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Our Bureau

Hyderabad , Nov. 15

International Finance Corporation, the private sector arm of the World Bank Group, will invest $ 6.5 million in equity, for a minority stake and debt in Ocimum Biosolutions, a Hyderabad-based company.

Funds raised from this transaction will be used for financing the company's growth, according to a statement from IFC. The Founder and CEO of Ocimum Biosolutions, Ms Anuradha Acharya, in a statement said "These are exciting times for Ocimum and to have IFC as an investor brings a lot of confidence to our clients and partners."

The IFC's Director for South Asia, Mr Iyad Malas, said, "IFC's support to Ocimum Biosolutions will provide the company growth capital to establish an internationally competitive contract research outsourcing company and promote the discovery of new drugs at lower costs. We will also help the company improve its corporate governance standards."

This is Ocimum Biosolution's first round of fund-raising from private equity investors. The company is contemplating another round of fund-raising in the next 18 to 24 months. They had recently acquired a manufacturer of oligos based in Europe and is scouting for more targets in the European market.

IFC would support the company's expansion and invest in research and development infrastructure in India by recruiting and training scientists to perform drug research aimed at improving human health.

Ocimum Biosolutions is a life sciences research and development enabling company with three main focus of biology-related information technology, micro arrays and contract research services.

More Stories on : Venture Capital | Bio-tech & Genetics

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