Current portfolio

Indira IVF

Largest chain of fertility clinics in India and top five globally

Indira IVF is the market leader within Assisted Reproductive Technology (ART) services in India and has successfully helped over 125,000 couples in their journey towards parenthood.

  • Sector
  • Country
  • Responsible Advisor
    Ashish Agrawal
  • Fund
    BPEA Private Equity Fund VIII
  • Entry
  • Web
Indira IVF

About Indira IVF
Indira IVF started as a single fertility clinic in Udaipur in 1988 has since then scaled to become the largest provider of ART services in India with 115+ centers across 20+ states in India. The company is on a mission to bring world-class fertility services at affordable prices to families in India striving for the best clinical outcomes. Indira IVF has a capital efficient, brand-led business model that is scalable and repeatable supported by strong technology systems.

Market trends and drivers
India is one of the fastest growing IVF markets globally and significantly underpenetrated compared to more developed markets. IVF penetration in India is 210 cycles / million population compared to 1,200 for the US and >2,000 for Europe. The growth in the IVF market in India is supported by the rising awareness about infertility treatments, growing middle class, declining fertility rates, and increasing marriage age.

Investment potential
Indira IVF will benefit from EQT’s strong global advisor and expert network in healthcare and in-house digital team. EQT will continue to invest in its R&D capabilities and technology, while further broadening its footprint across India and exploring expansion into neighboring markets, supporting M&A opportunities to further consolidate its market position within the India ART services sector.

Board of directors

  • Chairperson
    Dr. Ajay Murdia
  • Board member
    Dr. Kshitiz Murdia
  • Board member
    Nitiz Murdia
  • Board member
    Ashish Agrawal
  • Board member
    Jimmy Mahtani
  • Board member
    Rohit Bhasin


  • CEO
    Dr. Kshitiz Murdia
  • CFO
    Sayan Bandyopadhyay
  • Director
    Nitiz Murdia
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