New Deal Announcement


Advay Capital advises Srishti Hospital and its founders on its strategic sale to Indira IVF


18 September 2025

We are pleased to announce the successful completion of a strategic transaction wherein our client, Srishti Hospital, a leading ART centre in Puducherry founded by Dr. Soumyaroop Dash, has entered into a strategic partnership with Indira IVF, India’s largest IVF chain.


Founded in 2010, Srishti Hospital has built a strong reputation for delivering world-class Assisted Reproductive Technology (ART) services including IVF, ICSI, IUI and advanced male infertility treatments, supported by state-of-the-art infrastructure. This partnership is expected to further strengthen Indira IVF’s presence in South India and entry into the Puducherry market while enabling Srishti Hospital to leverage Indira IVF’s national platform, bringing in structured protocols, supportive digital systems, and consistency in care.


Advay Capital served as the exclusive financial advisor to Srishti Hospital and Dr. Dash for this transaction. The team positioned the opportunity to a select list of leading IVF platforms and ran a tightly managed process that generated multiple competitive offers. Advay also drove the financial, legal, and operational diligence, while leading negotiations on valuation, structuring and definitive documentation. In addition, the team managed stakeholder alignment throughout the process, ensuring a smooth and successful transaction closure.


Dr. Soumyaroop Dash, Promoter of Srishti Hospital said “It was our pleasure to work with Team Advay, who connected us with the right partners to realize our vision of expanding the operations of our hospital. During our engagement with Advay, their strategic advice, timely completion of due diligence procedures, multi-faceted support, and coordination with healthcare sector investors provided us with the momentum to successfully conclude this transaction in the best interests of all parties involved. Kudos to the team for their sincere efforts, and we wish them many more successful deal closures in the future.”

About Srishti Hospital

Founded in 2010, Srishti Hospital, based in Puducherry, offers a comprehensive range of Assisted Reproductive Technology (ART) services. Under the leadership of Dr. Soumyaroop Dash, a renowned Fertility Specialist and Laparoscopic Surgeon with over 25 years of experience and expertise in Gynaecologic Endoscopy, Srishti Hospital has consistently stood for quality, transparency, and patient-centric care.

About Indira IVF

Indira IVF, founded in 1988 by Dr. Ajay Murdia, has grown into India’s largest IVF chain with 165+ centres nationwide. Supported by an expert team of 340+ IVF specialists, the company has been successful in enabling over 1,75,000 pregnancies. Indira IVF is backed by private equity firm EQT Private Capital Asia. EQT is the third largest private markets firm globally.

About Advay

Advay Capital Advisors Private Limited is an independent mid-market investment bank focused on advisory services for private equity fund raising and mergers & acquisitions. The team at Advay brings extensive and relevant experience across diverse industries, having advised on 85+ transactions with a cumulative transaction value of over USD 7.5 Billion. The team has been involved in some of the largest as well as niche transactions across Healthcare & Pharma, Consumer, Technology & Digital, Manufacturing and Business Services among other sectors. Advay Capital was ranked the No. 1 domestic M&A advisor in 2024 for Healthcare and Lifesciences sector as per Venture Intelligence League Table.

Santhosh C Raghuram

Director

santhosh@advaycapital.com

M Vipin Bhaskar

Director

vipin@advaycapital.com

Kavya Nair

Director

kavya@advaycapital.com

Daksha Bafna

Senior Associate

daksha@advaycapital.com

Dheeraj Shanbhag

Associate

dheeraj@advaycapital.com

Akshay Vinod

Analyst

akshay@advaycapital.com


For further information:

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