India’s bioeconomy has witnessed phenomenal growth, surging from US$10 billion in 2014 to over US$130 billion in 2024. With a vision to accelerate technological development and commercialization, the government’s initiatives—such as creating biomanufacturing hubs and biofoundries—are setting the stage for a thriving biotech ecosystem. This decade of innovation has also fueled the rise of biotech startups in India, expanding from just 50 startups in 2014 to over 9,000 startups in 2024, making India a key contributor to the global bioeconomy.
To highlight these innovations, NewsReach recently launched Crafting Bharat: Deep-Tech Edition, powered by Innovation Venture Studio, in collaboration with Speciale Invest, BYT Avenue, and Faad Capital. This series brings you inspiring stories of visionaries shaping India’s tech landscape. This episode focuses on Fermbox Bio, a pioneering company at the forefront of precision fermentation.
In this episode, join Nithish Kumar, Investment Analyst at Speciale Invest, and Subramani Ramachandrappa, Co-founder of Fermbox Bio, as they dive into the complexities of the biotech sector.
Can you explain what precision fermentation means and how you use it at Fermbox?
Fermentation is a process that has been part of human civilization for centuries. We’ve all seen it in action, whether it’s brewing beer, fermenting whiskey, or even making yogurt at home. But precision fermentation takes this age-old method to a whole new level. It’s about control and specificity.
When you brew beer, for example, you let the microbes work in an uncontrolled manner. But with precision fermentation, we fine-tune everything. We modify the microbes—bacteria, yeast, or fungi—and carefully control their environment so that they produce exactly what we need. For example, if we want insulin, we don’t just let the microbes grow and do their thing; we engineer them and regulate the process so they produce only insulin. As I like to say, “In precision fermentation, you don’t want competing species inside the fermenter. It’s about ensuring only one type of microbe produces exactly what you need.” This makes purification much easier and allows us to achieve incredible results.
What motivated you to leave Biocon and start your entrepreneurial journey with Richcore?
The motivation was simple—I needed to make more money. At the time, I was broke, and when you’re broke, the fear of failure doesn’t hold the same weight. I realized that starting a business would give me the financial growth I needed much faster than staying in a salaried job.
Biocon was an incredible place to work, and Kiran Mazumdar-Shaw was highly supportive of my transition. I went to her and said, “What if I became an external partner for Biocon?” She backed me immediately, as did the senior team. I started Richcore with minimal capital, using a negative working capital model. Essentially, I would purchase products from Biocon on credit, sell them to my customers, collect payments within 90 days, and then pay Biocon. This approach gave me the breathing room to get started.
“Starting entrepreneurship early is not a bad thing,” I often say. “Your hurdle rate is much lower in your 20s because you don’t have massive financial commitments. It gets harder in your 50s when the stakes are higher.”
How did Richcore transition to producing animal-free biopharma solutions?
The shift wasn’t just a business decision—it was deeply personal. I was vaccinating my daughter when I noticed the vaccine package mentioned animal-derived components. That really struck me. I thought, “How can we use animal-derived enzymes in something we’re injecting into humans?”
At the time, Richcore was focused on industrial enzymes, but this realization opened up a new opportunity. We started developing enzymes free of animal derivatives to make vaccines safer. It wasn’t an easy pivot, but it was a necessary one. Today, I’m proud to say that several billion doses of insulin have been made safer using the products we developed at Richcore.
Why did you start Fermbox after Richcore’s acquisition?
After Richcore’s acquisition by Laurus Labs, I could have stayed in a stable corporate role, but I felt there was more to be done. Richcore took 15 years to build, and biotech has a long gestation period—it takes years to teach microbes how to produce specific products. However, I wanted to approach biotech in a completely new way.
With Fermbox, my goal was to disrupt global fermentation by focusing on collaboration and scalability. For instance, we’re building a million-litre fermentation facility in Thailand in partnership with BBGI. By co-locating near sugar mills and distilleries, we can use locally available resources like sugars and water, reduce costs, and scale faster. This collaborative model is something I want to replicate in other regions, including Africa, India, and Eastern Europe.
Biotech has traditionally been a closed-door industry, with companies guarding their IP and working in silos. I believe the future lies in openness and partnerships. Fermbox is my attempt to build a biotech company that embodies these values.
What drives your happiness and keeps you motivated?
Happiness, for me, is deeply rooted in family. They’re my biggest backers—they support me through the highs and lows, let me travel, take risks, and vent my frustrations. They’re central to everything I do.
During my early days at Richcore, I realised I am happy with what I have, I’ve never looked back or shied away from taking risks, knowing what makes me happy changed everything For me, happiness isn’t tied to material success or possessions. Problems will come and go, and businesses will have their ups and downs, but my family keeps me grounded and motivated to keep going.
What’s your vision for Fermbox?
I dream of seeing Fermbox disrupt and reshape global-scale Biomanufacturing and Precision fermentation-derived products. I want us to develop cutting-edge Biofourdaryhere in India and deliver commercially viable products worldwide by producing them at massive collaboratively built precision fermentation plants in multiple countries, leveraging local resources and collaborations to scale efficiently.
I often say, “We’ll make biotech sexy again.” And I truly believe that Fermbox has the potential to disrupt global fermentation and change the way the world thinks about biotech.
As biotechnology continues to shape the future of industries worldwide, Fermbox Bio stands at the forefront of this revolution, demonstrating the power of collaboration, innovation, and purpose-driven leadership.
Stay tuned to Crafting Bharat: Deep-Tech Edition, where we spotlight India’s visionary founders who are transforming bold ideas into realities and redefining the future of technology.
Content is produced/ created by the Crafting Bharat Team not by VCCircle.
