PlasmaGen Biosciences raised Rs 150 crore in a funding round led by ViNS Bioproducts, which included high-net-worth individuals, family offices, pharmaceutical entrepreneurs, and current investors.

The Bengaluru-based biopharma business raised the funds at a valuation of more than Rs 1,500 crore.

The startup, which is backed by Eight Roads Ventures, has raised more than Rs 600 crore so far. Its investors include Eight Road Ventures, F-Prime Capital, Fidelity’s FIL Capital Investments, Artian Investments from the United Kingdom, and a number of well-known HNIs.

PlasmaGen raised Rs 225 crore in 2023, following an earlier round of roughly Rs 160 crore in 2017 from Eight Roads and F-Prime Capital.

PlasmaGen was founded in 2010. It develops, manufactures, and markets blood plasma-derived medicines such as albumin, immunoglobulins, anti-D products, and clotting factors. These therapies are used in neurology, hematology, and critical care, and are provided to both private institutions and state governments throughout India.

The latest fundraising effort comes as PlasmaGen’s plasma fractionation facility in Kolar, near Bengaluru, prepares to begin commercial operations in December 2023.

The lead investor, ViNS Bioproducts, is a 28-year-old pharmaceutical firm that creates and manufactures antivenom for snake and scorpion attacks, antitoxins for tetanus, diphtheria, and gangrene, and anti-rabies serums.

PlasmaGen stated that the new funding will be utilized to grow worldwide operations, broaden its product portfolio, and boost manufacturing and leadership capabilities.

“The past year has been transformative for PlasmaGen, with a significant increase in the company’s scale and reach. This momentum has set us on an exponential growth trajectory,” stated Vivek V Kamath, CEO of PlasmaGen Biosciences.