Iswarya Fertility Center's ₹350 crore raise from OrbiMed signals growing investor interest in India's fertility market as fertility rates fall below replacement.
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Iswarya Fertility Center, a Chennai-based fertility network, has raised more than ₹350 crore (about $37 million) from healthcare investment firm OrbiMed Asia. The growth investment will fund new centers, clinical infrastructure, digital capabilities, and embryology talent expansion, the company said Thursday.
"Our focus over the next phase is clear: deepen our pan-India presence, enter underserved geographies and keep raising the bar on clinical outcomes," Dr. Arun Muthuvel, managing director at Iswarya, said in a statement.
India's total fertility rate has fallen to 1.9, below the replacement rate of 2.1, according to the Sample Registration System Statistical Report 2024. The company said rising incomes in densely populated urban centres have made consumers more willing to spend on fertility treatment, drawing increased investor interest to the sector.
"From the very beginning, every center we have opened has been guided by a simple belief: clinical excellence and compassion must always go hand in hand," said Dr. S. Chandralekha, founder and chief clinical officer, in a statement.
For OrbiMed, which has traditionally focused on biopharmaceuticals, medical devices, diagnostics and healthcare services, the investment extends its India portfolio into fertility care. Dr. Arun Muthuvel indicated Iswarya would eventually expand overseas.
"Orbimed's healthcare expertise and shared commitment to clinical excellence make them an ideal partner as we expand access to high-quality fertility care across India and, over time, into international markets," he said.
Iswarya was founded in 1986 by Chandralekha and Veluswamy. It has grown into southern India's largest fertility network, operating more than 85 centers across eight states. Over four decades, it has served more than 300,000 couples.
The company offers IVF, IUI, fertility preservation, genetics and other advanced reproductive treatments. It operates on a hub-and-spoke model that combines clinical depth with cost efficiency, the company said.
"Iswarya has established itself as one of the country's leading fertility platforms through its strong clinical outcomes, trusted brand, capital-efficient operating model, and experienced leadership team," Dr. Sunny Sharma, partner and senior managing director, and Arun Sadhanandham, managing director at OrbiMed, said in a joint statement.
Veda Corporate Advisors acted as financial adviser to Iswarya and its promoters on the transaction.
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