According to an official statement, the Series A round also saw participation from Netherlands-based, food and agriculture-focussed specialist fund, Anterra Capital.
The export-focused company plans to use this latest capital to scale the business in its current geographies and expand into regulated markets such as Europe, Australia and South Africa.
“With the Series A funding, we are focusing on deepening our presence in the semi-regulated markets and tapping into the veterinary generics segment in the regulated markets,” said Ashish Life Science Managing Director Raujesh Agarrwal.
Founded in 2002, Ashish Life Sciences claims to have a portfolio of over 100 products and presence in over 50 countries. It is trying to capture a part of the $31-billion global animal health products opportunity, comprising pharmaceuticals, vaccines and feed supplements.
Eight Roads Ventures, formerly Fidelity Growth Partners India, invests in companies in India and Southeast Asia across technology, healthcare, financial services and consumer sectors. Its investments in the healthcare sector in the region include Carestack, Cipla Health, Core Diagnostics, Eywa Pharma, Laurus Labs, Medwell Ventures, Pharmeasy, Plasmagen Biosciences, Richcore Lifesciences and Trivitron Healthcare.
Earlier this month, Eight Roads invested Rs 218 crore ($30.6 million) in the injectables unit of Caplin Point Laboratories Ltd.
“We believe this segment is at the same inflexion point for generic penetration as the human pharmaceutical industry in the early 2000s. Indian companies are very well positioned to capture this emerging opportunity given the country’s strengths in generic product development and manufacture,” said Prem Pavoor, Partner at Eight Roads Ventures.
Specialist venture capital firm Anterra Capital is backed by Eight Roads and Dutch banking firm Rabobank and has offices in Amsterdam, Boston and Massachusetts.