PlasmaGen Biosciences raises Rs 225 crore in equity funding

Biopharmaceutical company PlasmaGen Biosciences has raised Rs 225 crore (roughly $27 million) in equity funding from UK-based investment management firm Artian Investments, Ashish Rameshchandra Kacholia and other high-net-worth individuals (HNIs).

Kacholia is known to pick up stakes in companies and invest in public markets.

The fundraise also saw participation from early backer Eight Roads Ventures and existing investor F-Prime Capital.

The Bengaluru-based startup will use the proceeds to boost growth of plasma products. It is also expected to use the corpus to expand its presence internationally, develop products and fund 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 own brand name to private hospitals and state governments in India and other emerging markets.

With the latest funding, PlasmaGen has raised Rs 400 crore since inception 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 this year, the company inaugurated a manufacturing facility for blood plasma-derived protein therapeutics in Kolar. The facility has an initial capacity to process 500,000 litres of plasma annually, the company said.

Plasmagen has a national presence across over 70 cities in India covering over 5,000 physicians and hospitals.

The company has been looking to touch a turnover of almost Rs 640 crore in five years, as it doubles down on product growth.