PlasmaGen raises Rs 150 Cr led by ViNS Bioproducts

PlasmaGen Biosciences, a biopharmaceutical company focused on plasma-derived therapies, has raised Rs 150 crore in a minority equity funding round, valuing the company at more than Rs 1,500 crore.

The round was led by ViNS Bioproducts, a specialty biopharma firm, with participation from undisclosed high-net-worth family offices, pharmaceutical entrepreneurs, and existing investors.

PlasmaGen said the fresh capital will be used to expand its product portfolio, strengthen internal capabilities and support entry into international markets.

The company has identified distribution partners in key export geographies and is in the process of securing regulatory approvals to begin overseas sales.

Founded in 2010, PlasmaGen operates a plasma fractionation facility set up by a pure-play private company, and is one of only five such facilities in the country. The plant began commercial operations in 2024 and has since reported rapid revenue growth, according to the company.

Plasma-derived therapies, used to treat immune deficiencies, liver disease, bleeding disorders, and certain infections, are considered critical but supply-constrained medicines in India. Limited domestic fractionation capacity has historically made the country dependent on imports, keeping costs high and availability uneven.

“The past year marked a step change in the scale and reach of the company,” said Chief Executive Vivek V Kamath, who recently joined PlasmaGen as CEO. “This momentum has put us on an exponential growth trajectory,” he said, adding that the company is positioning itself as a long-term global supplier of plasma-derived medicines.

Executive Chairman Vinod Nahar said the funding reflects investor confidence in PlasmaGen’s manufacturing platform and quality systems. “Our objective has been to build a world-class plasma biopharmaceutical company based in India,” he said.

PlasmaGen has raised more than Rs 600 crore to date and sells products such as albumin, intravenous immunoglobulin, and rabies immunoglobulin to private hospitals and state governments across more than 70 Indian cities. The company also recently bolstered its senior leadership, appointing a new chief operating officer for manufacturing and a chief financial officer ahead of its next phase of growth.

The funding comes as India steps up efforts to build domestic capacity in complex biologics and reduce dependence on imports, a push that has drawn increased private investment into specialised manufacturing platforms.

PlasmaGen operates in a tightly contested but structurally important segment of the pharmaceutical industry: plasma-derived therapies. Its competition falls into two broad camps, domestic Indian manufacturers and large global plasma fractionation giants, each with very different strengths.

In India, PlasmaGen competes with companies such as Reliance Life Sciences, Intas Pharmaceuticals, Bharat Serums & Vaccines (now part of Mankind Pharma), and a handful of smaller fractionators. These firms benefit from local regulatory familiarity, established hospital relationships and lower manufacturing costs. Reliance Life Sciences, in particular, has scale and experience, while Intas and Bharat Serums leverage broader pharma portfolios to cross-sell plasma products. Competition in this group is largely about price, supply reliability and reach across India’s fragmented hospital market.

Globally, however, the competitive benchmark is far higher. Multinationals such as CSL Behring, Grifols, Takeda (via Baxalta), and Octapharma dominate the plasma-derived therapeutics market worldwide. These companies control vast plasma collection networks, invest heavily in R&D and operate at a scale that allows them to supply complex products like IVIG and rare coagulation factors across regulated markets. Their products often enter India through imports, making them more expensive but clinically entrenched in premium hospital settings.

PlasmaGen’s strategic position sits between these two worlds. It is betting that India’s push for import substitution, combined with rising domestic demand for plasma therapies, will favour local fractionation capacity. While it cannot yet match global players on scale or pipeline depth, it competes on cost, proximity to the market and faster distribution. Its next challenge, moving into international markets, will bring it into more direct competition with global incumbents, where regulatory approvals, quality consistency and long-term supply contracts will matter as much as price.