Nova IVF Fertility has acquired a majority stake in CRAFT Hospitals and Research Centre, a fertility care provider based in Kerala, in a transaction valuing the company at roughly $40 million (around ₹368 crore).
The acquisition is expected to strengthen Nova IVF’s presence in southern India and mark its expansion into Kerala’s specialised healthcare services market.
The transaction marks Nova IVF’s entry into Kerala, a state considered an important market for specialised medical services. Prior to this deal, the fertility services chain had only one centre in the state, located in Palakkad.
By acquiring a majority stake in CRAFT Hospitals, Nova IVF aims to broaden its reach in the region while integrating its services with an established fertility care provider that already has a patient base and operational presence in the state.
The deal values CRAFT Hospitals at approximately $40 million, equivalent to about ₹368 crore. The investment banking firm Advay Capital acted as an advisor to CRAFT Hospitals and its promoter, C Mohamed Ashraf, on the strategic sale of the IVF business.
At the time of reporting, Nova IVF, CRAFT Hospitals and Advay Capital had not issued detailed public comments regarding the transaction.
Nova IVF operates a network of fertility clinics offering assisted reproductive technology services across multiple cities in India. The acquisition is expected to support the company’s expansion strategy in southern India by adding an established fertility centre to its network.
The move also builds on the clinical foundation developed by CRAFT Hospitals over the years and is expected to help expand access to fertility treatment services in the region.
The acquisition comes at a time when private equity investors have been showing increased interest in Kerala’s healthcare sector. Over the past two years, investors have directed more than $700 million into hospitals, clinics and medical device companies in the state.
Industry observers suggest these investments may serve as anchor assets for healthcare groups seeking to expand their operations across South India.
Nova IVF Fertility is owned by Asia Healthcare Holdings and is led by healthcare executive Vishal Bali. The company is supported by global private equity firm TPG Capital, which has invested in healthcare platforms across multiple markets.
The company provides fertility treatments and assisted reproductive technology services through a network of specialised clinics.
Nova IVF’s acquisition of a majority stake in CRAFT Hospitals represents a step towards expanding its footprint in southern India’s fertility care sector. The transaction provides the company with an operational base in Kerala while adding an established fertility centre to its network, reflecting the broader trend of healthcare consolidation and investment in the region.
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Published on: Mar 11, 2026, 11:03 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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