Animal pharmaceuticals company Ashish Life Science Pvt. Ltd has raised Rs 45 crore ($6.3 million) in its first external round of funding.
Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd, led the company's Series A funding round, according to a joint statement.
The funding also saw participation from Anterra Capital, a Netherlands-based food and agriculture-focussed specialist fund.
The Mumbai-based company, which was founded by first-generation entrepreneur Raujesh Agarrwal in 2002, will use the funds to grow its business in its existing markets and expand into regulated markets.
Ashish Life is an export-focussed generic veterinary pharmaceuticals company. It has a presence in about 50 countries and has grown its manufacturing infrastructure to produce injectable drugs as well. It aims to expand into regulated markets such as Europe, Australia and South Africa.
Prem Pavoor, partner at Eight Roads Ventures, said the animal pharmaceuticals segment is at the same inflection point for generic penetration as the human pharmaceutical industry was in the early 2000s.
"Indian companies are very well positioned to capture this emerging opportunity given the country’s strengths in generic product development and manufacture," he added.
Adam Anders, managing partner at Anterra, said the investment underlines the firm's focus on backing entrepreneurs who are building the agricultural systems of the future.
The investment in Ashish Life is the second healthcare-related transaction for Eight Roads this year and expands its exposure to the sector.
Earlier this month, Eight Roads invested Rs 218 crore ($30.6 million) in the injectables unit of Caplin Point Laboratories Ltd. It has previously invested in companies such as Cipla Health, Core Diagnostics, Laurus Labs, Medwell Ventures, Pharmeasy and Trivitron Healthcare in the country.
Anterra Capital is backed by Eight Roads and Dutch banking firm Rabobank. The specialist venture capital firm has offices in Amsterdam, Boston and Massachusetts.
