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Chennai-based LifeCell raises $6.4M from Helion Venture Partners

By Lohit Jagwani

  • 21 Feb 2013
Chennai-based LifeCell raises $6.4M from Helion Venture Partners

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.

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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.

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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.

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(Edited by Prem Udayabhanu)

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