Clinical research organization Veeda Clinical Research said on Thursday it had raised $ 16 million (Rs 118.5 crore) in a new round of funding led by private equity firm Saber Partners and is also considering raising become public.
Veeda said in a statement that she was in the process of filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the initial public offering (IPO).
The proposed IPO is subject to required approvals, market conditions and other considerations in the near future, he said without providing further details.
In the latest round of funding, others include high net worth figures (HNIs) such as Pranab Mody (of JB Chemicals); the Havells India family office; and Nikhil Vora, founder of consumer-focused venture capital firm Sixth Sense Ventures.
Ajay Tandon, managing director of Veeda, said the company will continue to invest in expanding its delivery capabilities.
Launched in 2004, Veeda offers pharmaceutical drug development services in addition to contract research facilities. The company has a clinical and tailor-made research infrastructure to facilitate research. It offers services such as central bioanalytical services, glucose clamping studies, clinical trials, complex and elemental bioassays, immunogenicity studies of biosimilars and pharmacovigilance services.
Veeda had recorded net sales of Rs 218.44 crore for the fiscal year ended March 31, 2020, against Rs 189.04 crore the previous fiscal year, according to VCCEdge. Net profit increased from Rs 46.69 crore to Rs 52.61 crore during the period.
Rajiv Maliwal, Founder and Managing Partner of Saber Partners, said the clinical research organizations sector is growing rapidly as a result of a confluence of favorable economic and regulatory winds.
“We believe Veeda is well positioned to take advantage of this opportunity as one of the largest independent full-service clinical research organizations by revenue in India as of March 31, 2021,” he said. he adds.
Prior to this funding, Veeda had raised private equity funds from a consortium of private equity investors led by CX Partners in 2018.
Earlier this year, it had acquired a significant minority stake in the preclinical research company Bioneeds India Pvt Ltd, based in Bengaluru.