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January 10, 2013

Deal Alert: Fidelity Growth Partners India invests INR 300M in Richcore Lifesciences Private Limited

Fidelity Growth Partners India (FGPI) has made an INR 300M investment in Bangalore-based Richcore Lifesciences Private Limited, an innovation-driven company focused on development and manufacture of industrial enzymes that have global relevance. 

Richcore’s key focus areas are novel enzyme applications for the energy, food and water industries. The company’s current product portfolio includes proprietary enzyme products to aid sugar and alcohol processing as well as a globally novel enzymatic product for industrial waste water treatment. 

In addition to its in-market portfolio, Richcore’s R&D team has developed a rich pipeline of products in white space areas that are differentiated and outside of the traditional focus areas of the global enzyme majors. The R&D team is supported by an accomplished scientific advisory board comprised of eminent academicians and industry experts. The company has filed patent applications for several products. Richcore’s product development capabilities are supplemented by high quality infrastructure that includes a state-of-the-art R&D laboratory and a GMP compliant manufacturing facility in Bangalore. 

Richcore was founded in 2005 by Subramani Ramachandrappa, a textile engineer and an MBA from the Indian School of Business, who was associated as an employee and as a business partner for several years with Biocon’s enzyme business before it was acquired by Novozymes. The company received initial funding from an early stage investor, Ventureast, that has since invested across several rounds. Commenting on the transaction, Subramani said, “Richcore is committed to identifying and developing innovative, cost-effective enzyme solutions that make industrial processes cleaner, greener and more efficient. We believe Fidelity is the ideal partner with whom we can embark on our next phase of growth, which includes expansion of our research organization for the development of new enzyme technologies, building an international marketing presence and enhancing our manufacturing capabilities.” 

Abhinav Sinha and Dr. Prem Pavoor, Directors at FIL Capital Advisors (India), the private equity advisory arm for FGPI, will join the Board of Directors of Richcore which currently includes Siddharth Das and Bobba Venkatadri from Ventureast and Professor Kavil Ramachandran from ISB. 

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