CX Partners-backed Veeda Clinical Research, a full-service clinical research organisation (CRO), announced fund raising of $16 million through investors led by private equity fund Sabre Partners.

In a round of fund raising led by Sabre Partners, the company saw participation from high-networth individuals (HNIs) such as Pranab Mody of JB Chemicals, Havells India family office, Nikhil Vora, Founder of Sixth Sense Ventures and Arjun Bhartia of Jubilant Group among others, a statement said.

One of the largest independent full service CRO by revenues, Veeda offers a range of early and late phase bioequivalence studies and clinical trials to generic and innovator pharmaceutical players.

Headquartered in Ahmedabad, Veeda has successfully completed regulatory inspections from overseas drug regulators and has approvals from US FDA, UK MHRA, ANVISA (Brazil) and WHO.

Rajiv Maliwal, Founder and Managing Partner, Sabre Partners, said, “The CRO industry is witnessing rapid growth resulting from a confluence of economic and regulatory tailwinds. We believe Veeda is well positioned to capitalise this opportunity as one of the largest independent full service clinical research organizations, by revenue in India, as of March 31, 2021. They have offered broad range of services with experienced scientific talent and management team, and we look forward to working with them,” said Maliwal.

India-focused private equity firm

Sabre Partners is an India-focused private equity firm investing in the financial services and healthcare sectors. Sabre has an industry-leading track record of investing $280 million and returning over $ 1.7 billion from the 3 previous funds it managed.

Ajay Tandon, Managing Director, Veeda said, “We are delighted that Sabre Partners and the other distinguished investors have chosen to partner with us in realising our vision of being the preferred research partner offering broad range of drug development, pre-clinical and clinical research services to our global innovator, generic and biopharma clients. We will continue to invest in developing our delivery capabilities, to be increasingly relevant to our clients objectives.”

Veeda has an experience in conducting complex clinical studies. In November 2018, a consortium of private equity investors led by CX Partners Fund 2 acquired a majority stake in Veeda.

comment COMMENT NOW