Fleming Laboratories Secures INR 110 Cr Investment from InvAscent for Expansion

The primary focus of the investment will be on building Fleming's third manufacturing unit and facilitating its entry into Fermentation-based API manufacturing.

Hyderabad-based active pharmaceutical ingredients (API) manufacturer Fleming Laboratories has raised INR 110 Cr (approximately $13.23 million) in funding from private equity investor InvAscent. 

This investment, made through India Life Sciences Fund IV, corresponds to a minority stake in the company.

The infusion of funds aims to propel Fleming's growth trajectory, supporting its expansion plans and the development, introduction of new molecules. 

Commenting on the same, JM Prakash, CEO & managing director of Fleming, said, "Fleming is in an exciting phase of growth, and we think it is the right time for us to partner with InvAscent as we begin our next phase of growth."

The primary focus of the investment will be on building Fleming's third manufacturing unit and facilitating its entry into Fermentation-based API manufacturing.

Commenting on the same, Nithya Govind, managing director at InvAscent, said, "With great chemistry skills and excellent operational capabilities, Fleming has established itself as one of the fastest-growing API companies in the country."

The funds injected by InvAscent will not only contribute to the expansion of manufacturing facilities but also support Fleming's foray into Fermentation-based API production.

Founded in 1995, Fleming Laboratories Limited was founded in Hyderabad, India. The company manufactures and supplies high-quality generic Active Pharmaceutical Ingredients (APIs) from its two state-of-the-art facilities in Hyderabad. 

With comprehensive capabilities in API development and manufacturing, Fleming excels in Process R&D, IP management, manufacturing, engineering and projects, quality management and regulatory affairs, and EHS Management. 

In previous developments, in 2023, InvAscent had strategically undertaken four new investments and exited from five portfolio companies. The investment firm operates as the advisor to the India Life Sciences Fund, having raised $500 million from global investors across three funds. 

This capital has been deployed across 35 companies spanning pharmaceuticals, healthcare delivery, health tech, medical devices, and animal health industries.

In a recent development aimed at fostering innovation in the biotech, medtech, and healthcare sectors, the Karnataka government has extended seed funding assistance to startups within these domains. 

Although specific details of the financial aid offered through the state's seed funding program remain undisclosed, this move underscores the government's dedication to supporting entrepreneurial initiatives.