Gaudium IVF and Women Health is a fertility-care provider built on the idea that clinical success is the only marketing that matters - “the more babies we make, the more business we make”. Founded in 2009 by practicing clinician Dr. Manika Khanna and listed in February 2026 as India’s first publicly traded IVF company, it grew from a single doctor’s practice into a national chain without ever abandoning the clinician-led model that started it. Everything the company does flows from one recurring approach: standardise clinical excellence through SOPs, then replicate it in new locations using an asset-light hub-and-spoke network - a playbook refined over 16 years and now at a “cut-copy-paste” stage. # Business segments A single engine - fertility treatment and the maternity care that completes it - supported by a small captive pharmacy that exists only to keep the IVF journey seamless. ## 1. IVF treatment: the business of hope **A fee-for-service fertility engine where clinical success rates drive patient volumes, and patient volumes drive the brand - no discounting, no shortcuts.** - **Paid per cycle, not per outcome** - the base price is INR 2 lakhs per IVF cycle, never discounted, with roughly 70% of the package collected by the time of egg retrieval; if the first transfer fails, a separate package is offered for a subsequent frozen-embryo transfer. - **Success rates are the product** - the company reports a 58% clinical pregnancy rate on the first IVF attempt and 85% across multiple attempts, and early results show an 8-9% improvement when its AI tools are used, so more successful cycles mean more word-of-mouth referrals in a market where 30% of customer acquisition already comes from word of mouth. - **AI as a clinical edge, not a gimmick** - two AI systems integrated into routine practice (SiD for real-time sperm selection during ICSI and ERICA for embryo ranking across 2.5 million parameters) help embryologists pick the healthiest sperm and embryo, aiming to reduce the number of repeat cycles a patient needs. - **A treatment gap the size of a country** - an estimated 27.5 million Indian couples face infertility, yet only 300,000 IVF cycles are performed annually and just 2% of infertile people come forward for treatment, so even modest awareness gains open a large addressable market. - **Regulation as a tailwind** - the ART and Surrogacy Acts of 2021 are formalising an industry that is roughly 70% unorganised standalone clinics, and the company believes only ethical, SOP-driven players will survive the consolidation that follows. ## 2. Hub-and-spoke network: the replication engine **A capital-light expansion model where large hub centres do the complex clinical work and small satellite spokes find the patients - tested across four regions of India and now being scaled.** - **Hubs do the heavy lifting** - seven comprehensive IVF hubs (in Delhi, Ludhiana, Patna, Mumbai, Bengaluru and Srinagar) house the embryology labs, operating theatres and specialist clinicians, while 28 spokes extend the brand into neighbourhoods and feed cases to the hubs. - **Leased, not owned** - centres operate from leased buildings, keeping capital tied up in equipment and labs rather than real estate; the Lucknow women’s hospital being developed under a 30-year land lease with a revenue-share arrangement follows the same philosophy. - **SOPs make it replicable** - standard operating procedures cover everything from clinical protocols and embryology to what material the mop is made of, so a new hub can be set up by training clinicians and embryologists in-house and deploying the same playbook. - **International spokes for medical tourism** - three satellite spokes planned in Nigeria, Sydney and Paris are designed to capture patients from markets where an IVF cycle costs roughly five times the Indian price, feeding them into the Indian hubs. ## 3. Hospital and maternity care: completing the journey **A 15-bed facility at the Janakpuri hub that carries patients from fertility treatment through delivery and postnatal care - the logical endpoint of a patient-first model.** - **One roof, one journey** - the hospital offers a delivery package and routine support from month four to nine including vaccines, available only at Delhi Janakpuri Centre, so a patient who conceives through IVF at that centre never needs to find another provider for maternity care. - **Small today, replicable tomorrow** - hospital services contributed 31% of services revenue in FY26, and the newly approved Gaudium Women Hospital in Lucknow signals that the company intends to attach this capability to more hubs over time. ## 4. Pharmacy: the enabler, not the story **A captive pharmacy that exists solely to ensure IVF patients get the right medications and consumables without supply gaps - deliberately kept small.** - **Supporting cast only** - the pharmacy contributed 4% of services revenue in FY26 and management has explicitly stated it will remain small; capital and attention are directed at IVF and network expansion, not at building a standalone pharmacy business. - **Sourced from a subsidiary** - drugs and medical consumables are purchased from Gaudium International Private Limited, a wholly owned subsidiary, keeping the supply chain within the group. # Group structure and partners **A single listed entity with two small subsidiaries, a founder who still sets the clinical standard, and a technology partnership that gives it an early-mover edge in AI-led embryology.** - **Clinician-led from the top** - Dr. Manika Khanna, the founder and managing director, has been out of direct clinical operations since 2019 but ensures SOP compliance through surprise visits and a chain of command reporting through chief clinicians and chief embryologists. - **Two subsidiaries, one purpose** - Gaudium International Private Limited supplies pharmacy products to the parent; EKK Global Private Limited is a small subsidiary acquired in October 2024. - **AI partnership with IVF 2.0** - the SiD and ERICA tools were developed with a UK-headquartered embryology innovation organisation founded by Dr. Jacques Cohen and Dr. Alejandro Chavez, making Gaudium the first IVF chain in India to integrate AI-led embryology into routine clinical practice.