VCCircle

Private equity fund ChrysCapital has invested $24 million in Mankind Pharma, a leading Indian pharmaceutical company, the fund has announced. ChrysCap has picked up a minority stake in the company. The other private equity firms who were also in the race were ICICI Venture, Baring Private Equity, and Temasek India Advisors, according to an earlier Business Standard story. Mankind has recorded revenues of Rs 530 crore ($126 million) for 2006-07, growing at 65 per cent in sales. This year Mankind announced its foray into the OTC drug segment under a division "Special Mankind". The products launched under this segment are condoms, emergency contraceptives and home pregnancy kits. This division has already recorded sales of Rs 1 crore in 3 months since its launch in January 07, according to a release from the company.

The company hopes to become a Rs 1,100 crore ($262 million)company by the year 2010, according to R.C. Juneja, Managing Director. The company has plants in Paonta Sahib (Himachal Pradesh) and Gurgaon (Haryana). The company was started in 1995.