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Thursday 24 June 2021

CX partners backed Veeda Clinical Research receives

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

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 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 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 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 clients objectives.”

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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