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Innovision Healthcare, a Bengaluru-based startup in the herbal health care and pharma space and a concern of US-based Innovision Group, is set to raise Rs 35 crore to fund its expansion.
“We started our operations in India a year ago with an initial capital of Rs 10 crore from founding members. We are now looking for additional funds to expand our business. We are in talks with some strategic investors and angel investors for raising around Rs 35 crore,” Dr Baidyanath Mishra, Managing Director & Chief Scientific Officer, Innovision Healthcare said.
The company’s founders include former senior executives of Himalaya Drug Company. The Innovision Group is headquartered in Austin, US and was founded in 2006 by Dr Vivekananda Ramana, who has expertise in clinical drug development, clinical pharmacology and safety.
After having conducted research and development for nearly ten years, the group has launched a range of herbal products including skincare, anti-ageing, orthocare and singlets segments. The company is looking at FMCG route to sell its products in India. It is also in the process of introducing prescription drugs in the oncology space by October this year, Dr Mishra said.
Innovision intends to raise funds to meet its expansion pan India in the next one or two years.
“We are currently sourcing our products through contract manufacturing and we wish to set up our own manufacturing facility. Also, we want to expand our presence in other parts of the country in the next one or two years,” he said.
Currently, the company has launched its products only in south India and will be entering the eastern cities in the next few days. It also plans to launch prescription drugs in the dermatology, gynaecology and oncology by the third quarter of this year. “We will be setting up a separate company for prescription drugs very soon. We are planning to launch around 32 products in these areas through the new company,” Dr Mishra added.
The herbal health care products market is estimated at Rs 5,200 crore in India and growing at a CAGR of nine per cent. Globally, the industry is estimated to be $100 billion by this year. Innovision expects to grow at 13 per cent in the Indian market driven by herbal, traditional vitamins and dietary supplements, topical analgesics and dermatologicals.
“In India and across the world, there is a growing awareness and demand from consumers who are looking at purely herbal and natural products for various health and body-related issues,” Dr Ramana said.
