[Funding alert] Dialysis service provider NephroPlus raises $24M in Series E from IIFL AMC and existing investors

Hyderabad-based dialysis service provider, Nephroplus, on Monday has raised $24 million in Series E round to pursue growth opportunities across India and select International markets.

The current round led by IIFL Asset Management (IIFL AMC), along with investment from existing investors InvestCorp and Bessemer Venture Partners (BVP) comes on the heels of notable scale-up that the company has delivered in recent years towards maintaining its dominant market leadership in the dialysis space.  

Sharing his views on the transaction, Vikram Vuppala, Founder and CEO, NephroPlus said,

“We welcome IIFL Asset Management as our newest shareholder and it is great to see our two existing investors (InvestCorp and BVP) participating in this Series E round as well. While NephroPlus had faced few challenges during the COVID waves, our scale, diversified presence, customer connect, along with strong backward integration on costs has helped us emerge stronger overall.

We look forward to not only driving organic and inorganic growth in India and overseas with this capital, but also invest in building a unique digital health solution targeted at dialysis patients.”

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“NephroPlus was founded with the sole purpose of impacting lives of dialysis patients positively and we have come a long way in making high-quality care accessible to tens of thousands of patients in India and now overseas as well. The pedigree and long-term global investor base we continue to attract is a testament of the trust NephroPlus has earned not just from the patients, but also of the potential impact we can make in dialysis at a global level, added  Kamal Shah, NephroPlus Co-founder and Director of Guest Services.

The startup had raised a previous round of funding in 2019 from InvestCorp, one of the leading global private equity investors. In the last two years, it further cemented its market leadership position by adding 80+ centres in India, entered the Philippines market with acquisition of Royal Care Dialysis and bagged a significant $100 million dialysis contract in Uzbekistan, which includes building world’s largest dialysis centre in Tashkent.

So far, NephroPlus has signed up 200+ reputed hospitals as partners for operating dialysis centres including Fortis Hospitals, CARE Hospitals, Medanta and Max Healthcare. It has also set up PPP centres in partnership with state governments and operates the country’s largest dialysis centre at Tirupati.