Helion Venture Partners has infused Rs 35 crore in Chennai-based LifeCell International Private Ltd, which provides stem cell banking, for a minority stake. The funds would be deployed to boost marketing of stem cell banking and to develop cell-based therapies.
“We have the responsibility to make best-in-class stem cell banking and therapies accessible to more people.This investment will take LifeCell a step closer to that,” Mayur Abhaya, CEO & MD of LifeCell said.
In 2007, Brand Capital had invested $1.13 million in LifeCell for a minority stake. LifeCell said in a statement it targets a revenue of over Rs 100 crore this year.
Kanwaljit Singh, senior managing director at Helion Advisors, is set to join the LifeCell board.
“The investment is in line with our on-going strategy to invest behind high quality entrepreneurs in industries with high growth potential,” Singh said.
Healthcare is increasingly attracting a lot of attention from Venture Capitalists. This year, ASG Eye Hospitals raised $9.19 million from Sequoia Capital India Advisors Pvt Ltd. In 2012, Core Diagnostics Pvt Ltd raised $5.14 million from Artiman Ventures and NationWide Primary Healthcare Services got funding of $4.51 million from Norwest Venture Partners.
Started in 2004, LifeCell was incorporated in a technological collaboration with Cyro-Cell International, US.
The company has a network of around 110 collection centres in India and abroad and has serviced over 65,000 clients. It has a central processing and storage facility in Chennai.
Helion Venture Partners is a Mauritius-registered early to mid-stage India-focused fund, which manages assets worth $600 million. It focuses on internet, mobile, technology products, outsourcing, healthcare, education, retail services and financial services sectors.
(Edited by Prem Udayabhanu)