India has seen an explosion of fertility startups. Next up: deal spree
Upstarts such as Luma Fertility and Arva Health offer services ranging from at-home hormone monitoring and assessment to in-vitro fertilization (IVF) at their centres, while Initomakes portable fertility tracking kits.At least 37 fertility ventures were founded between 2021 and 2025 in India, raising $86.4 million combined in equity investments, according to Tracxn data.
'What is interesting is that these startups are highly focused on offering services such as fertility testing and egg freezing, apart from conventional fertility offerings…," said Shobhit Agarwal, chief executive officer at Nova IVF Fertility. 'They are well exposed to European markets, understand the changing landscape of the fertility market in India and are helping to bring new allied services to India and create these markets in larger cities."
IVF and other fertility solutions have been available in India for decades. Yet demand has grown in recent years as more women decide to have children later and infertility increases. Rising incomes mean a higher number of Indians can access treatment. EY estimates the nation's IVF market to rise from $793 million in 2020 to $1.45 billion by 2027, expanding 15-20% annually.
Mumbai-based Luma offers embryo grading, advanced egg quality assessment, egg freezing, IVF, male and female fertility testing and care and a smartphone application to track hormones and record symptoms. Arva provides everything from hormone testing and fertility consultation to IVF and IUI (intra-uterine insemination). Inito sells at-home single-use kits for monitoring hormone levels during fertility cycles–crucial information for couples struggling to conceive.
'Their (new startups') presence has helped expand awareness and convenience, especially for individuals taking early steps toward understanding their reproductive health," said Kshitiz Murdia, chief executive officer and whole-time director of Indira IVF, the country's largest infertility treatment chain.
Private investors are taking notice. Last week, Luma, which recently opened a fertility clinic in Mumbai, announced its $4 million fundraise from Peak XV's Surge, Metropolis Healthcare's promoter Ameera Shah and Vijay Taparia of B2V Ventures. In May, Bengaluru-based Arva secured $1 million in pre-seed funding led by early-stage investment firm All In Capital.
Expansion plans
Inito plans to enter 20 countries, including Australia and Canada, by next year, founder and chief executive officer Aayush Rai told Mint. 'We're a deeptech company, and the idea is to build a global company. The consumption patterns are different in India and outside, with Western countries more open to adopting newer technologies."
Inito lastraised $6 million in Series A funding led by Fireside Ventures in November 2023.
Luma Fertility, which recently established its first clinic in Mumbai's Bandra area, is looking to launch two more centres in the financial capital, followed by expansion into Bengaluru, Hyderabad, Pune and Gurugram.
'While a majority of it will be organic expansion, we are open to acquisitions to widen the scope of fertility services like in vitro-fertilization (IVF) and egg freezing,"said Neha Motwani, founder of Luma.
There are other startups proving support services . BabyReady provides teleconsultation and financial services for couples seeking fertility treatments and Elawoman offers counselling and access to fertility clinics.
India IVF, a chain of tech-enabled fertility care centres across India, received pre-Series A funding last year. Veera Health provides treatment for polycystic ovary syndrome or PCOS, which is known to cause infertility–the venture is backed by Y Combinator and Peak XV's Surge.
"My sense is that less than a third of the market is truly organized, chained and branded. The remaining is mostly single-doctor or single-clinic practices," saidArjun Anand, managing director and head of Asia at global investment company Verlinvest. 'Startups that bring a positive differentiation to existing services of IVF & IUI will have an edge."
Acquisition targets
Verlinvest acquired a controlling stake in AP/Telangana-focused Ferty9 Fertility Centre in 2023. Large chains, too, are watching these startups as potential acquisition targets. Startups play a crucial role in bringing about innovative services that large players cannot possibly introduce at scale, making consolidation a favourable outcome.
'...we are not only seeing much intense competition from large chains, but also seeing many new startups in this space," said Agarwal of Nova IVF, which was acquired by Asia Healthcare Holdings in 2019.
The chain has 100 centres across the country, with over half of those in tier 2 and 3 cities, including Bareilly, Guwahati, and Vellore. Nova IVF is assessing acquisition opportunities in markets with low presence, said Agarwal.
Last month, Economic Times reported, citing unnamed people, that US-based IVI RMA Global is set to acquire ART Fertility Clinics for $400-450 million. Indira IVF inked deals with Gujarat-based Banker Healthcare and Puducherry's Creation Science IVF in June as well. Birla Fertility & IVF acquired BabyScience IVF Clinics to expand its presence in southern and western India last year.
Funding in the segment will continue to be driven by private equity investments, according to Verlinvest's Anand. 'Private equity brings scale, while venture capital fosters innovation. IVF is more suited to a private equity play as it's a centre-by-centre model and will take a linear curve to scale."
Looking ahead
On their part, the startups also continue to evolve to stay relevant.
Luma Fertility is offering a more open and detailed analysis of diagnostic reports to its patients, besides investing in establishing a dedicated care team to guide them along the journey.
'For instance, our analysis of an AMH report states X-axis age, Y-axis AMH, where you are compared to the India average, and what this means for you, and what is your predictive decline," said CEO Motwani. 'The first place where the system is broken is how fertility assessment and testing are done. It needs to be more accessible, open, and with less judgment."
Inito intends to be a pure-play product company, according to founder Rai. 'There is definite value in building hardware because at-home testing is largely under-penetrated. This segment can grow significantly, potentially outperforming top players in the product side."
The startup also plans to foray into men's fertility with specialized products, which Rai termed an underrated topic.
Nova IVF's Agarwal sees more opportunities including AI-driven embryo evaluation, genetic testing, newer therapies such as ovarian rejuvenation.
"Any addition like a digital-first approach, more efficient tracking capabilities, and new technology will be valuable," saidVerlinvest's Anand. 'Better customer experience, the ability to cater to a premium audience, or a concierge service will help set a startup apart from traditional players."
According to Bhanu Prakash Kalmath S J, partner and healthcare industry leader at Grant Thornton Bharat, 'what also matters is how you bring credibility through a better brand". This is what works for larger chains, which offer consistency and uniform services across centres, and that could work for new players as well, he said.
Luma and Inito plan to carefully invest in expansion to maintain differentiation and sustainable economics. But Kalmath S.J. suggested that investing in technology to ensure compliance with regulations and complete data confidentiality is paramount too.
More so, when big fertility treatment chains also look to protect their turf and stay ahead of the curve.
As Sriram Iyer, CEO of Apollo Health and Lifestyle, which runs Apollo Fertility, explained: 'To stay competitive, investment in technology, prioritizing ethical practices, and addressing accessibility challenges are utmost."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
GMR Airports plans record $579 mn rupee-bond sale to refinance debt
The New Delhi-based company is considering to raise the funds through a note due in 18-months to three years and will use the proceeds to refinance existing debt Bloomberg By Divya Patil and Saikat Das GMR Airports Ltd. is considering a ₹5,000 crore ($579 million) local-currency bond sale, according to people familiar with the matter, in what could be a record rupee issuance for India's second-largest private airport operator. The New Delhi-based company is considering to raise the funds through a note due in 18-months to three years and will use the proceeds to refinance existing debt, one of the people said, asking not to be identified as the details are private. The firm may aim to price the securities at about 10.5 per cent, the person said. The Economic Times earlier reported the company is looking to raise ₹5,700 crore. The company is planning to tap the market as a cumulative 100-basis-point reduction by the central bank this year brings down borrowing costs. The fundraising underscores growth prospects for India's aviation sector and comes at a time when GMR is looking to expand its footprint in the country. GMR, along with the country's largest airport operator Adani Airport Holdings Ltd., is expected to be among the top contenders as the government looks to privatize 11 airports. If the deal goes through, it will be GMR's largest-ever rupee offering, according to data compiled by Bloomberg. It has three local-currency bonds amounting to ₹5,000 crore maturing next year. Care Ratings last month upgraded GMR Airports' loans and bonds to A from BBB+ and expects the firm's business to be supported by favorable outlook for the airport sector. GMR's unit Delhi International Airport Ltd. is also planning to issue ₹1,000 crore worth of bonds, according to people familiar with the matter.
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
Starbucks launches free study rooms in China to lure back customers
Starbucks Corp. has launched free 'study rooms' in some of its China outlets, the company's latest initiative to help boost consumer traffic as domestic competition surges in its second-biggest market. The study areas have been launched in some stores in southern Guangdong Province, home to millions of young workers at the country's export, manufacturing and technology hubs, Starbucks China said in a statement on its official Weibo account this week. The rooms are Starbucks's latest initiative in China this year as it tries to revive sales growth amid stiff competition from cheaper local rivals like Luckin Coffee Inc. — which regularly rolls out new products and flavors — and the soaring popularity of Chinese tea chains. The Seattle-based coffee giant also wants to reassert itself as a welcoming 'third place' for leisure outside the home. There's no time-limit or reservation needed to use the spaces and people aren't required to purchase anything from Starbucks. Book-donation spaces have also been set up for customers — an initiative expected to boost foot traffic and ultimately revenue when users indulge in drinks and food while chilling there. Some of Starbucks's new moves in China take an opposite approach to policies in the US, where starting earlier this year people must buy items to use its cafes, patios and restrooms as the company prioritises paying American customers. Starbucks China has also expanded its drinks menu in the mainland to include more sugar-free options and teas catering to local tastes, slashed prices on a slew of beverages and upped its options for customizing orders. That's in contrast to recent moves at home, where it's simplified its menu to boost operational efficiency. 'Starbucks is looking for ways to create fun entry drink experiences for Gen Z consumers,' said Jessica Gleeson, a former Starbucks China executive who now runs a Shanghai-based retail consultancy firm, 'in-store activities both bring new customers to the cafes and create a relationship between Starbucks and the community. It is a simple, but effective tactic.' A first-ever China chief growth officer was appointed in late 2024, and a new management team is in place led by Molly Liu, who became the China business's sole leader last September. Starbucks has more than 7,700 China locations, and new stores are opening in heritage or scenic locations to draw people in — including a recent unveiling on Yulong Snow Mountain in Yunnan Province, popular with tourists lured by its natural beauty. As part of its work to solidify a concept of community, Starbucks is also displaying student art in some Chinese university branches, and making other outlets pet-friendly. The chain plans to try putting spaces for 'hobbies' into some stores, it said in its statement this week, without elaborating. Social media marketing has stepped up in recent months, and there have been new merchandise collaborations with Walt Disney Co.'s animated film Zootopia and Taiwanese rock group Mayday, whose lyrics Starbucks China printed on its cups.
New Indian Express
10 minutes ago
- New Indian Express
‘Around 30% Indians are at obesity risk'
HYDERABAD: Long-term tracking of thousands of healthy Indian individuals has revealed that 25% to 30% became obese by adulthood, even though they showed no signs of the condition at the beginning. This finding is part of a global study that offers new genetic insights into obesity and introduces a polygenic risk score (PRS) capable of predicting the likelihood of developing obesity as early as age five. The study involved over 600 scientists across 500 institutions, including researchers from Hyderabad-based CSIR-CCMB. Led by senior geneticist Dr Giriraj Ratan Chandak, CSIR-CCMB contributed to ensuring that the genetic data from Indian participants reflected South Asian diversity. Dr Chandak told TNIE, 'The study included four Indian cohorts mainly from Mysuru, Mumbai and Pune, ranging from 2,200 to over 20,000 individuals, many of whom have been followed for nearly two decades. The long-term data allowed researchers to assess how genetics and lifestyle together influence obesity progression over a lifetime.' The study also found that individuals with a higher genetic risk are more prone to obesity but tend to respond better to lifestyle interventions, although they may regain weight more quickly when those interventions are discontinued. Indian obesity patterns driven by distinct genetic traits, finds study The PRS model proved more accurate for people of European ancestry compared to South Asians. The model, created using genetic data from over five million individuals of various backgrounds, was found to be twice as effective as previous models. By integrating the influence of hundreds of thousands of genetic variants, it evaluates an individual's risk of obesity, serving as a robust early-warning tool to inform preventive lifestyle adjustments.
