EQT, through BPEA Private Equity Fund VIII, has acquired a controlling stake in Indira IVF from TA Associates and the company’s founders, Ajay Murdia, Kshitiz Murdia, and Nitiz Murdia, who will retain a significant minority stake and continue to lead the company.
Indira IVF was founded by Murdia in 1988 and has since grown from a single clinic to a nationwide network spanning 116 centers across 20 states in India. The company completes approximately 40,000 IVF cycles manually. To date, Indira IVF has supported over 125,000 couples in their journey towards achieving pregnancy.
“We, at Indira IVF, are on a mission to provide world class IVF services to more couples with best-in-class clinical outcomes,” comments Murdia. “I am delighted to have a like-minded partner in BPEA EQT who shares our purpose and we are ready to scale the Indira IVF platform to the next level.”
BPEA EQT was advised by JSA (legal), Lincoln International, Price Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (financial and tax DD, structuring, ESG), and Awelin (digital). The selling shareholders were advised by Goldman Sachs and J.P. Morgan.