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Oasis Centre for Reproductive Medicine, a Hyderabad-based in-vitro fertilisation (IVF) chain of clinics, said on Monday that it has 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 centres in Hyderabad and one in 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 per cent in the next five years to reach little over Rs 5,000 crore by 2021, with infertility being a huge unmet need, according to Anula K Jayasuria, managing director, InvAscent, the investment advisor to EILSF (Evolvence India Life Sciences fund) and India Life Sciences Fund II. Jayasuria has joined the board of Oasis.
"Oasis, which has a strong focus on research, will also create extensive training programmes, in both clinical and embryology services. We have developed world-class systems, processes and protocols and ourr multi-disciplinary teams work diligently to implement them. This is reflected in our excellent results," said Oasis cofounder Durga G Rao.
Bengaluru-based NeevCorporate Advisors has been the financial advisors for this transaction.