Report from Financial Chronicle.
Stem cell bank Stemade, which is into storing stem cells extracted from the tooth, is looking at foraying into the overseas markets like Singapore, West Asia and Australia in the coming two years. The company also wants to raise around $8 million to $10 million from Private equity funds to drive the desired growth.
“We would like to expand in the newer geographies along with equity partners. By FY14, we hope to be in eight new Indian cities and also set up a facility in Singapore or West Asia. In a phased fashion we will set up four to five centres across Asia in the coming few years,” said Shailesh Gadre, MD, Stemade Biotech. According to him, setting up a storage facility would require at least $8 million to 10 million, for which they are in talks with private equity players. Their existing manufacturing plant is located in Chennai that has a capacity of two 5,000 and one 12,000 wiles, in the premise of Lifecell cord bank.
The firm wants to launch centres in Ahmedabad, Surat, Jalandhar, Cochin, Kolkata. It now has presence in seven other major cities of the country. It has license for the Asian market from French company Institut Clinident, whose brainchild the technology is. Stemade had launched in 2009 and now has around 600 registrations. Typically a stem cell is extracted from ones primary tooth or wisdom tooth. “We are doing around 50 to 70 registrations per month and see the awareness is increasing rapidly among consumers,” he said.
The Bangalore based company hopes reach registrations up to one lakh by 2013. The company charges Rs 50,000 registration fee apart from Rs 4000 annual fee for storage currently has revenue of around Rs 3 crore. Earlier, the firm had tied up with Cholamandalam for distribution services.