Piramal Alternatives, a unit of Piramal Group that is owned by Indian billionaire entrepreneur Ajay Piramal, has invested Rs 160 crore ($18.8 million) in India’s Saimirra Innopharm to support its expansion and brand acquisition plans.
The investment, made through Piramal Alternatives’ India Credit Opportunities Fund II (PCF II), marks the fund’s third deal. PCF II is sector-agnostic and backs mid-market Indian companies with a three- to four-year horizon. Piramal’s earlier $300 million credit fund has been fully deployed across 17 investments, more than half of which have already been exited.
Founded by J Jayaseelan and Muthuswamy Shanmugam, Chennai-based Saimirra is a domestic and international formulations player, manufacturing and marketing over 275 products across 70 countries. In India, its division Delvin Formulations sells over 20 brands across therapies, including gastroenterology, neurology, and diabetes, supported by a wide network of stockists and medical representatives.
Piramal Alternatives CEO Kalpesh Kikani said Saimirra’s diversified product profile, research and development focus, and compliance track record made it an attractive investment bet.
The investment will help Saimirra expand into new therapeutic areas and scale its domestic presence while strengthening its research pipeline. “This marks a significant milestone for Saimirra as we broaden our reach in India and overseas,” Jayaseelan said.
Piramal Alternatives manages around $1.5 billion across credit and private equity strategies and counts CPPIB, CDPQ, and IFC among its investors. It has presence across various sectors such as healthcare, life sciences, drug discovery, financial services, and real estate.
The investment comes at a time when mid-market healthcare companies are increasingly attracting private credit, as traditional equity financing tightens amid a volatile funding environment.
