Dialysis service provider NephroPlus today announced that it has raised $15 mn in Series C funding led by SeaLink Capital Partners (SCP) and International Finance Corporation.
Hyderabad - August 24, 2016. RedNewswire/-
Heramb Hajarnavis, Managing Partner, SeaLink Capital Partners (SCP) is joining the board of directors of NephroPlus.
The company will use the funds to expand its network, it said in a statement. The dialysis chain said it has 75 centres across 15 states in India and plans to expand its network to 500 centres over the next five years.
India accounts 12-15 lakh ESRD (End Stage Renal Disease) patients with 1-1.5 lakh new cases getting included each year. The expanded frequency of diabetes and hypertension will advance add to the commonness of ESRD. In any case, just 10 for each penny of them have entry to treatment offices a solid case for pure play dialysis providers.
NephroPlus was founded by Vikram Vuppala, Sandeep Gudibanda and Kamal Shah in 2009.
The company's net sales more than doubled to Rs 30.9 crore in 2014-15 from Rs 13.8 crore the previous year. Its net loss widened to Rs 6.8 crore but at a slower pace compared with the previous year. The firm is yet to file its financials for 2015-16.
Earlier this year, the Government launched a National Dialysis Services Program to provide dialysis in district hospitals across the country through public-private partnerships. NephroPlus recently signed a contract with Andhra Pradesh Government to run 13 such centres in the State, according to Vikram Vuppala, Founder & CEO of NephroPlus.
The central government, in the Union budget recently, declared a National Dialysis Services Program to guarantee dialysis centres in each region. NephroPlus said it has as of late marked an agreement with the Andhra Pradesh government to run 13 dialysis focuses in the state as a feature of this project.
NephroPlus had earlier received funding of $10 million (Rs 60 crore) in a Series B round from IFC and existing investor Bessemer Venture Partners in June 2014 and $4.25 million (Rs 23 crore) in a Series A round led by Bessemer Venture Partners in 2011.