Bengaluru: Nova IVF Fertility, a Bengaluru-headquartered fertility services chain, has acquired a majority stake in CRAFT Hospitals, one of Kerala’s leading fertility centres, in a deal valuing the company at about $40 million (around ₹368 crore), according to sources briefed on the deal.
The acquisition helps Nova address a key gap in its presence in the state, where it currently operates only one centre in Palakkad, even as Kerala remains an important market for specialised healthcare services.
Investment banking firm Advay Capital advised CRAFT and its promoter C Mohamed Ashraf on the strategic sale of the IVF business.
The transaction marks Nova’s formal entry into Kerala and builds on the clinical legacy established by CRAFT, while strengthening Nova’s footprint across South India.
Nova IVF, CRAFT Hospitals and Advay Capital did not respond to emails seeking comment.
The Bengaluru-based fertility chain offers advanced assisted reproductive technology (ART) services. It is owned by Asia Healthcare Holdings and led by healthcare industry veteran Vishal Bali, with backing from global private equity firm TPG Capital.
According to a recent ET report private equity investors have taken a liking for Kerala’s healthcare sector, pumping in more than $700 million in just over two years to acquire hospitals, clinics and medical devices makers that experts say will act as anchor assets for their broader South India expansion.
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