Pune-based drugmaker Brinton Pharmaceuticals Ltd has raised Rs 25.6 crore ($4 million) from Tata Capital Healthcare Fund, the healthcare-focused arm of private equity firm Tata Capital Ltd, the company said in a statement.
The investment will help Brinton enter new areas such as pediatrics and gynecology. It will also help it expand its international operations to 32 countries compared with eight currently, it said.
VCCircle first reported about the development early this week.
Brinton, which was founded in 2013, offers clinical and cosmetic dermatology formulations in therapy areas such as anti-fungal, topical corticosteroids, anti-acne, skin care emollients and hair care. Within a year, it became one of the fastest growing companies in the dermatology segment in India, it said.
Rahul Darda, managing director of Brinton, said dermatology and cosmeceuticals are among the fastest-growing therapeutic segments in Indian pharmaceutical market, which is growing at a compound annual growth rate (CAGR) of 15%.
The company expects its revenues from the dermatology segment to cross Rs 300 crore by FY2020-21, said Vijey Christopher, senior vice president, Brinton.
Brinton has a field workforce of 400 in India. Its operations are also spread across French-speaking countries and West Africa besides Nepal, Sri Lanka and Bangladesh.
The dermatology formulations segment has attracted significant investor interest in the past few years. Last year, Delhi-based Vyome Biosciences Pvt. Ltd, a biopharmaceutical firm focused on developing dermatology products, raised a Series C funding round led by New York-based life sciences fund Perceptive Advisors and Boston-based venture capital firm Romulus Capital.
Tata Capital Healthcare Fund, which is investing out of its first fund, has also made a string of pharmaceuticals investments in the past.
Its other bets in the pharmaceuticals space include Novalead Pharma Pvt. Ltd, Intas Biopharmaceuticals Ltd, Amanta Healthcare and Sai Life Sciences.