Stemcell banking firm LifeCell International Pvt Ltd has raised around Rs 35 crore from Helion Venture Partners, diluting a minority stake in the company. The fund would be used towards increasing market penetration of stem cell banking and to develop novel cell based therapies, for which the company is also looking for a partner.
"The fund would be used to increase penetration in the country, where there is a huge potential for this segment," said Mayur Abhaya, CEO and managing director of LifeCell. However, he refused to reveal the percentage of stake diluted, commenting that the promoters hold majority share.
Following the fund infusion, Kanwaljit Singh, senior managing director at Helion Advisors would join the board of LifeCell International.
The company is also looking at offering therapies in segments including immunotherapy, wound care and tissue regeneration, in collaboration with a partner.
LifeCell has so far serviced over 65,000 clients across 110 locations in India and abroad. The company expects annual revenue to grow over Rs 100 crore this year, added a company announcement.