Bangalore-based biotechnology firm has raised $5.4 million (Rs 30 crore) from Fidelity Growth Partners India (FGPI), a PE arm of Fidelity International.
As part of the investment, Abhinav Sinha and Prem Pavoor, directors at FIL Capital Advisors (India), will join the board of directors of Richcore, which currently includes Siddharth Das and Bobba Venkatadri from Ventureast and professor Kavil Ramachandran from ISB.
Founded in 2005 by Subramani Ramachandrappa, a textile engineer and an MBA from the Indian School of Business, Richcore offers solutions for animal nutrition, bio-fuel, alcohol, textiles, food and beverages, animal feed, paper, detergent and leather industries. The firm’s key focus areas are novel enzyme applications for the energy, food and water industries. Its current product portfolio includes proprietary enzyme products to aid sugar and alcohol processing as well as a globally novel enzymatic product for industrial waste water treatment.
“Richcore is committed to identifying and developing innovative, cost-effective enzyme solutions that make industrial processes cleaner, greener and more efficient. Fidelity is the ideal partner on our next phase of growth, which includes expansion of our research organisation for the development of new enzyme technologies, building an international marketing presence and enhancing our manufacturing capabilities,” said Ramachandrappa.
In March 2010, the firm received funding of $1.90 million from early stage investor VenturEast Life Fund III and Ventureast Proactive Fund, a fund managed by Ventureast Fund Advisors India Ltd and in June 2008 also, it had received $1.15 million funding from Ventureast Proactive Fund.
Mumbai-based FGPI, founded in 2007, provides growth capital to companies operating in India and seeks to invest in technology, media, telecom, healthcare, life sciences, education, infrastructure, energy, logistics, financial services and retail sectors. The PE fund typically invests between $10 million to $50 million in its portfolio companies.
Since 2008, it has invested in around 15 companies including Richcore including Trivitron Healthcare Pvt Ltd, AbsolutData Research and Analytics Solutions Pvt Ltd, Big Shoe Bazaar India Pvt Ltd, MineralTree Inc. and Aptuit Laurus Pvt Ltd.
(Edited by Prem Udayabhanu)