Bayir Group (Bangalore, India) announced that it has secured two new rounds of funding, totaling $2.45 million. The company says that the funding will be allocated for future expansion of Bayir’s business. In addition to the $2.45 million in Series B financing, Bayir says that it anticipates an additional $1.42 million in funding in the near future for capital growth.
A portion of the funding will be used to support operation of a fermentation facility in Pune, India, Bayir says, specifically for production of thiocolchicoside, which is manufactured in the facility using Bayir’s patented in-house fermentation method. Currently, the company maintains nine manufacturing facilities worldwide; the facilities specialize in a wide range of ingredients, including bacopa, glucosamine, chondroitin, organic extracts, and botanical ingredients.
“Bayir Group’s offering is well-timed with the increasing demand for high-quality ingredients within the natural products industry. We are confident that Bayir Group, with its robust product portfolio, will capture a good market share in a short time,” said Rajesh Srivastava, chairman, managing director, Rabo Equity, in a press release from Bayir. “We are excited to support them through the growth journey.” Rabo Equity Advisors is the investment advisor for Bayir’s Private Equity Funds.
The Bayir Group consists of BeloorBayir Biotech, Bayir Extracts, and the newly launched North American division Bayir Inc. The company notes that it has grown to a $20 million business over the last 35 years, and has more than 500 customers. Bayir Inc., it says, will function as the domestic manufacturing arm for dietary supplements, functional food and beverages, and nutraceuticals industries.
B.G. Bairy, chairman and managing director, Bayir Group, explained that the funding will allow the company to meet its business goals in the U.S. “This capital provides us with the additional resources to expand quickly and strategically in the U.S. market, continue with innovation on a global level, and deliver on our vision to provide greater confidence in the marketplace,” he said.
Sendhil Pani, president, Bayir Group, added: “While the newest round of B Series funding will enable us to aggressively grow the business and increase product development, we will remain laser focused on providing the same quality ingredients that we’ve always strived to deliver.”