Evolvence India Life Sciences Fund (EILSF) has invested upto Rs 35 crore in Sutures India Private Limited, a company specializing in the manufacture of surgical consumables. The company is involved in manufacturing a range of wound closure products such as natural and synthetic absorbable and non-absorbable sutures, surgical needles, staples, tapes, hernia meshes, and disposable surgical gloves.
Vishy Chibrolu, managing director with Evolvence India Life Sciences Fund, will be joining the board of the company.
The Bangalore-based firm also exports to over 50 countries in regions like Europe, South America, Africa and Asia. The market for sutures only is said to be at $250 million in India, Brazil and Russia combined, and $3-4 billion world over. Around 30-40% of the revenues come from the export market, while the rest are from domestic market.
"The company has a nationwide distribution network. Primarily the focus for the company is around tier 2, 3 and rural markets," said Chibrolu in an interview to VCCircle. Sutures India has a market share 15-20% in India, and is second largest producer in the country after Johnson & Johnson .
The funds will be partly used for expansion, and partly for working capital requirements. Sutures will also look at inorganic growth opportunities.
EILSF is picking up the pace of its investments. The life sciences focused fund announced an investment of Rs 25 crore in Chennai based Anjan Drugs, one of the largest US-FDA approved manufacturers of drugs for epilepsy, in June. Sutures is its fourth investment, other two being advanced drug delivery mechanism company Gland Pharma and cancer centre network, Health Care Global.