Dialysis service provider NephroPlus today said it has raised Rs 100 crore in a fresh round of funding led by SeaLink Capital Partners (SCP) and International Finance Corporation (IFC) for network expansion across the country.
The company is looking to add 400 new centres across the country in next five years taking the total numbers of centres to 500.
“We have closed Rs 100-crore series C funding two days back. This will be used to set up new centres across the country, mainly in tier II, III and tier IV cities,” NephroPlus Founder & CEO Vikram Vuppala told PTI.
The company has 75 centres that are operational while 25 are under development, he said, adding, “we plan to open 400 new centres by end of 2021”.
The expansion would be funded by a mix of equity, vendor financing, debt and internal accruals, he said.
“Securing the backing of leading investor like SCP is a strong milestone for us and a strong validation of the impact that we are creating in the dialysis space in India,” Vuppala said.
The company is also pleased to have continued support from existing investors, he added.
“Our focus will be mainly on non-metros, state capitals and large towns for expansion. The aim is to add 100 more cities in next 5 years from 50 cities that we are in at present,” Vuppala said.
Over the next five years, NephroPlus is aiming to provide over 4 million treatments per year and create around 5,000 skilled health service jobs.
“SCP’s approach is to go beyond financial investment and to actively partner with high quality companies,” SCP Managing Partner Heramb Hajarnavis said. He is also joining the board of NephroPlus.
IFC Venture Capital team head for South Asia Pravan Malhotra said: “IFC had invested in NephroPlus in 2014 to expand the availability of high quality kidney care services in India.”
IFC’s repeat investment will further expand the provision of quality dialysis care in a market that is still under-served, he added.
NephroPlus had earlier received USD 10 million in a series B round of funding from IFC and existing investor Bessemer Venture Partners in June 2014 and USD 4.25 million in a series A round led by Bessemer Venture Partners in 2011.