TA Associates, global growth private equity firm has announced that it has completed a significant minority investment in Indira IVF, a leading India-based infertility treatment provider. Financial terms of the transaction were not disclosed.

Founded in 2014, Indira IVF currently operates 59 centers across 16 states in India and has completed nearly 27,000 IVF cycles in the last 12 months.

Naresh Patwari, a Director at TA Associates Advisory Private Limited said, “We are excited about the opportunity to partner with Indira IVF, a leader in IVF in India that aims to provide affordable, high-quality IVF services, while delivering best-in-class clinical outcomes. IVF is a large and fast-growing opportunity in India that we believe has the ability to make a lasting positive impact on the lives of millions of people. We look forward to working with Dr. Ajay Murdia and the management team at Indira IVF to help them continue their growth efforts in India and in international markets, both organically and inorganically, and to help them offer additional adjacent clinical services.”

Dr. Ajay Murdia, Founder and Chairman of Indira IVF said, “We have built a strong relationship with the TA Associates team. TA has made many investments in healthcare services businesses, both in India and globally, and has a deep understanding of our industry. We believe that our partnership with TA will help Indira IVF enhance its mission of providing world-class IVF services at affordable rates with best-in-class clinical outcomes, while simultaneously maintaining our patient-first approach and sharp focus on clinical excellence. We welcome TA to Indira IVF, and look forward to a successful, long-term partnership.”

Dhiraj Poddar, a Managing Director at TA Associates Advisory Private Limited said, “The infertility treatment space, in particular IVF, represents a large and growing market. We look forward to this partnership with Indira IVF and are thrilled to be supporting this seasoned, talented and passionate team of professionals to help Indira IVF enter into its next phase of growth.”

Naresh Patwari and Dhiraj Poddar will join the Board of Directors of Indira IVF as nominee directors of TA Associates Advisory Private Limited.

Pioneer Legal (previously with DSK Legal) provided legal counsel and KPMG served as financial advisor to TA Associates. Veritas Legal provided legal counsel to Indira IVF. TA Associates Advisory Private Limited provided advisory services on the investment.