PlasmaGen BioSciences raises $25 mn from Eight Roads Ventures, F-Prime

The biopharmaceutical company specialises in blood plasma derived products

Biopharmaceutical company PlasmaGen BioSciences announced an investment of $25 million (Rs 160 crore) led by Eight Roads Ventures and US-based F-Prime Capital Partners.

PlasmaGeb BioSciences, which specialises in blood plasma derived products, is founded by serial entrepreneur Vinod Nahar, who also founded RSM Pharma and Trigenesis Lifesciences. 

The company's chief executive officer Ranjeet S Ajmani said: “There is a large gap between demand and supply of plasma products, not only in India but across Asia. India is strategically placed as an emerging economy with a huge demand potential.” 

Eight Roads Venture is the investment arm of Fidelity International that has earlier invested in Chai Point, Medwell Ventures and Unbxd. As part of the investment, Dr Prem Pavoor, a partner at Eight Roads Ventures and Dr Robert Weisskoff, a partner at F-Prime Capital Partners will join the board at PlasmaGen.

"We have closely followed the blood plasma products segment over the past five years. We believe that India is rapidly catching up on global benchmarks on the awareness and use of these critical products. We are excited to partner with the management team at PlasmaGen to build a leading company in this differentiated therapeutic category,” said Pavoor. 

The company's chief executive officer Ranjeet S Ajmani has previously served as a national expert for the government on a plasma fractionation project planned by the National Aids Control Organisation, now the department of AIDS Control.

Another health-tech startup 1mg raised $15 million last week in Series C funding. Practo, Lybrate, Medwell, MedGenome and Portea are among the most valued healthcare start-ups in India. Portea also announced a $25 million investment that it aimed to raise through series C funding last week.