Funding · Healthcare & Life Sciences

Biodeal raises ₹385 crore from RMB Capitalworks

By Startup Enthusiast · 10 August 2026

What they do

Biodeal Pharmaceuticals is a CDMO that manufactures drugs and formulations for global pharma brands

It raised ₹385 crore from RMB Capitalworks, its first equity raise in two decades

The funds will be used for business expansion and R&D for new molecules, targeting ₹500 crore revenue in FY27

Biodeal Pharmaceuticals announced a ₹385 crore investment from RMB Capitalworks, a unit of South African lender FirstRand Bank.
This is the first equity raise by Biodeal in its two-decade history.
The stake acquired by RMB Capitalworks is undisclosed.
RMB Capitalworks Managing Partner is Anshuman Malur.
The funds will be used for business expansion and R&D for new molecules.
Biodeal plans to expand into new segments.
The company reported FY26 revenue of ₹325 crore with an operating profit margin of 20%.
It targets FY27 revenue of ₹500 crore and FY30 revenue of ₹1,200 crore.

Biodeal has been bootstrapped for 20 years and is now raising external capital for the first time.
The investment comes from a South African financial group, indicating cross-border interest in Indian pharma CDMOs.
The company's revenue target of ₹1,200 crore by FY30 suggests a 3.7x growth plan over four years.

Biodeal Pharmaceuticals is a contract development and manufacturing organisation (CDMO).
It serves 500+ pharma companies across 80+ countries.
The company has developed 1,000+ formulations and holds 30+ accreditations including WHO-GMP, PIC/S, ISO, Health Canada, and AYUSH.
It operates 10 manufacturing blocks across two factories in Himachal Pradesh.
Production capacity includes 3 billion tablets/year, 650 million capsules/year, and 30 million nasal spray units/year.
Biodeal is a pioneer in nasal spray and DPI manufacturing in India and manufactures Allegra Nasal for Sanofi.
It has four verticals: Pharmaceuticals, Derma & Cosmetics, Nutraceuticals, and Herbaceuticals.
The company has 1,200+ employees and 35 R&D scientists in DSIR-approved labs.
It offers four engagement models: Contract Manufacturing, Loan Licensing, R&D, and Nasal & DPI Systems.

Biodeal will use the funds for business expansion and R&D for new molecules.
The company plans to expand into new segments.
It targets ₹500 crore revenue in FY27 and ₹1,200 crore by FY30.

RMB Capitalworks (lead) — RMB Capitalworks is a unit of South African lender FirstRand Bank, led by Managing Partner Anshuman Malur.