Bangalore's Avesthagen plans to raise $50 m for 'global' push
Avesthagen is aiming to raise $50 million to fund the global commercialisation of its product portfolio and hire senior executives, its founder, Villoo Morawala-Patell, told ET. «I have been playing out of sheer drive and on thin cash, but people have been good to us and we have made it through that. But we need the $50 million to take this global,» Morawala-Patell, who is also the company's managing director, said in an interview.
She said she is open to offering stakes to those who may be interested in individual domains or an upfront licensing royalty model. Morawala-Patell said the company has scaled down its manufacturing operations, cut staff strength, reduced debt and settled disputes. «We have been taking care of our working capital for the last 3-4 years,» said Morawala-Patell.
«We are more or less break-even for this year because we are spending on product development and launch, but in the previous three years we have been break-even and profitable.»Avesthagen has developed technologies in food, pharma and population genetics. It aims to commercialise its developed products and technologies, which include climate change-resistant seed varieties, biosimilars, personalised diagnostics and wellness, among others. «Avesthagen has all the right materials there for the next 20-30 years, and I need to hire senior management positions in each of these verticals,» Morawala-Patell said.
«We are looking for financing for scale, for hiring, to remove the little bit of debt that is remaining.» Earlier this year, the company launched Teestar Bioactive Gummies for sugar and calorie management. It is planning to launch two more products and plans to take them global through partnerships. The company, founded in 2001,
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