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Advent-controlled Suven Pharma appoints former Piramal exec as chairman

VCCircleVCCircle · 1y ago
Advent-controlled Suven Pharma appoints former Piramal exec as chairman
Medial

Suven Pharmaceuticals, controlled by private equity firm Advent International, has appointed Vivek Sharma as its new executive chairman. Sharma, former CEO of Piramal Pharma Solutions, takes over from Annaswamy Vaidheesh, who will become vice-chair of Suven's Advisory Council. The move comes as Advent plans to merge its pharmaceutical portfolio companies Cohance Lifesciences and Suven to create a diversified contract development and manufacturing organization and active pharmaceutical ingredients leader in India. Advent acquired a majority stake in Suven in December 2022. Suven reported a net profit of INR 300.3 crore ($39.8 million) for the fiscal year 2023-2024, down 27% from the preceding year.

Embassy REIT explores acquisition in Chennai, mulls fund-raising

ThehindubusinesslineThehindubusinessline · 2y ago
Embassy REIT explores acquisition in Chennai, mulls fund-raising
Medial

Embassy REIT, the largest real estate investment trust in Asia, is considering acquisition opportunities in Chennai and exploring inorganic growth options. The market conditions have improved, with higher rentals and occupancies in existing buildings and increased investor interest. The company is now looking to raise funds to support its expansion plans and has applied for demarcation of additional areas under amended SEZ rules. Despite the global economic scenario, India's office sector has shown resilience with balanced demand-supply dynamics and marginal rent growth. In Q3FY24, Embassy REIT achieved its full-year leasing guidance and witnessed recoveries in markets like Noida and Pune.

CureBay acquires Saveo’s pharma distribution business

EntrackrEntrackr · 14d ago
CureBay acquires Saveo’s pharma distribution business
Medial

CureBay acquires Saveo’s pharma distribution business CureBay, a hybrid healthcare platform, has acquired the pharma distribution business of Saveo Healthtech for an undisclosed amount. The deal includes Saveo’s network serving over 10,000 retail pharmacies across southern India, along with distribution hubs in Bengaluru and Hyderabad, procurement capabilities, and a tech-enabled ordering platform. CureBay plans to integrate Saveo’s distribution infrastructure with its existing healthcare network to improve fulfillment cycles and inventory visibility. Founded by Priyadarshi Mohapatra, CureBay operates a network of over 190 eClinics across 15,000 villages and has served more than one million patients. The company provides teleconsultation, diagnostics, pharmacy access, and referral services through a hybrid model combining physical centres and digital tools. Saveo’s founders Vivek Jaiswal and Shivansh Shrivastava continue to focus on building the company’s brand-led vertical independently under the parent company funded by existing investors. Saveo previously operated two segments, distribution and branded pharma, with the distribution business now divested. The founders are scaling Silvercross, a direct-to-retail pharma brand operating across 18 states, with an ARR of Rs 100 crore and EBITDA of -3%. The brand also provides first-of-its-kind, batch-level lab reports accessible via QR codes on medicine packaging. With this acquisition, CureBay is moving towards a full-stack healthcare model by integrating medicine distribution into its core offering. The company has already completed most of the integration and is deploying combined operations in select markets. Back in May last year, CureBay had raised $21 million in its Series B funding round, led by Bertelsmann India Investments at around $75 million valuation.

Deeptech manufacturing startup Leumas raises $2.2 Mn in Seed round

EntrackrEntrackr · 9m ago
Deeptech manufacturing startup Leumas raises $2.2 Mn in Seed round
Medial

Deeptech manufacturing startup Leumas has raised $2.2 million in a seed funding round led by Capital 2B, a deeptech-focused fund backed by Info Edge and Temasek, along with participation from Capital-A and Anicut Capital. The proceeds will be used to expand its R&D capabilities, scale on-demand manufacturing infrastructure, and launch pilot deployments of dedicated factories for wellness and pharma brands, Leumas said in a press release. Co-founded in 2016 by Subhajit Biswas and Nitesh K, Leumas offers on-demand manufacturing and factory-as-a-service models for wellness and pharma brands. Its solution is built on software-defined, modular robot factories that radically improve manufacturing and business outcomes - from development to commercial production. By combining automation, software intelligence, and R&D, it helps brands scale quickly, maintain quality, and reduce risk. According to Leumas, its core product is cyber-physical manufacturing technology: software-driven, modular production lines that integrate AI-led robotics, vision-based quality systems, and autonomous operations to ensure optimal production output and regulatory compliance. As per market research, the outsourced development and manufacturing market for pharma and wellness is expected to exceed $400 billion by 2030. Over the past year, Leumas claims to have co-developed its manufacturing solution with leading wellness brands and has helped scale more than 120 products across India, the US, and MENA. It has also signed agreements with prominent pharma and food research institutions to build dedicated factory capacities using its modular factory solution.

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