PlasmaGen Biosciences, a biopharmaceutical company, has raised Rs 225 crore (approximately $27 million) in equity funding. The investment comes from Artian Investments, a UK-based investment management firm, Ashish Rameshchandra Kacholia, and other high-net-worth individuals (HNIs).
Ashish Rameshchandra Kacholia, recognized for taking stakes in companies and participating in public markets, is among the investors in PlasmaGen Biosciences.
Eight Roads Ventures and F-Prime Capital, both early backers, participated in the funding round. The Bengaluru-based startup plans to utilize the funds to accelerate the growth of its plasma products. Additionally, the capital is earmarked for international expansion, product development, and meeting working capital requirements.
Founded in 2010, Bengaluru-based PlasmaGen focuses on producing blood plasma-derived pharmaceutical products. The company sells life-saving drugs such as albumin, hepatitis B immunoglobulin, among others, under its brand name to private hospitals and state governments in India and other emerging markets.
With the latest funding, PlasmaGen has secured a total of Rs 400 crore since its founding in 2010.
“This latest funding strengthens our position in our mission to be a trusted and leading Indian biopharmaceutical company, dedicated towards improving the health and quality of life of patients. We’re grateful to all our investors for their partnership as we continue to improve the accessibility of blood-plasma derived products for patients in India and emerging countries,” said Vinod Nahar, founder and managing director, PlasmaGen Biosciences.
Earlier in the year, PlasmaGen opened a production facility for blood plasma-derived protein therapeutics in Kolar.
The facility currently can process 500,000 litres of plasma per year. PlasmaGen has a widespread presence across more than 70 cities in India, serving over 5,000 physicians and hospitals.
The company is aiming for a turnover of nearly Rs 640 crore in the next five years as it intensifies its focus on product expansion.
