[Funding alert] Pharmaceutical startup Koye Pharma raises Rs 30 crore from BlackSoil Capital

Startup Koye Pharma will use the funding to strengthen its position in the domestic formulation market and fuel growth-led working capital requirements.

Koye Pharma raised Rs 30 crore in debt from Mumbai-based NBFC BlackSoil Capital. The pharmaceutical company will primarily use the funding to strengthen its position in the domestic formulation market and fuel its growth led working capital requirements.

Ravindra Shenoy, Founder and Director of Koye Pharma said, 

"We are pleased to partner with an institution of the calibre of BlackSoil and strongly believe this association will further our long-term aspirations and aid our continuous pursuit of a strong growth trajectory with enhanced focus on profitability."

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"Despite the changing regulation and prevailing market condition, the company has shown resilient revenue growth with work towards profitability on the back of strong network and nationwide presence, solid management team, differentiated fast growing brands and focus on niche therapeutic segments including consumer health and wellness," said Ankur Bansal, Director, BlackSoil Capital Private Limited.

Founded in 2013 by industry veterans Preetish Toraskar and Ravindra Shenoy, Mumbai-based Koye Pharma has been backed by multi-stage investors Sequoia and PremjiInvest.

Preetish and Ravindra have over two decades of experience each in transnational leading pharmaceutical companies like Lupin, Alkem, Novartis, Mylan, Aurobindo and Cipla.

Koye Pharma offers branded pharmaceutical products across therapeutic segments including women's healthcare, respiratory care, primary care, diabetes care, and consumer healthcare. The startup employs more than 400 qualified ambassadors who meet over 50,000 doctors across the country every month.

It has a pan-India presence and claims to have a robust distribution network covering over 1.4 lakh retail pharmacies and has grown at a CAGR of 42 percent over four years.

Backed by family offices, BlackSoil is a new-age venture debt platform also focused on structured and real estate debt. It has disbursed over Rs 1,600 crore across over 90 deals in four years.

Blacksoil’s alternative credit platform has successfully concluded more than 45 transactions to VC-backed growth companies so far in the past four years and deployed more than Rs 460 crore.

Edited by Saheli Sen Gupta