NephroPlus, India’s largest dialysis service provider network, today announced that it has raised Rs. 100 Crores in Series C funding led by SeaLink Capital Partners (SCP) and International Finance Corporation (IFC, a member of the World Bank Group). Heramb Hajarnavis, Managing Partner, SeaLink Capital Partners (SCP) is joining the Board of Directors of NephroPlus.
The new infusion of funds will be used to meet the growing need for kidney disease management services in the country and for the expansion of NephroPlus’ network. Over the next 5 years, NephroPlus aims to provide over 4 million treatments per year and create around 5,000 skilled health services jobs. The aggressive expansion plan will also witness NephroPlus network growing to 500 centres across India in the next 5 years.
India accounts for 12-15 lakh ESRD (End Stage Renal Disease) patients with 1-1.5 lakh new cases getting added every year. The increased incidence of diabetes and hypertension will further add to the prevalence of ESRD.
However, only 10% of them have access to treatment facilities a strong case for pure play dialysis providers. In fact, the gaping shortfall in treatment accessibility has led to dialysis becoming a national priority. Earlier this year, the government launched a National Dialysis Services Program to provide dialysis in district hospitals across the country through public-private partnerships. NephroPlus is committed in this critical national initiative by partnering with central and various state governments to make quality dialysis, accessible to all. The company recently signed a contract with Andhra Pradesh Government to run 13 such centers in the state.
Mr. Vikram Vuppala, Founder & CEO, NephroPlus said, “Securing the backing of a leading investor like SeaLink Capital Partners (SCP) is an important milestone for NephroPlus and a strong validation of the impact that NephroPlus has been creating in the dialysis space in India. We are confident that SCP’s unique network as well as their approach towards growing and building value collaboratively with entrepreneurs will help us further in our growth. We are also pleased to have the continued support from existing investors, who have been of tremendous help to us since their initial investment.”
Heramb Hajarnavis, Managing Partner, SeaLink Capital Partners (SCP), added, “We are excited to partner with NephroPlus. We have been very impressed with how the team has scaled up their network of dialysis centers over the last few years while retaining a sharp focus on the quality of care. SCP’s approach is to go beyond financial investment and to actively partner with high quality companies. We look forward to working with Vikram and other members of the management team as they further expand their presence across India and address a crucial healthcare need for millions of people.”
“IFC had invested in NephroPlus in 2014 to expand the availability of high quality kidney care services in India. Our repeat investment will further expand the provision of high quality dialysis care in a market that is still underserved. Specialized operators such as NephroPlus help improve access to timely and quality treatment while creating jobs,” said Pravan Malhotra from IFC’s Venture Capital team and a member of the NephroPlus Board of Directors.
“We continue to be excited about the dialysis opportunity and NephroPlus’ leadership position. We are confident with this financing we can accelerate the growth of business.” said, Mr. Vishal Gupta, Managing Director, Bessemer Venture Partners.
NephroPlus had earlier received funding of $10 million (Rs.60 crore) in a Series B round from IFC and existing investor Bessemer Venture Partners in June 2014 and $4.25 million (Rs.23 crore) in a Series A round led by Bessemer Venture Partners in 2011.
