Avestha Gengraine Technologies Pvt. Ltd. ("Avesthagen"), India's leading fully integrated life-sciences company, announces the successful closure of its Series 'C' fundraise totaling Euro 25 mn in equity investments, valuing the company at Euro 115 mn (approx. Rs. 667 crores).
The funds will be used for Avesthagen's infrastructure expansion plans, including setting up state-of-the-art manufacturing units, R&D laboratories, acquisition of technology companies in the domestic and overseas markets and furthering its international presence.
The investors in the series C round include Fidelity International, Limagrain group (France); Daninvest of Danone group (France) and Bennett Coleman (India). With this, total foreign investment in Avesthagen is now over 31%.The new investors further strengthen the already robust existing investor base that includes ICICI Venture, Cipla, Godrej Industries, Tata Industries and bioMérieux.
Ms. Renuka Ramnath, CEO & MD of ICICI Venture, commenting on the deal said: "ICICI Venture has always believed in the capability and potential of the Avesthagen business model.We have partnered the company from the inception till date and are happy to see that under Villoo's leadership, it is all set to become a global player of repute."
