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Fidelity Growth Partners invests Rs 30 cr in Richcore

Fidelity Growth Partners India (FGPI) Thursday said it has invested Rs 30 crore in Bangalore -based Richcore Lifesciences.

New Delhi: Fidelity Growth Partners India (FGPI) Thursday said it has invested Rs 30 crore in Bangalore -based Richcore Lifesciences.

Richcore Lifesciences is likely to utilise the funds for business expansion, development of new enzyme technologies, building an international marketing presence.

" ... We can embark on our next phase of growth, which includes expansion of our research organisation for the development of new enzyme technologies, building an international marketing presence and enhancing our manufacturing capabilities," Richcore founder Subramani Ramachandrappa said.

Persuant to the transaction, Abhinav Sinha and Prem Pavoor, Directors at FIL Capital Advisors (India), the private equity advisory arm for FGPI, will join the Board of Directors of Richcore.

Richcore had earlier received initial funding from an early stage investor, Ventureast.

Richcore's key focus areas are novel enzyme applications for the energy, food and water industries. Its current product portfolio include proprietary enzyme products to aid sugar and alcohol processing as well as a globally novel enzymatic product for industrial waste water treatment.

PTI