The acquisition is expected to facilitate Eureka's expansion into the international market. The pharmaceutical startup also aims to enhance and scale its testing platforms, along with an emphasis on improving research and development initiatives.
Germany's GBA Group has acquired a significant stake in Eureka Analytical Services, a Bengaluru-based startup specialising in food and pharmaceutical testing. The investment marks the entry of GBA Group in India.
The strategic investment aligns with the group's plan of further investing in the food, pharma and environment testing market in India. However, the financial terms of the transaction have not been disclosed.
The acquisition is expected to facilitate Eureka's expansion into the international market. The pharmaceutical startup also aims to enhance and scale its testing platforms, along with an emphasis on improving research and development initiatives. In the next two years, Eureka envisions establishing 15 labs in India and overseas.
Sanjeev Khatri and Gouri Salpathy, cofounders, Eureka, jointly stated, "We will strengthen our presence in the international food market by expanding our broad offering to an extended international customer network. We will also enter new business areas and expand the GBA Group network in fields like pharma, medical devices and agrochemicals."
Founded in 2019, Eureka is a provider of testing, inspection and auditing services for food, pharmaceuticals, agricultural commodities cosmetics and the environment. Currently, it has a network of nine labs in India.
Hamburg-based GBA Group, on the other hand, is an international life science service company with more than 2,000 employees. It offers a broad range of analytical, logistical and specialist services in the fields of pharmaceuticals, medical devices, cosmetics, chemicals, food, drinking water and the environment. The GBA Group is majority-owned by Ardian, one of the largest private investment houses in Europe, with over $110 bn in assets.
Commenting on the investment, Steffen Walter, CEO of GBA Group, said, “Entering the Indian market together with such a professional, growing, and successful company like Eureka increases the win-win aspect for both parties. This move secures significant scale potential over the next decade for GBA Group and opens various growth opportunities such as further expansion towards the Asian market. It also enables us to tap into the enormous potential of the Indian pharmaceutical and medical device markets.”
In another significant development, Bengaluru-based medtech startup Inito raised $6 Mn in funding led by Fireside Ventures. Inito's technology helps women track fertility hormones and provides personalised analytics on reproductive health through its flagship product, the Fertility Monitor. Going forward, the startup aims to offer diagnostic tests to address various health concerns through a smartphone-based platform.
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