Fidelity invests in India's Richcore Lifesciences
Fidelity Growth Partners India has invested INR300 million ($5.5 million) for a majority stake in Richcore Lifesciences, a Bangalore-based enzyme developer.
Founded in 2005, Richcore's product portfolio includes proprietary enzyme products to aid sugar and alcohol processing as well as a novel enzymatic product for industrial waste water treatment.
"We believe Fidelity is the ideal partner with whom we can embark on our next phase of growth, which includes expansion of our research organization for the development of new enzyme technologies, building an international marketing presence and enhancing our manufacturing capabilities," Richcore's founder Subramani Ramachandrappa said in a statement.
Abhinav Sinha and Prem Pavoor, directors at FIL Capital Advisors (India), the private equity advisory arm for Fidelity Growth Partners India, will join the company's board.
The company also received initial funding from an early stage investor Ventureast across several rounds.
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