IVF and fertility centre chain Seeds of Innocence is looking to add 20 such centres across the country by the end of 2021-22 and also planning an international foray during the period, a top company official said. The company has 10 in vitro fertilisation (IVF) and fertility centres across eight states in the country.
“The plan is to have 30 centres across India by the end of FY 2021-22,” Seeds of Innocence & Genestrings Founder Gauri Agarwal told.
During this month, Seeds of Innocence (SOI) will be launching IVF centres in Guwahati (Assam) and Haldwani (Uttarakhand). The centre in Guwahati will also mark the first venture of the company in the eastern part of the country, she added.
The new centres will come up at locations including Lucknow, Kanpur, Kolkata and Srinagar, among others, Agarwal said.
About the international foray of the company, she said, SOI will be launching IVF Lab and Clinic in Muscat, Oman by the end of September this year.
It has also signed definitive agreements to launch IVF Lab and Clinic in Abuja, Nigeria, in December quarter 2021-22. Talks are also underway to open an infertility and surrogacy centre in Colombia by the fourth quarter.
When asked about the investment SOI will be making for the expansion, Agarwal said, “a typical CAPEX (capital expenditure) for a new IVF centre is anything between 2 – 2.5 crore with another 1 – 1.5 crore set aside for initial branding, and other fixed operating expenses (OPEX). Internationally, the costs go up by nearly 75 per cent due to taxes and costlier labour and equipment”.
On plans to fund growth, she said, SOI has been completely bootstrapped thus far and the expansion has been funded via profits earned from the existing units.
“We may however look at raising funds with a strategic partner to fuel growth and explore M&A opportunities. This may be the right time since given the pandemic situation the industry will undergo consolidation,” Agarwal added.
About the company, she said that a key differentiator in SOI’s offering is that it not only looks at the IVF treatment in silos, but offers a comprehensive and multidisciplinary approach to treatment and wellbeing.
“Hence, we became the first IVF centre in the country to have our own in-house genetic testing lab which not only helps improve success rates overall, but is a boon for couples with any of over 400 inherited diseases like Thalassemia and Sickle cell,” Agarwal added.
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