Quadria Capital invests $102M in dialysis chain NephroPlus

Hyderabad-headquartered dialysis chain Nephroplus has raised Rs 850 crore ($102 million approximately) from healthcare-focused private equity firm Quadria Capital, which has acquired a significant minority stake in the company. The transaction included both primary and secondary components, with the private equity firm purchasing shares from existing stakeholders.

NephroPlus will use the capital towards growth opportunities and to expand its market leadership, including additional acquisitions in the future, the company said in a statement.

Founded in 2010 by Vikram Vuppala along with Kamal D Shah and Pullaiah Vuppala, NephroPlus has raised $208 million to date across multiple rounds, according to markets data research platform Tracxn. The company had last raised $24 million in a Series E round of funding led by IIFL AMC in December 2021.

“Our business has evolved tremendously over the past few years and today we are proud to be one of the fastest growing and most trusted providers of high-quality dialysis to around 30,000 patients,” said Vikram Vuppala, Founder and CEO of NephroPlus, in the statement.

He further added, “We look forward to expanding in India, our core market, while exploring further opportunities to bring our expertise and clinical excellence to more patients in other global markets.”

NephroPlus currently claims to operate 450 dialysis centres across 250 towns and cities across India, Philippines, and Uzbekistan. The company announced a joint venture with Saudi Arabia-based Tibbiyah to strengthen its position for the entity’s dialysis service in September 2023. NephroPlus had earlier acquired Bengaluru-based DaVita, a chain of dialysis clinics, and Royal Care Dialysis Centre in the Philippines.

“Quadria’s investment in NephroPlus underscores our ambition to invest in regional champions of Asian healthcare, who are providing high-quality, affordable healthcare to large, under-served populations. NephroPlus has demonstrated its ability to significantly improve health outcomes for its patients, whilst maintaining industry-leading growth and profitability,” said Sunil Thakur, Partner and Head of South Asia at Quadria Capital.

Avendus Capital acted as the advisor to NephroPlus and its shareholders as part of the deal.