Existing founders of LifeCell also participated in the round by investing Rs 30 crore, taking the total fundraise to Rs 255 crore.
Chennai-based LifeCell International, a stem cell bank and reproductive genetic testing services provider, on Tuesday said it has raised Rs 225 crore from OrbiMed Asia Partners IV, a healthcare investment firm. Existing founders of LifeCell also participated in the round by investing Rs 30 crore, taking the total fundraise to Rs 255 crore.
Speaking to select mediapersons virtually, Mayur Abhaya, MD of LifeCell International, said: “Having transformed the approach in cord blood stem cell preservation through its innovative community banking model, LifeCell has over the last few years undertaken several growth initiatives in genetic and genomic testing for maternal and newborn health, and innovative placental tissue-based products for wound healing.”
Sunny Sharma, senior MD, OrbiMed Asia, will join the board of LifeCell after the closure of the transaction.
Ernst & Young LLP acted as the investment banking adviser to LifeCell and LKS acted as the legal adviser.
With demonstrated market leadership across segments, LifeCell is seeking to further leverage its technological expertise, strong brand position, and wide network, to foray into adjacent new categories like fertility heath and cell-based therapeutics, Abhaya said. “These funds will help accelerate this agenda and further strengthen our market position,” he added.
The company is looking at high double-digit growth in revenues with aggressive growth plans being worked out. “We had closed the last fiscal with Rs 234 crore in revenues. We intend to double our revenues in another 3-4 years,” Abhaya said.