Germany's GBA Group said Tuesday it has acquired a significant stake in Bengaluru-based food and pharmaceutical testing startup Eureka Analytical Services Pvt Ltd.
The investment marks the entry of GBA Group in India and aligns with the group’s plan of further investing in the food, pharma and environment testing market in India, it said.
The company did not disclose the financial terms of the transaction. It also did not disclose the exact size of the stake that it acquired.
The transaction will help Eureka to expand its presence in the international market. It plans to upgrade and scale its testing platforms and improve its research and development (R&D) efforts.
"We will strengthen our presence in the international food market by expanding our broad offering to an extended international customer network. We will also enter new business areas and expand the GBA Group network in fields like pharma, medical devices and agrochemicals,” said Sanjeev Khatri and Gouri Satpathy, co-founders, Eureka.
Founded in 2019, Eureka is a provider of testing, inspection and auditing services for food, pharmaceuticals, agricultural commodities, cosmetics and the environment. At present, it has a network of nine labs. In the next two years, it plans to have 15 labs in India and overseas. The startup has around 400 employees.
“The acquisition secures significant scale potential over the next decade for GBA Group and opens growth opportunities such as further expansion towards the Asian market. It also enables us to tap into the potential of the Indian pharmaceutical and medical device markets,” said Steffen Walter, chief executive officer, GBA Group.
GBA Group is a Hamburg-based international life science service company. It offers a range of analytical, logistical and specialist services in the fields of pharmaceuticals, medical devices, cosmetics, chemicals, food, drinking water and the environment. It is majority-owned by France-based private equity firm Ardian, which invested in the group in 2021.
