IFC to commit $4 mn to biotech fund in India

International Finance Corporation (IFC), World Bank's private sector lending arm, has said it will commit upto $4 million to a biotech fund formed to invest in start-up and early stage life sciences businesses in India.

The APIDC Biotechnology fund is the first fund in the country to focus exclusively on the life sciences sector. It would seek early stage opportunities in areas such as health care, drug discovery, agriculture, dairy, environmental and industrial applications, an IFC release said.

"We hope several of the 20-25 companies the fund seeks to support will also want to partner IFC for later stage funding," IFC's South Asia Director Iyad Malas said.

The management team of the venture capital fund is lead by Sarath Naru, the release added.