PE: PlasmaGen Biosciences Raises $27 Million in Series C round.
Transaction:
- Plasmagen Biosciences, a biopharmaceutical company focused on blood plasma-derived pharmaceutical products for India and emerging markets, has raised INR 225 crores, led by UK based Artian Investments, prominent public market investor Ashish Kacholia, pharmaceutical entrepreneurs Anurag Bagaria and Dushyant Patel and other notable HNI investors along with continued participation from Eight Road Ventures and F-Prime Capital.
- With this round, the Bengaluru based company has raised close to INR 400 crores in total so far and plans to use the fresh capital to expand its presence internationally, develop products and fund working capital requirements.
About PlasmaGen Biosciencess Pvt. Ltd.:
- Incorporated in 2010, Plasmagen operates in the niche segment of plasma therapy, where in the company trades and manufactures human plasma derived therapeutic proteins products like Immunoglobulin, Albumin and Coagulation factors, used in the plasma protein therapy.
- The company is promoted by Vinod Nahar, Bhawarlal Jain, Rahul Jain and associates having a shareholding of 41.15% followed by FIL Capital Investments (Mauritius) II Limited (Fidelity group) having 52.99% as on March 31, 2022, before latest funding round.
About Eight Road Ventures & F-Prime Capital:
- Eight Roads Ventures is a global venture capital firm that invests in technology and healthcare companies.
- Eight Roads Ventures is backed by Fidelity and manages $11 billion in assets across offices in the UK, China, India, Japan, and the US. The portfolio includes of 401 companies, including 18 unicorns like AppsFlyer, BYJU’S, and Fireblocks.
- Founded in 1969, F-Prime Capital is a venture capital firm based in Cambridge, Massachusetts. The firm seeks to invest in seed-stage, early-stage, and later-stage companies.
Rationale:
- Founded in 2010, the Bengaluru-based company has raised INR 400 Crores in total so far and plans to use the fresh capital to expand its presence internationally, develop products and fund working capital requirements.
- Earlier this year, the company inaugurated its new manufacturing facility for blood plasma-derived protein therapeutics in Kolar, Bengaluru – India’s first plasma manufacturing facility by a pure-play, end-to-end blood-plasma Company and only the fifth plasma fractionation facility in India.
- Vinod Nahar, Founder & Managing Director, PlasmaGen Biosciences said that the latest funding strengthens company’s position as market leaders in Indian biopharmaceutical company as PlasmaGen continues to improve the accessibility of blood-plasma derived products for patients in India and emerging countries
- The Revenue from Operations of the company increased to Rs 103.50 Crore in FY22 from Rs. 87.28 Crore in Fy21, however the firm remained EBITDA negative till at least September 2023.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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