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

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

Mint6 days ago
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."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Canara Bank Q1 results: PAT rises 22% to ₹4,752 cr; income at ₹38,063 cr
Canara Bank Q1 results: PAT rises 22% to ₹4,752 cr; income at ₹38,063 cr

Business Standard

time18 minutes ago

  • Business Standard

Canara Bank Q1 results: PAT rises 22% to ₹4,752 cr; income at ₹38,063 cr

During the period under review, operating profit of the bank increased to Rs 8,554 crore, as compared to Rs 7,616 crore in the same quarter a year ago Press Trust of India New Delhi State-owned Canara Bank on Thursday posted a 22 per cent growth in net profit to Rs 4,752 crore during the first quarter of the current financial year. The Bengaluru-based bank had earned a net profit of Rs 3,905 crore in the same quarter of the previous fiscal year. The total income rose to Rs 38,063 crore during the June quarter of fiscal year 2025-26, from Rs 34,020 crore in the same quarter of FY25, Canara Bank said in a regulatory filing. Interest earned by the bank improved to Rs 31,003 crore, as compared to Rs 28,701 crore in the June quarter FY25. During the period under review, operating profit of the bank increased to Rs 8,554 crore, as compared to Rs 7,616 crore in the same quarter a year ago. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.69 per cent of gross advances at the end of the June quarter, from 4.14 per cent a year ago. Similarly, net NPAs, or bad loans, declined to 0.63 per cent, as against 1.24 per cent in the year-ago period. As a result, provisions and contingencies declined to Rs 1,845 crore during the first quarter as compared to Rs 2,171 crore in the same period a year ago. Provision Coverage Ratio (PCR) improved to 93.17 per cent, from 89.22 per cent. At the same time, Return on Assets (ROA) improved to 1.14 per cent for June 2025, from 1.05 per cent at June 2024. Capital adequacy ratio of the bank rose to 16.52 per cent, from 16.38 per cent in the same quarter of FY25. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Scotch, cars, chocolates and more: What will become cheaper as India-UK sign FTA?
Scotch, cars, chocolates and more: What will become cheaper as India-UK sign FTA?

First Post

time18 minutes ago

  • First Post

Scotch, cars, chocolates and more: What will become cheaper as India-UK sign FTA?

India and the UK are signing a Free Trade Agreement (FTA) on Thursday, as PM Narendra Modi meets his British counterpart Keir Starmer in London. Under the landmark deal, the UK will eliminate duties on several Indian imports, including textiles, leather, gems and jewellery and machinery. For Indians, Scotch whisky, British cars, and chocolates will become cheaper read more India and the UK are signing a Free Trade Agreement on July 24. File Photo/Reuters India and the United Kingdom (UK) are set to sign a Free Trade Agreement (FTA) on Thursday (July 24). British Prime Minister Keir Starmer is hosting his Indian counterpart, Narendra Modi, in London and the two will hold discussions on a range of topics. The signing of the FTA is a key part of PM Modi's UK visit. New Delhi and London concluded talks in May to reach a bilateral Free Trade Agreement, discussions for which first began in January 2022. STORY CONTINUES BELOW THIS AD As per the British government estimates, the FTA will boost its GDP by £4.8 billion ($6.5 billion) annually. Indian exports to the UK are expected to double by 2030. The trade deal will benefit both countries. Here's how it will impact you. How India will gain The India-UK FTA would eliminate duties on 99 per cent of Indian exports to Britain, including key sectors such as textiles, leather, gems and jewellery, auto parts and engines, furniture, sports goods, chemicals, and machinery. Several of these goods are facing UK tariffs ranging from four per cent to 16 per cent. The removal of UK taxes on Indian garments and home textiles – which range from eight to 12 per cent – will make them more competitive against products from Bangladesh and Vietnam. The Indian exports in this sector are projected to rise to up to 40 per cent in the next three years. Zero tariffs on gold, diamond jewellery, and leather goods will be a boost for MSME exporters and luxury product manufacturers in India. The UK will ease the process of approvals for Indian pharmaceutical companies, with the NHS opening further for generic medicines from India. The European country will also cut duties on Indian processed foods, basmati rice, shrimp, spices, and tea, giving a fillip to exports from Kerala, Assam, Gujarat, and West Bengal. Under the FTA, premium Indian food brands will have enhanced access to the UK market. Tariffs will also be removed on agrochemicals, industrial chemicals, and plastics. India's chemical exports to the UK could double by 2030. STORY CONTINUES BELOW THIS AD Indian electric and hybrid vehicle makers are also set to benefit with preferential access to the UK under a quota system. Welspun India, Arvind Ltd, Bata India, Relaxo, Tata Motors, Mahindra Electric, and Bharat Forge are among the companies likely to benefit from greater market access. According to the Indian Commerce Ministry, the UK will provide assured access to business visitors, contractual service providers, yoga instructors, chefs and musicians for temporary stay. The FTA will also make it easier for Indian professionals to work in the UK by streamlining employment laws and visa procedures. The British government will expand the range of occupations for which highly qualified Indians can apply. Indian professionals working temporarily in the UK will not have to pay social security contributions for up to three years, saving around Rs 4,000 crore annually. What gets cheaper for Indians? Scotch whisky and luxury cars from the UK will become cheaper. India has agreed to reduce tariffs on Scotch whisky and gin from 150 per cent to 75 per cent, and further to 40 per cent over the next 10 years. Taxes on imported UK-made cars, currently over 100 per cent, will drop to 10 per cent under a quota system that will gradually expand. STORY CONTINUES BELOW THIS AD UK-based firms such as Diageo (Scotch whisky) and British luxury carmakers like Aston Martin and Jaguar Land Rover will greatly benefit from better access to India's growing consumer market. India will also eliminate or reduce tariffs on products such as cosmetics, salmon, chocolates, medical devices, and biscuits. With inputs from agencies

Tata Motors, Tata AutoComp hit a patchy road in FY25 as challenges mount
Tata Motors, Tata AutoComp hit a patchy road in FY25 as challenges mount

Mint

time18 minutes ago

  • Mint

Tata Motors, Tata AutoComp hit a patchy road in FY25 as challenges mount

For Tata Group chairperson N. Chandrasekaran, Tata Motors Ltd has been one of the conglomerate's standout performers in recent years—rising to third spot in a market dominated by Maruti Suzuki India Ltd and Hyundai Motor India Ltd. In Chandrasekaran's letter to shareholders as part of Tata Group's holding company Tata Sons' latest annual report, the auto business found a special mention. 'Let me pause and mention one example that exemplifies the best of what we can do: Tata Motors,' Chandrasekaran said in his letter. 'With barely 5% share in passenger vehicles in 2017, it seemed an implausible idea that Tata Motors could launch India's first electric vehicle in under one year from design to production, that its market position could rise from 6th to top-3 in the Indian market, that it could transform from a debt of INR 62,000 Cr to net cash positive status,' he wrote. However, some wrinkles are appearing in the Tata Group's auto business, which may worry Chandrasekaran, who heads the board of the Mumbai-based Tata Motors. After nearly four years of rapid growth post the covid-19 pandemic, growth momentum for Tata Group's two flagship auto businesses—the publicly listed Tata Motors and the privately held Tata AutoComp Systems Ltd—is faltering. Tata Motors is in the business of making and selling automobiles in the domestic and international markets, while Tata AutoComp manufactures auto components. The two businesses saw their profit drop in financial year 2025 amid rising competition and declining growth in both domestic and international auto markets. While Tata Motors saw its consolidated FY25 net profit fall by 12% to ₹ 28,149 crore for the first time in four years, Tata AutoComp's net profit nearly halved to ₹ 735 crore, Tata Sons' latest annual report revealed. Tata Motors consolidated revenue war largely flat year-on-year in FY25 at ₹ 4.39 trillion. However, for the first time since the financial year 2020, Tata AutoComp's revenue declined to ₹ 13,095 crore in FY25 from ₹ 13,722 crore in the year before. With both automobile and auto parts businesses facing headwinds owing to US tariff threats and slowing growth, analyst projections for this year are not rosy for the conglomerate's auto business. Analysts highlighted the slowdown in the performance of Jaguar Land Rover which will impact Tata Motors as nearly three-fourth of its consolidated revenue and profit come from the UK-based company. 'We are building in a subdued 3% revenue CAGR over FY25–27E owing to volume decrease at JLR (3% CAGR) and muted growth in the India CV (2% CAGR) division,' analysts at Nuvama Institutional Equities wrote in a 16 June Note on the performance of Tata Motors. 'In JLR, discontinuance of 'Jaguar' ICE models, loss of market share in the China region and imposition of tariffs in the US shall lead to volume contraction ahead. Furthermore, we reckon a muted performance in the India CV division owing to reasonable utilisation levels at transporters, increasing competition from Railways and a high base.' In the financial year 2025, Tata Motors saw total passenger and commercial vehicle sales fall by 4% to 912,155 units. JLR is facing a tough operational environment as the company has to pay higher tariffs in its biggest market, North America, while its third biggest market, China, has increased the net of luxury tax on cars. During April-June, the first quarter of this FY, the maker of Range Rover SUVs sold 87,286 units, 11% fewer than a year ago, due to a pause in shipments to the US in April to assess the tariff impact. With Tata Motors' overall financials dependent on the performance of the UK-based company, the going may get tougher. Muted performance of the automobile business could weigh on Tata AutoComp which gets nearly one third of its revenue from Tata Group entities. The manufacturer of auto components, which was founded in 1995, has nearly 61 plants across India, North America, Latin America, Europe and China. The company is currently headed by Manoj Kolhatkar, who joined in December after a 13-year stint at Gabriel India. Components players are already facing several headwinds during the current financial year. Analysts note that the growth environment for the country's auto component players is becoming increasingly challenging. 'We identify three key risks for Ancs- USMCA/tariffs (ancillaries - US Mexico Canada Agreememt), EU weakness and Chinese competition, and EVs – given the industry's export reliance on US/EU and good salience of engine components,' analysts at Ambit Institutional Equities wrote in a 25 April note. Being privately held, the component business is spared the scrutiny of public investors. However, shares of Tata Motors have lagged the overall market so far in 2025. The share price of Tata Motors has declined by 6%, while Nifty Auto has risen by 4% so far this calendar year. However, for Chandrasekaran, the story of turnaround in the automobile business, which led to the strong growth, is still notable. During the company's annual general meeting held in June, the chairperson had a message for the shareholders of its flagship auto business. 'I had the opportunity to constantly share updates with Ratan Tata about the business in the last few years. While we all miss him, I want you to know that he would have been very proud of the turnaround of the business as Tata Motors was very close to his heart,' Chandrasekaran told shareholders.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store