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Stem cell service provider LifeCell International Pvt Ltd has bagged funding of Rs 35 crore from Helion Venture Partners.
The investment will be used to increase LifeCell’s market awareness and penetration in the country, said Mayur Abhaya, CEO and MD, LifeCell.
Started in 2004, LifeCell is involved in the preservation of stem-cells from the umbilical cord and menstrual blood, which are used in the treatment of blood-related disorders.
LifeCell has a central processing and storage facility in Chennai, and a back-up unit in Gurgaon, apart from 111 collection centres across the country. It has serviced over 65,000 clients till date. Apart from India, LifeCell is also present in the UAE.
“We will increase our distribution and staff strength across the country. We will also look at expanding into West Asia, Sri Lanka, Bangladesh and East Asia,” said Abhaya.
The company expects to close this financial year with a turnover of Rs 100 crore.
Helion Venture Partners, which is picking up a minority stake in Lifecell, becomes the first venture capital firm to invest in a stem cell banking company in India. Kanwaljit Singh, Senior Managing Director at Helion Advisors, will join the LifeCell board.
Helion Venture Partners is a Mauritius-registered India-focused fund, investing in early- to mid-stage companies. It manages assets worth $600 million.
The promoters — Mayur Abhaya, his father Abhaya Kumar (also the MD of Shasun Pharmaceuticals) and Shriram group Chairman, R. Thiagarajan — continue to hold the majority stake. Bennett Coleman is a minority investor in the company.
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