Creador invests $18m in India's Corona Remedies

The capital will be used to support Corona's expansion across India and its entry into new therapy areas through both organic and inorganic growth strategies. Corona currently has a distribution presence in 21 states, a sales staff of 1,400 and a World Health Organization-certified manufacturing facility.

Since its founding in 2004 by Kirtibhai Mehta and his sons Nirav and Ankur, Corona has become one of the top 60 generic drug manufacturers in India, out of over 12,000 companies. Its products target medical segments including cardiology, gynecology and diabetes, and also include nutraceuticals.

"Creador is delighted to have this opportunity to partner with Dr. Kirtibhai, Nirav and Ankur in shaping Corona's next phase of growth," said Brahmal Vasudevan, founder and CEO of Creador, in a statement. "We have been impressed by their passion and the way they have scaled in high-growth therapy areas."

Creador made its investment through Cydista, an affiliate of its third fund. The vehicle launched last year with a target of $450 million and reached a first close of $250 million in September. Like the GP's previous funds, Creador III targets long-term investments in growth-oriented businesses in South and Southeast Asia; investments in India are expected to comprise about 25% of the fund.

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• Topics
• South Asia
• Healthcare
• Industrials
• Expansion
• India
• Creador
• Pharmaceuticals