India: NephroPlus raises $15m in a Series C round led by Sealink Capital, IFC

Photo: Mint

Healthcare firm NephroPlus, which runs a chain of kidney care clinics, has raised Rs 100 core ($15 million) in a round led by Sealink Capital Partners and existing investor International Finance Corp.

The funds raised in this Series C round will be used  for the healthcare firm’s network expansion.

In 2014, NephroPlus had raised $10 million in a Series B round from IFC and existing investor Bessemer. Bessemer also invested $4.25 million (Rs.23 crore) in a Series A round in 2011.

NephroPlus plans to double its dialysis network to 150 centres in next one year, and grow it to 500 centres in the next four years. At present it has  75 centres across 15 states.

The company recently signed a contract with the Andhra Pradesh government to offer dialysis services across 13 district government hospitals in the public private partnership mode.

“IFC had invested in NephroPlus in 2014, to expand the availability of high quality kidney care in India. Our repeat investment will further expand the provision of high quality dialysis care in a market that is under-served,” said Pravan Malhotra from IFC’s Venture Capital team.

While Malhotra is already on the board of NephroPlus, Heramb Hajarnavis, managing partner, Sealink Capital will also be joining the board of directors.

As per government data, about 220,000 new patients with end-stage renal disease get added in India every year, resulting in additional demand for 34 million dialysis sessions.

In his latest Budget speech Finance Minister had announced setting up dialysis centres in each district hospital in the country, through a new programme called National Dialysis Services Programme. He also proposed exemption from basic customs, excise and special additional duties on certain parts of dialysis equipment to make this treatment more affordable for all sections of society.

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India: NephroCare in talks to raise $15m; IFC, Bessemer may repeat invest too