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Manipal AcuNova gets Rs 45 cr in first round

Economic Times, 14 DECEMBER 2005

MANIPAL AcuNova, a Bangalore-based contract research organisation, has raised Rs 45 crore in first round funding for its expansion plans. The funding is led by private equity firm IL&FS Investment Managers which has invested Rs 11 crore through its India leverage Fund with the promoters - Manipal Group and AcuNova - putting in Rs 18 crore.

Speaking to ET, Mr D A Prasanna, vice-chairman and managing director, Manipal AcuNova, said the rest of the funds have come from strategic investors (Rs 5 crore) and nonpromoter investors (Rs 3.5 crore). The company also has taken on debt of Rs 7.5 crore from State Bank of India. ''The funds will be used to increase capacity. With increasing orders, we are setting up a second development centre in Whitefield. By the end of 2006, we see our employee strength at 250," he said.

Establishing a clinical reference lab and expanding client capabilities in the US and UK, where the company has subsidiaries, are also on the cards. Manipal AcuNova currently has three research centres located at its hospitals in Bangalore, Mangalore and Manipal. "We are also looking at setting up another research centre in either Hyderabad, Chennai or Mumbai," Mr Prasanna said. The company run up an order book of Rs 4 crore and expects to close the December quarter with Rs 10 cr-Rs 15 crore. agement, Project Experience, Manpower, Infrastructure and Financial Strength.

"We are expecting to sign two big contracts this month," said Mr Balaji Iyengar D, CFO, adding "we expect to close fiscal 20005-06 with an order book of Rs 30 crore and revenues of Rs 4.5-5 crore.''

A second round of funding is envisaged for an acquisition once the company reaches a turnover of Rs 25 crore, expected in early 2007, according to Mr Prasanna.

Manipal AcuNova, promoted jointly by Manipal Education and Medical Group (MEMG) and AcuNova (a group of investors including staff) provides clinical research and clinical data management.

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