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One of India’s largest fertility treatments chains, Indira IVF which is backed by US-headquartered private equity fund TA Associates has drawn ambitious plans to expand overseas and plans to replicate the domestic growth story having successfully co-birthed 85,000 babies in the past 10 years in India. In an interview, Dr Kshitiz Murdia, CEO & Co-founder, Indira IVF outlined the company's growth plans and the key milestones achieved so far. Edited excerpts.

What has the growth journey for Indira IVF been in the last 5 years in the context of the overall market size?

In India, around 2-2.5 lakh IVF cycles are performed every year in the current times. The fertility segment in the country has grown 20% in the last five years, according to Call to Action, a report by Ernst & Young. The market looks quite promising and it does have in store the potential to do about 5-6 lakh IVF cycles. About 10-15% of the country’s population are facing fertility issues and the current fertility rate for India in 2021 is 2.179 births per woman, which is a 0.95% decline from 2020. However, it’s all about making ART and IVF facilities come in more proximity to people and generating more awareness on infertility. Indira IVF’s revenue during FY18 to FY21 is 470 Crore, 674 Crore, 750 Crore and 658 Crore, respectively. In revenue over the last five years, Indira IVF has seen a CAGR 63% approximately in the non-COVID-19 period.

Do you have any plans to expand internationally?

As mentioned, we do plan to expand our services internationally. Indira IVF looks forward to entering the international market by the end of this year or the beginning of next year starting from India’s neighbouring countries Bangladesh and Nepal. Eventually, we shall also venture into South-Asian countries like Indonesia, Malaysia and Philippines. Presently, we have candidates in these countries through Indira Fertility Academy that we have set up to generate skilled manpower. Young gynaecologists and embryologists are trained and certified and then allowed to practice at our centres. Our institute is certified by the MERCK Foundation, Egypt and therefore we keep hosting and training international delegates in the field of embryology while collaborating with like-minded organizations, doctors, embryologists and practitioners who can work in this field.

Which technologies are unique to Indira IVF’s host of services?

At Indira IVF we are constantly looking forward for inclusion of world-class technology which would contribute in lessening the risk factors and increase the chances of success. Another significant goal in regards to technology is to decrease the overall treatment cycles required to achieve a live birth. This helps to make IVF treatment more affordable for the general mass, and also contributes in emotional support to some extent. We were the first organisation in India to import and implement Closed Working Chambers technology from Australia – it helps provide eggs and sperms environmental conditions similar to the human body when we are working with them in the laboratory. Additionally, we have also implemented an electronic witnessing system that ensures that unrelated gametes do not get mixed up and are the largest user of the technology in India at present.

How Indira IVF is distributed pan India? How many clinics does Indira IVF have and when does a particular centre breakeven for you?

Indira IVF’s chain of clinics are spread across the lengths and breadths of India. With our recent inauguration of a new clinic at Bhatinda, we are now a collection of 100 centres spread across 21 states of the country. Our 100 clinics can be broken down as present 43% in the country’s North, 29% in West, 15% in East, and 13% in South. Over 50% of all our centres are present in Tier II and Tier III locations. As we complete over one decade of helping couples in fulfilling their dream of growing their family, we continue to be the largest Infertility treatment chain in India in terms of our reach and number of patients treated. Our centres breakeven at each location within a year, however we as an organisation consider the successful outcome of a cycle a sign of a successful centre, which is achieved even faster.


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