Nova IVF Fertility has acquired a majority stake in Kerala’s CRAFT Hospitals in a deal that values the fertility centre at about 40 million dollars, or around ₹368 crore, marking the Bengaluru-headquartered chain’s formal entry into the state’s competitive reproductive healthcare market. The move plugs a key geographic gap for Nova in Kerala, where it currently runs only one centre in Palakkad, despite the state being viewed as an important market for specialised healthcare services, including fertility care.
CRAFT Hospitals is regarded as one of Kerala’s leading fertility centres and has built a strong clinical legacy in assisted reproductive care under promoter C Mohamed Ashraf. Investment banking firm Advay Capital advised CRAFT and Ashraf on the strategic sale of the IVF business, underscoring growing transaction interest around high-quality single-specialty providers in the region.
The acquisition is expected to strengthen Nova IVF’s footprint across South India by combining its established network model with CRAFT’s local brand equity and patient base. For Nova, which offers advanced assisted reproductive technology services across multiple cities, Kerala represents both a catchment for domestic patients and a potential draw for patients from neighbouring states and the Gulf region who seek specialised fertility treatment in India.
Nova IVF is owned by Asia Healthcare Holdings and led by healthcare industry veteran Vishal Bali, with global private equity firm TPG Capital as a key backer. The deal with CRAFT fits into a broader consolidation trend in India’s fertility services space, where scaled chains backed by institutional capital are looking to acquire established regional players rather than build greenfield facilities from scratch in every micro-market. Nova IVF, CRAFT Hospitals and Advay Capital did not respond to emails seeking comment on the transaction.
For patients in Kerala, Nova’s majority stake in CRAFT could eventually translate into expanded access to ART services, standardised protocols and potentially new technologies, although integration and branding changes typically play out over the medium term. The deal also highlights how regional institutions with strong reputations, such as CRAFT, are increasingly becoming part of larger chains as healthcare in India shifts towards network-based models that can attract capital, talent and technology at scale.
