sandeep Gudibanda, and Vikram Vuppala is a dialysis provider network. The firm operates 275 dialysis centres across 23 states in more than 170 cities.
NephroPlus entered the Philippines market with the acquisition of Royal Care Dialysis. It bagged a US$100 million dialysis contract in Uzbekistan including a dialysis centre in Tashkent.
The firm has signed up more than 200 hospitals as partners for operating dialysis centers, including CARE Hospitals, Fortis Hospitals, Max Healthcare, and Medanta.
NephroPlus had last raised funding in 2019 from one of the leading global private equity investors, InvestCorp. In the last two years, the company further strengthened its market leadership position by adding more than 80 centres in the country.
The company offers unique offerings such as nocturnal dialysis, short daily dialysis, and holiday dialysis that allow patients to lead a normal life.