India is one of the fastest-growing markets in the world for Assisted Reproductive Technology services. Yet, the technology is still far less widespread than in more developed markets. Infertility rates in the country are estimated to be around 15%, but IVF services only reach 25% of the addressable market in India.

Indira IVF started in 1988 as a single clinic and has since scaled to become one of India’s premier specialty fertility clinics.

Here's everything you need to know about the deal between EQT and Indira IVF.

How does this deal fit into the bigger picture at EQT?

Healthcare is a major focus for EQT. In fact, we’re one of the largest healthcare investors in the world. Indira aligns perfectly with our purpose-driven investing approach and commitment to investing in companies that address critical societal needs. Above all, we believe it has the potential to impact people’s lives for the better.

What’s next for EQT and Indira?

We’ll keep investing in Indira's clinical capabilities. As far as its footprint goes, we’ll work to further embed Indira across India while also exploring international expansion plans.

What are the biggest challenges you foresee in the near future for Indira IVF?

IVF procedures and research are strictly controlled by standardized treatment protocols, and India needs to work on widespread legislative measures to govern this sector. In Indira IVF’s case, it has a strong affinity for exploring technology as it strives to make IVF treatments increasingly safe and cost-effective. As with any industry, cutting-edge tech doesn’t come cheap.

And the biggest opportunities?

The lack of market penetration in India – despite the clear need for IVF – presents a huge opportunity for us to grow the business. In India, there are around 210 IVF cycles per million people. That’s compared to 1,200 for the US and more than 2,000 for Europe. But there’s a much bigger market developing, with India’s middle-class growing, fertility rates declining, and marriage rates rising.

What makes Indira IVF special?

We believe that the quality of the services that Indira offers, along with its consistent success rates and the standards set by the doctors, are truly world-class. And that’s while maintaining a low price point. Indira doesn’t depend on star-doctor culture or referrals for patients. Instead, the brand has gained the trust of patients by assuring them with considered treatment. As the brand continues to invest in medical infrastructure and technology, Indira is poised to create a scalable and replicable business model, allowing it to capture a large share of the market’s growth in the coming years.