Bengaluru-based biopharmaceutical firm PlasmaGen BioSciences has raised $25 million from Eight Roads Ventures India (former Fidelity Growth Partners) and US-based F-Prime Capital Partners in its first external round of funding.
The terms of transaction were not disclosed. And as a part of the deal, Eight Roads partner Prem Pavoor and F-Prime partner Robert Weisskoff will join the board of PlasmaGen.
Founded in 2010, PlasmaGen BioSciences develops and makes blood plasma-derived products including Albumin, IVIG, Factor VIII, Anti-D Immunoglobulin and Rabies Immunoglobulin.
These products are administered across various therapeutic areas such as neurology, haematology, oncology, immunology, paediatrics, and rheumatology.
“This investment will help us grow multifold as we aim to expand our product portfolio, achieve deeper market penetration and look at new opportunities in strengthening our current product supply chain,” said Vinod Nahar, founder and MD of PlasmaGen BioSciences.
The private equity firm Eight Roads Ventures India has been investing across sectors including healthcare and pharmaceuticals. In April, Eight Road Ventures had led a Series C round in Davdian, a Chinese social commerce platform operated by MAMA+. It had also re-invested in Medwell Ventures Pvt Ltd., Core Diagnostics Pvt Ltd and Eywa Pharma, to name a few.
Commenting on the deal, Eight Roads’ Prem Pavoor said, “The investment in PlasmaGen is a reflection of our continued conviction in the domestic pharmaceutical market… We believe that India is rapidly catching up on global benchmarks around the awareness and use of these critical products.”
It seems healthcare sector is booming in terms of funding and acquisition. The segment has seen a lot of investment activities in recent times.
Touchkin, a predictive health care startup, raised $1.3 million from Kae Capital and a clutch of investors, 1mg secured $15 million in Series C round, Healthcare focused venture capital firm Healthquad has closed Rs 75 crore to invest in thematic and disruptive healthcare business models in India. While acquisition of chain a1000yoga by Curefit and Home Health Care by Click2Clinic in an all-stock deal came in limelight.