Sunways India Raises $15 Mn From InvAscent
- ByStartupStory | November 29, 2022
Sunways India Pvt. Ltd., a Mumbai-based medium-sized pharmaceutical company, received a minority stake and $15 million (Rs 122.67 crore) from the InvAscent-managed India Life Sciences Fund III (ILSF III). The pharmaceutical company intends to use the money to accelerate its acquisitions, capacity augmentation, and worldwide expansion goals.
“Sunways is well established to progress into the next phase of sped-up growth domestically and in the international markets. This growth would be supported by organic and inorganic expansion,” said Sunways’ chairman Bhadresh Shroff. Private equity company InvAscent, which invests in small and mid-sized companies in the Indian pharmaceutical, healthcare, animal health, and medical-tech industries, manages the India Life Sciences Fund III. According to its website, it has made around 10 investments so far from the third fund. For the transaction, Sunways’s financial advisor was Orbit Financial Capital.
“Sunways has built its domestic presence and scale over time and remains one of the top 10 pharmaceutical companies under the ophthalmology category. It is poised to benefit from the new facility expansion and geographic footprint. India Life Sciences Fund III looks forward to partnering with the founders; built on the strong ethos of quality, market reach, and differentiated products,” InvAscent’s managing director Sumit Gupta said. Since 2007, InvAscent, the investment advisor to the family of funds doing business as India Life Sciences Fund, has raised about $500 million (roughly Rs 4,088 crore) from international investors and has made investments in over 30 businesses, including Ankura Hospital, Medibuddy, ophthalmology chain Sharp Sight, Strides Pharma Science Ltd, and others.
The Sunways Group, with its headquarters in Mumbai and three major companies: Sunways India Pvt. Ltd., Sunways Laboratories Pvt. Ltd., and Sunways Rohto Pvt. Ltd., was founded in 1951 by Kantilal Shroff. These companies produce sterile preparations such as pharmaceutical formulations, injections, eye drops, and more that are targeted toward the ophthalmic and ENT markets.
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