Fertility startups' rise sets stage for consolidation

India's growing incomes and falling fertility rate have birthed a new breed of startups looking to fill gaps and provide convenience in assisted reproduction services, drawing interest from investors and large healthcare chains.

- Sowmya Ramasubramanian & Jessica Jani

Upstarts such as Luma Fertility and Arva Health offer services ranging from at-home hormone monitoring and assessment to in-vitro fertilization (IVF) at their centers, while Inito makes portable fertility tracking kits. At least 37 fertility ventures were founded between 2021 and 2025 in India, raising $86.4 million in equity investments, according to Tracxn data.

"What is interesting is that these startups are highly focused on offering services such as fertility testing and egg freezing, apart from conventional fertility offerings...," said Shobhit Agarwal, chief executive officer at Nova IVF Fertility. "They are well exposed to European markets, understand the changing landscape of the fertility market in India and are helping to bring new allied services to India and create these markets in larger cities."

IVF and other fertility solutions have been available in India for decades. Yet, demand has surged in recent years as more women decide to have children later and infertility increases. Rising incomes mean a higher number of Indians can access treatment. EY estimates the nation's IVF market to rise from $793 million in 2020 to $1.45 billion by 2027, expanding 15-20% annually.