Acquisition marks Nova IVF’s entry into Kerala’s reproductive healthcare market and strengthens its fertility services network in South India.
Nova IVF Fertility has acquired a majority stake in Kerala-based CRAFT Hospitals in a transaction that values the fertility centre at around $40 million (approximately ₹368 crore). The deal marks the Bengaluru-headquartered fertility chain’s formal entry into Kerala, a state considered an important market for specialised healthcare services, including fertility treatment.
The acquisition helps Nova IVF address a geographic gap in Kerala, where it currently operates only one centre in Palakkad, despite the region being regarded as a significant hub for reproductive healthcare services.
CRAFT Hospitals is widely recognised as one of Kerala’s leading fertility centres and has built a strong clinical reputation in assisted reproductive care under the leadership of promoter C Mohamed Ashraf. Investment banking firm Advay Capital advised CRAFT and Ashraf on the strategic sale of the IVF business, reflecting growing transaction interest around established single-specialty healthcare providers in the region.
The deal is expected to strengthen Nova IVF’s footprint across South India by combining its established network model with CRAFT’s local brand reputation and patient base. Nova IVF provides advanced assisted reproductive technology (ART) services across multiple cities, and Kerala is seen as a market that attracts both domestic patients and individuals from neighbouring states and the Gulf region seeking specialised fertility treatment in India.
Nova IVF is owned by Asia Healthcare Holdings and led by healthcare industry veteran Vishal Bali, with global private equity firm TPG Capital serving as a key investor. The acquisition aligns with a broader consolidation trend in India’s fertility services sector, where larger chains backed by institutional capital are increasingly acquiring established regional players rather than building new centres in every market.
Nova IVF, CRAFT Hospitals and Advay Capital did not respond to emails seeking comment on the transaction.
For patients in Kerala, Nova’s majority stake in CRAFT may eventually lead to expanded access to ART services, more standardised treatment protocols and the potential introduction of new technologies, although integration and branding changes typically take place over time. The transaction also reflects how respected regional healthcare institutions such as CRAFT are increasingly becoming part of larger networks as India’s healthcare sector moves towards scale-driven, network-based models capable of attracting capital, talent and advanced technology.