Tata Capital Healthcare Fund-backed Brinton Pharma is looking to raise Rs 120-150 crore in a follow on round and is in talks with venture capital funds to raise cash that would primarily be used to expand the company’s geographic footprint, said three people with direct knowledge of the deal.
“The company is on the road to raise further capital and has hired investment bank Citadel Securities to look for investors,” said one of the persons with direct knowledge of the company’s plans.
To be sure, replying to ET’s mailed queries, Brinton Pharma managing director Rahul Darda denied that the company is looking to raise funds. Tata Capital Healthcare Fund’s spokesperson did not comment.
Last March, Pune-based Brinton raised $4 million from Tata Capital Healthcare Fund in an undisclosed stake sale for its planned entry into newer areas such as paediatrics and gynaecology and to expand its international operations.
The company is currently present in eight countries, including Sri Lanka, Nepal and Bangladesh. It has registered offices in the US, UK and Ghana. The company intends to expand to West and East Africa and Southeast Asia. It earns around 75% of its revenues from the Indian market.
Brinton Pharma provides healthcare products and services for various therapeutic segments and is already present in dermatology and cosmeceuticals segments – one of the fastest growing therapeutic segments in the Indian pharmaceutical market at a 15% CAGR. The company expects its revenues from the dermatology segment to cross Rs 300 crore by FY 2020-21.
Source: Economic Times