India Value Fund-backed Manipal invests in Ankur Healthcare
India Value Fund-backed Manipal Health Enterprises has committed INR400 million ($7.27 million) to Ankur Healthcare, which specializes in infertility treatment.
The investee will be renamed as Manipal Ankur Andrology and Reproductive Services (MAARS) and will be led by Ankur Founder Vasan S.S., LiveMint reported. MAARS aims to open eight centers within two years, taking its total network to 12.
Manipal CEO Rajen Padukone said the company will look to increase sales to INR1 billion over the next three years. He added that male fertility services market is worth around INR17 billion.
Last year, India Value Fund said it would commit about INR10 billion ($179 million) to Manipal Hospitals over a three-year period, enabling the healthcare provider to more than double its hospital bed capacity. Part of this increase will come through acquisitions.
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