The startup says it will use the money to set up IVF clinics across the country.
IVF Access, a startup that offers in vitro fertilisation in India, has raised $5 million in Series A funding round from Vertex Ventures Southeast Asia and India, the company said on June 3. Vertex Ventures managing partner, Ben Mathias, will join IVF Access' board.
The money would be used to set up IVF clinics across the country to provide assisted reproductive treatments, with operations enabled by a proprietary information technology platform, the company said in a press note.
IVF Access was founded by Naresh Rao, Nikhil Rajmohan, Harinath Chakravarthy and Pravin Sethuraman, the former management team at Nova IVI Fertility, in 2019.
“When it comes to IVF, access is everything. IVF Access will increase the reach of such fertility treatments through a chain of clinics in India, where couples trying to conceive will have access to both technology and medical expertise,” said Rao, who is also the company CEO.
The company said that the Indian IVF market opportunity was significant and driven by changes in demographics and lifestyle. According to a report by advisory firm EY, an estimated 10-15 percent of married couples in India, or 27.5 million couples, who are actively seeking children suffer from infertility.
An increase in marital age, postponement of childbearing, demographic skew and lifestyle risk factors were among the key factors driving the trend, it added.“Demand for assisted reproductive treatments far exceeds the supply across the country. IVF Access’ management team is the best in the industry – we are confident they will empower doctors with the training and infrastructure they need in order to meet this growing need,” Mathias said.