[Funding alert] Brinton Pharmaceuticals raises Rs 10 Cr debt from BlackSoil Capital
Brinton Pharmaceuticals on Wednesday said it has raised Rs 10 crore as debt from Mumbai-based non-banking financial company (NBFC) BlackSoil Capital.
The company will use the funds for growth, it said in a statement.
The funds raised will ensure that the company's business and ethos remain strong in light of temporary macro shocks, Brinton Pharmaceuticals Chairman and MD Rahul Darda said.
Established in 2013, Pune-based Brinton Pharmaceuticals Ltd is involved in marketing and distribution of branded generic drugs and differentiated brands with a focus on niche therapeutic segments like dermatology and pediatrics.
Rahul Darda, Chairman and MD, Brinton Pharmaceuticals
BlackSoil Capital Director Ankur Bansal said, "The company's intent is to improve its market access through its strong distribution network for which we are excited to support Brinton in such testing times and take it to its next level of growth."
It is one of the few companies to have successfully increased its revenue, and at the same time, turn EBITDA positive during the lockdown, he added.
The company earlier raised funds from marquee investors like Beta TC Holdings Pte Ltd and India Alternatives Private Equity Fund, Brinton Pharmaceuticals said.
Blacksoil’s alternative credit platform has successfully concluded over 45 transactions by deploying more than Rs 460 crore to VC-backed growth companies in the past four years.
In another development, Bengaluru-based ecommerce management firm Assiduus collaborated with Brinton Pharmaceuticals to jointly launch their COVID-19 range of merchandise on ecommerce platforms to promote the Make In India initiative and help communities in dire need of support.
The initiative included launching N95 masks, PPE Kits, OPD kits, surgical gowns etc. Assiduus is recognised by MSME, Government of India for its Make in India initiatives and has been relentlessly supplying merchandises to various hospitals, government agencies, and NGOs since the initiative was launched in March 2020.
(Disclaimer: Additional background information has been added to this PTI copy for context)