India has seen an explosion of fertility startups. Next up: deal spree

Mint

18-07-2025

Bengaluru/Mumbai: India's growing incomes and falling fertility rate have birthed a new breed of startups looking to fill gaps and provide convenience in assisted reproduction services, drawing interest from investors and large healthcare chains.
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."