[Funding alert] LifeCell raises Rs 255 Cr led by Orbimed Asia Partners
Leading stem cell bank LifeCell International on Tuesday said it has raised Rs 255 crore in a funding round led by healthcare investment firm OrbiMed Asia Partners IV.
The founders ofalso participated in the round, LifeCell International Pvt Ltd said in a statement.
While OrbiMed Asia Partners IV has put in Rs 225 crore, existing partners have put in Rs 30 crore, it added.
Commenting on the fundraise, Mayur Abhaya, Managing Director, LifeCell International, noted -
"We thank OrbiMed for backing LifeCell to support its growth. Having transformed the approach in cord blood stem cell preservation through its innovative community banking model, LifeCell has over the last few years undertaken several growth initiatives in genetic and genomic testing for maternal and newborn health, and innovative placental tissue-based products for wound healing.
With demonstrated market leadership across segments, LifeCell seeks to further leverage its technological expertise, strong brand position, and wide network, to foray into adjacent new categories like Fertility Heath and Cell-based therapeutics."
These funds will help accelerate this agenda and further strengthen the company's market position, he added.
OrbiMed Asia Senior Managing Director, Sunny Sharma, will join the Board of LifeCell upon closure of this transaction, LifeCell said.
"LifeCell has built a trusted healthcare brand in maternal and newborn health through innovation and service. We are very excited to partner with Mayur and his team in the next stage of LifeCell's growth," Sharma said.
(Disclaimer: Additional background information has been added to this PTI copy for context)