Ascent Capital has closed a new fund for Symbio Generrics
- ByStartupStory | November 9, 2022
Symbio Generrics India Private Limited has stated that it has raised an undisclosed amount of funding from Ascent Capital, a growth capital firm. Symbio, founded in 2010 by Salim Shaikh, Abhijit Kale, and Akash Puranik, began as a sales and marketing organization and has now expanded to become a vertically integrated manufacturer of specialized APIs.
The resources will be used to make strategic acquisitions, construct research and development centers, and increase production capacity. In addition to its Dobbaspet production site, it is in the process of acquiring more manufacturing capacity. The company’s R&D center is in Bengaluru, while the manufacturing unit is at Dobbaspet, Bengaluru. Another manufacturing site in India is being acquired by the corporation. The team is committed to developing a high-potential generics API portfolio for worldwide markets and will endeavor to get US FDA and other regulatory body clearances for their newly acquired facilities.The company presently employs over 100 employees, including 15 scientists to feed the R&D pipeline, and it is projected to increase that number by the end of this fiscal year.
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