Spice Route Legal is pleased to have advised Craft Fertility Centre Private Limited, a leading healthcare institution specialising in advanced fertility treatments, including in-vitro fertilisation (IVF) and other assisted reproductive technologies, on the sale of a majority stake in its IVF business and related assets to Nova IVF, a leading single-specialty healthcare platform focused on women and childcare hospitals backed by GIC and TPG Capital. The transaction values the business at approximately USD 40 million and marks Nova IVF’s formal entry into Kerala’s competitive reproductive healthcare market.

Nova IVF operates a well-established network of hospitals and fertility clinics across India and is owned by Asia Healthcare Holdings, led by healthcare industry veteran Vishal Bali, with global private equity firm TPG Capital as a key backer.

The acquisition is expected to strengthen Nova IVF’s footprint across South India by combining its established network model with Craft’s strong regional brand equity and patient base. 

Commenting on the transaction, Praveen Raju, Partner at Spice Route Legal, said: “Chuffed to see this deal close. We have seen unprecedented deal activity in healthcare and life sciences – and my ability to rely on unparalleled health care and regulatory expertise within the firm makes it easy to structure and close deals.”

This acquisition aligns with the broader consolidation trend in India’s fertility services sector, where institutionally backed healthcare platforms are increasingly acquiring established regional players rather than building greenfield facilities in each micro-market.

The deal marks the eleventh transaction undertaken by Spice Route Legal in the healthcare and life sciences sector this year, reflecting the firm’s growing strength in advising on complex transactions in the space.

The Spice Route Legal team advising on the transaction was led by Partner Praveen Raju, with support from Associates Rahul Parekh and Astha Agarwal.