Bahrain’s alternative asset manager Investcorp has closed an INR 316 Crore ($44.08 million) investment in India’s dialysis chain Nephrocare Health Services Private Limited (NephroPlus).

Earlier investors in Hyderabad-based NephroPlus, Bessemer Venture Partners and IFC (the private-sector arm of the World Bank) will retain their investments, while SeaLink Capital will exit its investment, Investcorp said in a statement.

The primary capital raised in this round will be utilised for organic growth in India and taking NephroPlus to other markets, starting with South East Asia, Investcorp said.

“Now is the time to grow beyond India whilst also cementing our leadership position in India with continued growth momentum,” Vikram Vuppala, Founder and CEO of NephroPlus said.

NephroPlus today has the largest network of dialysis centers in India, leading the industry with over 140,000 dialysis sessions per month in 196 centers across more than 115 cities. However the need for dialysis is still largely unmet in the country.

It is estimated that only 15 percent of over 1.2 million patients in India with kidney failure were able to access dialysis, Investcrop said. The Indian government also estimates that more than 200,000 are added to the patient pool every year.

Other than NephroPlus, the Investcorp Private Equity Fund II has so far invested in six companies in India, namely InCred, ASG, Zolo, Citykart, Intergrow Brands and Bewakoof.com.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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