NephroPlus raises Rs `323 crore from Bahrain’s Intercorp

Hyderabad: City-based dialysis services provider startup NephroPlus has raised R 323 crore from Bahrain based private equity player Investcorp in a Series-D funding round.

The healthcare startup will be using the funds to chart its international foray, that includes setting up a presence in South East Asia and Middle East through acquisitions or partnerships, its founder & CEO, Vikram Vuppala told TOI.

“We are looking at entering 4-5 markets including Indonesia, Philippines, Vietnam, Saudi Arabia and Bahrain. We will be using the funding for acquisitions in these five overseas markets as we want to build a critical mass in a shorter time. Setting up greenfield centres takes a long time,” Vuppala said.

He pointed out that the company has already signed two contracts in Vietnam and hopes to enter that market over the next three to six months. “We want to set up 75-100 centres in these five international markets over the next 2-3 years. It all depends on how fast the acquisitions happen. We are also looking at setting up joint ventures,” he said.

In the Indian market he said the company is looking at organic growth as the current cash flow is sufficient. “In India we plan to add 35-40 centres every year for the next few years. The demand is pretty intense and the market is pretty fragmented,” he said, adding that the company currently runs the dialysis programme for 180 hospitals across the country.

NephroPlus, which clocked a turnover of Rs 200 crore in 2018-19, is eyeing revenues of Rs 270-280 crore this fiscal, he said, adding that with the latest round of funding the promoters now hold a significant minority stake in the company and the investors put together hold a majority stake.