Sai Mirra Innopharm, a leading pharmaceutical company headquartered in Chennai, has secured INR 160 crore in funding from Piramal Alternatives, the fund management arm of the Piramal Group. The investment was made through the India Credit Opportunities Fund II (PCF II), a sector-agnostic vehicle targeting mid-market corporates.
Third Investment by PCF II
This funding marks the third investment by PCF II, which typically operates with a 3–4 year horizon. The fund’s predecessor, with a corpus of USD 300 million (~INR 2,530 crore), had been fully deployed across 17 companies, more than half of which have been successfully exited.
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Funding to Accelerate Brand Acquisitions and R&D Expansion
Sai Mirra Innopharm will use the funds to buy brands, enter new therapeutic areas and strengthen its R&D pipeline. The company will deepen its domestic presence while scaling up internationally.
“This is a big milestone for Sai Mirra,” said J Jayaseelan, Managing Director. “We will be able to enter new therapeutic areas, strengthen our products and R&D.”
Strong International and Domestic Presence
Founded in April 2001 by V.S. Raman, Sai Mirra Innopharm operates under two main divisions:
- ROW (Rest of the World): Supplies over 275 products across more than 70 countries, including in Africa, Southeast Asia, and Latin America.
- Domestic: Over 20 brands under Delvin Formulations through a wide distribution network supported by a team of medical representatives.
The company has a WHO-GMP compliant manufacturing facility in Chennai, reflecting its emphasis on regulatory standards and quality control.
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Backing from Global Institutional Investors
Piramal Alternatives manages over USD 1.5 billion (~INR 12,652 crore) in assets and is backed by institutional investors like Canada Pension Plan Investment Board (CPPIB), International Finance Corporation (IFC) and Bain Capital. The firm provides customized capital solutions across debt and equity for growth, transformation and turnaround mandates.
Piramal Sees Long-Term Value
“Sai Mirra’s diverse product portfolio, focus on R&D and commitment to regulatory excellence across geographies make it an attractive investment opportunity,” said Kalpesh Kikani, CEO of Piramal Alternatives. “We are excited to support the company’s growth journey.”
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A Milestone in Sai Mirra’s Growth Journey
With this strategic capital infusion, Sai Mirra Innopharm is well-positioned to scale its operations, deepen its therapeutic offerings, and solidify its standing as a significant player in the domestic and global pharmaceutical sectors.