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Press Release - CX partners backed Veeda Clinical Research receives growth capital from Sabre Partners and a group of marquee HNIs

 Chennai, 24 June, 2021: Veeda Clinical Research (“Veeda”), a full-service clinical research organisation (CRO) in India, raised USD 16mn in a round led by private equity fund, Sabre Partners. This round also saw participation from distinguished HNIs such as PranabMody (of JB Chemicals), Havells India family office, Nikhil Vora (Founder of Sixth Sense Ventures; amongst the first investors in companies such as Paytm, Fogg deodorant, etc.), Arjun Bhartia (of Jubilant), amongst others.

Mr Rajiv Maliwal, Founder and Managing Partner, Sabre Partners, said: “We are excited to partner with Veeda as an equity investor. The CRO industry is witnessing rapid growth resulting from a confluence of economic and regulatory tailwinds. We believe Veeda is well-positioned to capitalise on this opportunity as one of the largest independent full-service clinical research organizations, by revenue in India, as of March 31, 2021. They have offered a broad range of services with experienced scientific talent and management team, and we look forward to working with them.”

Mr Ajay Tandon, Managing Director, Veeda said, “We are delighted that Sabre Partners and the other distinguished investors have chosen to partner with us in realising our vision of being the preferred research partner offering a broad range of drug development, pre-clinical and clinical research services to our global innovator, generic and biopharma clients. We will continue to invest in developing our delivery capabilities, to be increasingly relevant to our client's objectives.”

About Veeda:Veeda is one of the largest independent full-service clinical research organizations, by revenue in India, as of March 31, 2021, headquartered in Ahmedabad. Veeda offers a range of early and late phase bioequivalence studies and clinical trials to generic and innovator pharmaceutical players.  Veeda has successfully completed several regulatory inspections and is approved by USFDA, UK MHRA, ANVISA (Brazil) and WHO. Veeda has experience in conducting complex clinical studies.  In November 2018, a consortium of private equity investors led by CX Partners Fund 2 acquired a majority stake in Veeda.

About Sabre Partners:Sabre Partners is an India-focused private equity firm investing in the financial services and healthcare sectors. Founded by Mr Rajiv Maliwal in 2002, the firm’s management team has decades of experience of investing, managing and operating businesses in Asia and India. Sabre is currently investing out of its fourth fund, Sabre Partners Fund – 2019, which led the investment in Veeda. The firm has an industry-leading track record of investing US$ 280m and returning over US$ 1.7b from the 3 previous funds it managed.

About CX Partners:CX Partners Fund 2 Limited is private equity investor focusing on high growth mid-market companies. Prior portfolio companies in healthcare include Natco Pharma Ltd, Thyrocare Technologies Ltd and HealthiumMedtech Pvt Ltd. Other investments include Minacs Group, a leading Business Process Outsourcing firm, Sapphire Foods, a leading franchisee of Yum! Brands, Barbeque Nation Hospitality Ltd and Mrs Bectors Food Specialties Ltd. Over the past few months, CX Partners Fund 2 has also invested in DindigulThalapakatti Hotels - a chain of restaurants in South India, Anjan Drugs - a leading API player in the CNS space and Ummeed Housing Finance.

“Veeda Clinical Research Private Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares in the near future and is in the process of filing a draft red herring prospectus with the Securities and Exchange Board of India.”


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