Indira IVF→BPEA EQT
Acquisition · Cash · announced Jul 28, 2023
Announced
Jul 28, 2023
Closed
Dec 31, 2023
Economics
Cash()
Pre-deal · pre-deal mark: 2023, year precision · rounding grid ±$100M · BPEA EQT press release — Indira IVF acquisition, 2023
Rs 5,400 crore (~$657M) for 60% majority stake; enterprise valued at ~$1.1B (Times of India)
Target
Indira IVF
Fertility · Fertility science
HQ Udaipur, India · Founded 1988
Last known · Enterprise valued at ~$1.1B (Times of India, July 29, 2023); BPEA EQT paid ~$657M for a 60% stake
India's largest chain of fertility clinics; 115+ centers; 125,000+ successful pregnancies; top 5 globally by annual IVF cycles
- EQT Group press release (July 28, 2023)
- Times of India (July 29, 2023)
- Economic Times (July 29, 2023)
Acquirer
BPEA EQT (EQT)
Healthcare
HQ Stockholm, Sweden
Global private equity firm active in healthcare and fertility services across Asia
Why this buyer
Curated copy from the verified dataset — not an 8-K LLM summary
Acquired India's largest fertility chain (115+ clinics, top-5 globally by IVF cycles) to capitalize on India's fast-growing ART market
Evidence ladder
Secondary (press / IR)
EQT Group press release (July 28, 2023)
Tertiary (trade / analyst)
Times of India (July 29, 2023)
Limitations
- Citations are press/IR only — two wires of the same announcement are not dual-source. Add a primary filing.
- Rs 5,400 crore (~$657M) for 60% majority stake; enterprise valued at ~$1.1B (Times of India)
- Pre-deal valuation sourced from: BPEA EQT press release — Indira IVF acquisition, 2023. Pre-deal market-cap and funding citations do not corroborate the acquisition.
Valuation peers · Fertility
Same sector, same deal type, announced within ±3 years, disclosed value within 0.25×–4× of this transaction. Ranked by evidence class, then same acquirer.
| Target | Acquirer | Announced | Value | Why included |
|---|---|---|---|---|
| Eugin Group (North American operations) | KKR (via IVI-RMA) | Nov 1, 2023 | same evidence class | |
| Hamilton Thorne | Astorg | Jul 22, 2024 | same evidence class | |
| Modern Fertility | Ro | May 19, 2021 | value band |
Same-sector adjacency — not valuation peers
These deals share the sector tag and window but sit outside the 0.25×–4× value band. The dataset keeps them for clinical adjacency, not as price comps.
| Target | Acquirer | Announced | Value | Vs this deal |
|---|---|---|---|---|
| IVI-RMA Global | KKR | Mar 1, 2022 |
Patient empowerment context
Patient empowerment baseline (HLTH 2022)
No curated mapping — Indira IVF (Fertility). HLTH/Outcomes4Me 2022 baseline is Breast cancer care continuum (HLTH 2022). No curated mapping for this target in the verified crosswalk.
Research workspace (includes heuristic crosswalk) →Related verified workspaces
Lacuna is a curated public-source sample, not a census of women's-health M&A. Coverage varies by sector, geography, disclosure availability, and women's-health scope. Undisclosed transaction values are excluded from disclosed-value totals.
Curated verified dataset v9 · updated 2026-09-20 · 2 citations on this deal · Data compiled from public sources for educational visualization. Verify independently before any commercial use.