India, July 3 -- VC firm Peak XV Partners has backed fertility-focussed healthtech startup Luma Fertility. The VC firm's seed platform, Surge, led the startup's $4 Mn seed funding round, which also saw participation from Metropolis Healthcare's executive director Ameera Shah and B2V Ventures' chairman Vijay Taparia.

The startup intends to use the capital to expand its footprint in Mumbai, where it currently operates one clinic. It targets to open 50 clinics in metro cities.

The funding comes at a time when infertility is emerging as a growing concern in India, affecting both men and women. The IVF treatment segment is on the rise in the country as over 33 Mn couples are facing fertility issues. The market is expected to reach a size of ...