New Delhi, Dec. 22 -- PlasmaGen Biosciences, a biopharmaceutical company which counts investors such as Eight Roads Ventures in its captable, has raised capital from a biopharma company and family offices to scale up its operations and international presence.

The Bengaluru-headquartered company, which in October named a former Abbott India executive as the chief executive, has raised Rs 150 crore (around $17 million) in a minority equity financing round led by ViNS Bioproducts, a specialty biopharma company, with participation from family offices of high networth individuals (HNIs), pharmaceutical entrepreneurs and existing investors, it said in a statement. With the fresh infusion, the company is now valued at more than 1,500 crore ($167 million).

PlasmaGen said it plans to deploy the capital to scale up its international operations, expanding the product portfolio and strengthening organisational capabilities. It added that it has identified distribution partners in key export markets and is advancing regulatory approvals to commence international operations.

The latest round comes more than two years after PlasmaGen raised Rs 225 crore from the UK-based Artian Investments, Indian stock markets investors Ashish Kacholia, pharmaceutical entrepreneurs Anurga Bagaria and Dushyant Patel, and existing investors Eight Roads and F-Prime Capital.

Founded in 2010, PlasmaGen focuses on blood plasma-derived pharmaceutical products, selling life-saving drugs such as albumin, intravenous immunoglobulin, rabies immunoglobulin, hepatitis B immunoglobulin and RhD immunoglobulin (anti-D) under its own brand name to private hospitals and state governments in India and other emerging markets. The company has a presence in over 70 cities in India, covering more than 5,000 physicians and hospitals. To date, it has raised over Rs 600 crores in total funding.

In the past few months, the company has beefed up its top-deck with the appointment of Vivek Kamath as CEO, Sethu Madhavan as COO, and Arnav Jain as CFO.

"The past year has been transformational for PlasmaGen, marking a step change in the scale and reach of the company," Vivek Kamath, CEO, PlasmaGen Biosciences said.

"With a clear plan and the support of this financing, we are well positioned to turn our ambition into an enduring impact for patients and partners worldwide," he added.

Published by HT Digital Content Services with permission from VC Circle.