The US startup Nucleus Genomics, known for its controversial genetic testing on embryos, has signed a series of deals with Indira IVF, a chain of Indian fertility clinics with currently more than 180 centres across the country. Despite stringent IVF regulations in the South Asian country, the partnership will provide access to a huge market that is experiencing rapid growth due to declining fertility rates.

New Delhi (AsiaNews) – The US-based startup Nucleus Genomics has signed agreements with a number of foreign IVF clinics to expand the availability of controversial genetic testing on embryos.

The market appears set to expand, especially in India, thanks to a partnership with Indira IVF, the largest network of fertility clinics in the South Asian country. The goal is to bring advanced embryo testing to the Indian market for couples undergoing in vitro fertilisation (IVF).

Founded in 2021, Nucleus Genomics uses a technology known as PGT-P[*] to help couples select embryos with a lower likelihood of developing diseases such as diabetes or Alzheimer's.

However, the company has attracted international controversy for developing models that, according to founder Kian Sadeghi, can also predict traits not related to the development of diseases, such as IQ or height.

Although several scientists question the possibility of correctly selecting the genes responsible for the development of certain traits, numerous bioethicists believe there could be a risk of creating babies with on-demand traits accessible only to the wealthiest in the population.

Nucleus Genomics' testing product costs US$ 10,000, while IVF treatment cycles cost at least US$ 20,000 each.

In India, at least for now, this type of application faces very stringent regulatory restrictions; for instance, selecting embryos based on non-medical characteristics is illegal. Consequently, Nucleus Genomics must limit its offerings in the country to disease risk information.

Still, the partnership allows the US company to access a huge market and a significant amount of genetic data, in a context where the IVF sector is expected to reach approximately US$ 13 billion in value by the end of this year.

The growth of Indira IVF speaks volumes about the development of the sector. Founded in 1988 in Udaipur, Rajasthan, by Dr Ajay Murdia, the company initially operated as an independent facility before transforming into a large-scale operation.

Today, it is one of the country's leading fertility chains, going from 165 centres in March 2025 to 186 in July, with the goal of reaching 200 by the end of fiscal 2026.

At the same time, the company has embarked on a diversification strategy by entering the maternal and paediatric healthcare sector, opening hospitals in cities such as Varanasi, Pune, and Prayagraj.

This growth is reflected in its financial results: revenues reached Rs 1,604.5 crore (approximately US5 193 million) in fiscal 2025. The company has been backed by EQT, a Swedish private equity fund, which acquired a 60 per cent stake in 2023.

Indira IVF's path to a stock market listing has been anything but straightforward. The company had initially filed for an IPO in February last year, raising approximately Rs 3,500 crore (about US$ 407 million). However, it was forced to withdraw in March following concerns from the Securities and Exchange Board of India (SEBI), the Indian financial market regulator.

The latter’s concerns focused on a Hindi Bollywood biopic titled "Tumko Meri Kasam” (I swear to you), directed by Vikram Bhatt. The film dramatically recounted the Ajay Murdia’s personal and business story.

The coincidence of the film’s release and the IPO process, however, raised suspicions. SEBI alleged that the film could have served as a form of indirect and illegal promotion during a delicate capital raising phase.

After this incident, Indira IVF confidentially resubmitted its listing documents in July last year.

The matter was further complicated when director Vikram Bhatt and his wife, Shwetambari Bhatt, were arrested.

According to the accusations, filed by Ajay Murdia himself, the doctor allegedly paid approximately 47 crore rupees (just under US$ 5 million) for the making of four films, but Bhatt is said to have produced only one, the Indira IVF story.

All this is happening against the background of India's evolving demographic landscape, which has seen the total fertility rate plummet from more than six children per woman in 1950 to 1.9 in 2023, below the replacement threshold.

To regulate the "fertility business”, the Indian parliament introduced the Assisted Reproductive Technologies Regulation Act in 2021, which establishes that access to in vitro fertilisation is only allowed to married couples or single women within specific age limits.

The law also imposes severe restrictions on the use of donors and introduces important ethical safeguards. These include mandatory registration for all clinics, a ban on sex determination (in a country where males are still preferred to females), and the recognition of full legal rights for children born through these assisted reproduction procedures.

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[*] Preimplantation Genetic Testing for Polygenic Risk.

• india
• nucleus genomics
• indira ivf
• embryo testing
• in-vitro fertilisation
• market
• business
• vikram bhatt
• shwetambari bhatt
• ajay murdia