Infinx plans $300 million IPO in India, appoints three bankers

Healthcare IT platform firm Infinx Technology Solutions has appointed Kotak Mahindra Capital, Nomura and Avendus to manage its proposed $300 million initial public offering (IPO) in India, according to people familiar with the development.

The KKR and Norwest Venture Partners-backed provider of AI-powered healthcare revenue cycle management solutions is targeting a listing in FY28, potentially combining a fresh issue of shares with an offer for sale, the people said.

Infinx joins healthcare peers ASG Hospital, Eclat Health Solutions, Knack RCM and AGS Health, which are also reportedly planning share sales.


Emails sent to Infinx, Kotak Mahindra Capital and Nomura did not elicit a response until press time.

Founded in 2012 by brothers Sandeep and Jaideep Tandon, Infinx provides revenue cycle management services to US healthcare providers. Its offerings include patient access, insurance verification, prior authorisation, medical coding, billing and collections, according to its website.

Its clients include hospitals, health systems and physician groups that use its technology and services to manage administrative processes and improve payment recovery. The company operates with teams in the US, India and the Philippines.

Infinx remained bootstrapped until it raised its first institutional capital from Norwest Venture Partners in 2021. KKR acquired a significant minority stake in the company in 2024 through its Asian Fund IV, with Norwest also participating in the transaction. Infinx has raised a total of $186 million to support expansion and fund acquisitions.

In May 2025, the company acquired the healthcare revenue cycle management business of Nasdaq-listed i3 Verticals for $96 million, including associated proprietary technology.