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09 Jul, 2025
NephroPlus, Asia’s largest and fastest-growing dialysis service provider, is preparing to launch a $200 million initial public offering (IPO) as it continues to expand its footprint both in India and internationally. The move comes on the heels of a significant $102 million investment from Quadria Capital, an Asia-focused healthcare private equity firm, which has propelled the company’s valuation to nearly $250 million.
The latest funding round, completed in May 2024, marks a pivotal moment for NephroPlus. Quadria Capital’s $102 million investment was structured as a mix of primary capital infusion and secondary share purchases from existing investors. This transaction resulted in a partial exit for early backers such as Investcorp, Bessemer Venture Partners (BVP), the International Finance Corporation (IFC), and IIFL Private Equity. Despite the partial exit, Investcorp retains a significant minority stake, signaling continued confidence in NephroPlus’s growth trajectory.
Founded in 2010 by Vikram Vuppala and Kamal D Shah, NephroPlus has established itself as a leader in renal care, operating more than 450 dialysis centers across India, the Philippines, and Uzbekistan. The company serves approximately 30,000 patients and performs over 3 million dialysis sessions annually. In the financial year 2023-24, NephroPlus reported revenues of ₹550 crore, representing a robust 25% year-on-year growth.
The company’s international expansion has been particularly notable. In the Philippines, NephroPlus acquired Royal Care Dialysis Centers Inc., strengthening its presence in Southeast Asia. In Uzbekistan, the company operates Asia’s largest dialysis center in Tashkent through a public-private partnership, further cementing its reputation as a global player in renal care.
The upcoming $200 million IPO is expected to provide NephroPlus with the resources needed to accelerate its expansion plans. The company aims to use the proceeds to open new centers, pursue strategic acquisitions, and enhance its service offerings in both domestic and international markets. The Asian dialysis market, projected to grow at over 11% annually for the next five years, presents significant opportunities for NephroPlus to consolidate its leadership position.
ICICI Securities and Nomura have been appointed as advisors for the IPO, underscoring the company’s commitment to a successful public listing. The IPO is also expected to offer partial exits to some of the company’s early investors while broadening its shareholder base.
NephroPlus’s strategy focuses on delivering high-quality, affordable dialysis care through a combination of organic growth, acquisitions, and partnerships with leading nephrologists and healthcare institutions. The company’s technology-driven approach and patient-centric model have set new benchmarks in the industry, making it a preferred partner for hospitals and governments looking to improve renal care outcomes.
As NephroPlus prepares for its landmark IPO, the company is well-positioned to capitalize on the growing demand for dialysis services across Asia and beyond. With strong backing from leading investors, a proven track record of growth, and a clear vision for the future, NephroPlus is poised to reinforce its status as a global leader in renal care.
