Indian medtech startup picks up $24m in series E money

NephroPlus, an India-based chain of dialysis centers, has closed a US$24 million series E round to pursue growth opportunities across India and certain international markets.

NephroPlus founder and CEO Vikram Vuppala / Photo credit: NephroPlus

IIFL Asset Management led the round, while existing investors InvestCorp and Bessemer Venture Partners also returned to the table.

NephroPlus, which has nearly 80 centers in India, entered the Philippines market with the acquisition of Royal Care Dialysis last year. It also bagged a US$100 million dialysis contract in Uzbekistan, set to build the world’s largest dialysis center in Tashkent.

The startup was founded in 2009 by Vikram Vuppala, a former strategy consultant at McKinsey & Company.

The company treats around 18,000 patients per month and has performed 6 million treatments to date.

See also: Why some medtech products fail to take off, despite rising healthcare spending

NephroPlus has partnered with over 200 hospitals to run its operating dialysis centers in India.

Update (Dec. 14, 4 p.m. SGT): This article was updated to include that NeproPlus raised US$24 million in a series E round.