News Update

Accumax raises $68 million funds from Creador and India Life Sciences Fund

• ByStartupStory     |    June 3, 2022

Creador and India Life Sciences Fund, two private equity companies, have invested $68 million (Rs 520 crore) in Ahmedabad-based Accumax Lab Devices, an export-focused maker of laboratory consumables and benchtop equipment. Accumax, founded in 2003 by Chirag Shah and Tejas Shah, has six production locations in India and Germany and employs 1,500 employees to service customers in over 120 countries.

Accumax Lab Devices is a global manufacturer of liquid handling and laboratory consumables including pipettes, dispensers, controllers, pipette tips, centrifuge tubes, PCR consumables, deep-well plates, cryoials, and many more items. It boasts superior production and assembly facilities that allow it to create all of its high-quality and next-generation goods under one roof.

Vaibhav Doshi of Credor said that Chirag and Tejas have extensive design and production capabilities, with 450,000 square feet of existing infrastructure, including 75,000 square feet of clean room manufacturing facilities. This has allowed them to have a diverse product range of over 2,300 SKUs, making them the supplier of choice for worldwide clients as well as original equipment manufacturers.

Sumit Gupta, Managing Director, InvAscent said that India Life Sciences Fund III is excited to partner with Accumax, which has built a global presence and scale over the last 20 years under the leadership of Chirag and Tejas and is poised to benefit from the increased global focus and investments in vaccines, biopharma, and pharma research activities in the aftermath of the COVID-19 pandemic.

 

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