Veterinary pharmaceuticals startup Ashish Life Science has raised $6.3 Mn in Series A round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd.
Bengaluru, 31 Jan, 2019. RedNewswire/-
The funding round also saw participation from Netherlands-based, food and agriculture-focussed specialist fund, Anterra Capital. This is the first external investment raised by Ashish Life Science.
Founded by Raujesh Agarrwal in 2002 , the company will use the funds to grow its business in its existing markets and expand into regulated markets.
The company has 100-plus product portfolio, has a presence in 50 countries, and is looking to expand into Europe, Australia and South Africa.
Ashish Life Science Managing Director Raujesh Agarrwal said, “With the Series A funding, we are focusing on deepening our presence in the semi-regulated markets and tapping into the veterinary generics segment in the regulated markets.”
Eight Roads Ventures, formerly Fidelity Growth Partners India, invests in companies in India and Southeast Asia across technology, healthcare, financial services and consumer sectors.
Adam Anders, managing partner at Anterra, said the investment underlines the firm’s focus on backing entrepreneurs who are building the agricultural systems of the future.
Prem Pavoor, Partner at Eight Roads Venturessaid, “We believe this segment is at the same inflexion point for generic penetration as the human pharmaceutical industry in the early 2000s. Indian companies are very well positioned to capture this emerging opportunity given the country’s strengths in generic product development and manufacture.”