BPEA EQT Private Equity Fund VIII has agreed to acquire a controlling stake in Indira IVF, a pioneer in assisted reproductive technology (ART) services in India. The transaction sees current stakeholders, TA Associates and the Company’s founders—Dr. Ajay Murdia, Dr. Kshitiz Murdia, and Dr. Nitiz Murdia—retaining a substantial minority stake and continuing their leadership roles in the company.

Founded by Dr. Ajay Murdia in 1988, Indira IVF has grown from a single clinic into a nationwide network of 116 centers across 20 states in India. Today, Indira IVF is the market leader within India’s assisted reproductive technology services sector and is amongst the top five players globally, performing approximately 40,000 IVF cycles annually.

India is one of the fastest-growing global markets for assisted reproductive technology services and is significantly underpenetrated compared to more developed markets. The rising infertility rates in India, driven by lifestyle changes such as poor diets, stress levels, and pollution, support a growing demand for assisted reproductive technology services.

Ashish Agrawal, Partner at BPEA EQT, sees immense potential in the acquisition. He stated, “Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We see strong potential in further expanding India IVF’s presence across India and entering adjacent markets.”

Echoing Agrawal’s enthusiasm, Dr. Kshitiz Murdia, CEO of Indira IVF, said, “Partnership with BPEA EQT is the beginning of a new phase of sustainable growth for Indira IVF.”

Jimmy Mahtani, Partner and Co-Head of BPEA EQT India, also stressed the alignment of this investment with EQT’s commitment to investing in companies addressing critical societal needs.

BPEA EQT’s investment in Indira IVF marks another significant stride in the fund’s portfolio, with an expected investment level of 35-40 percent for BPEA Private Equity Fund VIII.

  Ajay Murdia, Ashish Agrawal, BPEA EQT, EQT, India, Indira IVF, Jimmy Mahtani, Kshitiz Murdia, Nitiz Murdia, TA Associates