Oasis Centre for Reproductive The Info Blog Medicine, Hyderabad-based in-vitro fertilization (IVF) chain of clinics, said that it had raised $6.2 million (Rs 40 crore) from India Life Sciences Fund II. Founded in 2009 by infertility specialist Durga G Rao and entrepreneur Kiran Gadela, Oasis currently operates three IVF centers in Hyderabad and Vijayawada. The promoters plan to use the funding to open 20 more clinics in Bengaluru, Chennai, and other cities during the next five years.
Healthcare-focused India Life Sciences Fund had made significant investments in other Indian pharma and healthcare players, including Hyderabad-based Gland Pharma, in the past. For Oasis, this is the first investment from outside.
“Since inception, Oasis’ key focus has been to establish a center of excellence with transparent, ethical, and evidence-based practice to treat infertility. India Life Sciences Fund backing us is further testimony to the quality of service we provide at Oasis. The investment would be used for starting 20 more centers in the next five years, with the primary focus on expansion in South India,” Kiran Gadela, co-founder and managing director at Oasis.
The IVF market is predicted to grow at a CAGR of 10.1 percent in the next five years to reach a little over Rs 5,000 crore by 2021, with infertility being a huge unmet need, according to Anula K Jayasuriya, managing director, InvAscent, the investment advisor to EILSF (Evolvence India Life Sciences fund) and India Life Sciences Fund II. Jayasuriya has joined the board of Oasis.
READ ALSO :
- India is Facebook’s top priority, driving engagement to catch up with Google.
- India still has impediments to FDI in some retail, finance areas, rues USTR
- Is environment education in India at odds with its development agenda?
- PNB Housing Finance and Varun Beverages join Indian IPO boom
- Accenture to pay $500,000 to software engineer from India over discrimination in wages
“Oasis, which has a strong focus on research, will also create extensive training programs in both clinical and embryology services. We have developed world-class systems, processes, and protocols, and our multi-disciplinary teams work diligently to implement them. This is reflected in our excellent results,” said Oasis cofounder Durga G Rao.