Ashish Life Sciences fetches about $6.3 mln Series A

India-based Ashish Life Science, a generic veterinary pharmaceuticals company, has raised INR 45 crores (about $6.3 million) in Series A funding. Eight Roads Ventures India led the round with participation from Anterra Capital.


31 January 2019, Mumbai: Ashish Life Science (“the Company”), an export focussed, veterinary pharmaceuticals company has raised INR 45 crores in Series A funding. Eight Roads Ventures India led the round with participation from Netherlands-based, food and agriculture-focussed specialist fund, Anterra Capital.

The Company will use this first round of external capital to scale the business in its current geographies and expand into regulated markets.

Ashish Life Science was established by first generation entrepreneur Raujesh Agarrwal in 2002. The lack of Indian companies supplying veterinary products to the export markets, inspired him to set up a multi-formulations facility near Mumbai. Since then, the Company has expanded operations to build out a 100+ product portfolio catering to several animal types, established a presence in over 50 countries and has grown its manufacturing infrastructure to produce injectable drugs as well. The aspiration now is to expand into the regulated markets such as Europe, Australia and South Africa, after recently becoming the first veterinary pharmaceuticals company in the country to receive an EU GMP approval for its facility.

Dr. Prem Pavoor, Partner at Eight Roads Ventures, said: “We are excited to partner with Raujesh Agarrwal to realise our shared vision of building a leader in the global generic animal pharmaceuticals industry. We believe this segment is at the same inflexion point for generic penetration as the human pharmaceutical industry in the early 2000s. Indian companies are very well positioned to capture this emerging opportunity given the country’s strengths in generic product development and manufacture. We look forward to helping Ashish Life Science in continuing to cement its leadership position in this next phase of growth.”

The $31B global animal health products opportunity, comprising pharmaceuticals, vaccines and feed supplements, continues to grow driven by the rising protein consumption demands of an expanding global population and growing pet adoption. The pharmaceuticals segment, contributing 60% of the opportunity, has so far been dominated by a consolidated set of global companies, with historically low generics penetration. The share of generics has, however, been on the rise more recently led by escalating prices of branded products and demand expansion in emerging, more price sensitive economies.

Commenting on the transaction, Raujesh Agarrwal, Managing Director, Ashish Life Science, added: “With the Series A funding, we are focussing on deepening our presence in the semi regulated markets and tapping into the veterinary generics segment in the regulated markets. We are delighted to partner with Eight Roads Ventures and Anterra Capital as we enter this next phase in the company’s journey”.

Adam Anders, Managing Partner, Anterra Capital, commented: “This investment embodies Anterra’s focus on backing innovative visionaries who are building the agricultural systems of tomorrow. Ashish Life Science has already established itself as a category leader unlocking new opportunities in the veterinary pharmaceutical industry, and we look forward to supporting the business as it expands in Europe.”

About Ashish Life Science
Ashish Life Science (ALS) is an export focussed, generic veterinary pharmaceuticals company. Over the last 16 years, ALS has focused on improving the health and wellbeing of farm and companion animals. During this time the company has built a strong market presence in more than 50 countries. ALS also has a state of art manufacturing facility which is accredited with EU GMP, APVMA (Australian) GMP and other certifications from various health authorities.

About Eight Roads Ventures
Eight Roads is the proprietary investment arm of FIL, Fidelity International Limited. Eight Roads Ventures invests in high-quality, high-growth companies in Asia, Europe and the US, with a focus on healthcare, technology and consumer products. Eight Roads Ventures is committed to making the companies it invests in leaders in their industries through access to patient capital, a powerful network of resources and a team of investment professionals with a proven track record of success. Eight Roads Ventures’ healthcare investments in India and Southeast Asia include Trivitron Healthcare, Richcore Lifesciences, Plasmagen Biosciences, Pharmeasy, Medwell Ventures, Laurus Labs, Eywa Pharma, Core Diagnostics, Cipla Health and Carestack.