Veeda Clinical Research Ltd IPO

Veeda Clinical Research was the largest independent full service clinical research organization (“CRO”) in India based on revenue in 2020.
The Ahmedabad-based company, backed by CX Partners, in recent past announced raising US $16 million from PE firm Sabre Partners, and high networth individuals including Pranab Mody of JB Chemicals, Havells India family office, Nikhil Vora of Sixth Sense Ventures and Arjun Bhartia of Jubilant Group among others. Veeda acquired a 50.1 per cent stake in Bangalore-based Bioneeds India, after it acquired a substantial minority stake in the company to support its capabilities and to offer top-notch clinical service for novel drugs
The firm offers a broad range of services across most aspects of the drug development and drug launch value chain throughout the global markets including North America, Europe and Asia. The services include specialized bioanalytical services such as bioavailability and bioequivalence (“BA & BE”) studies, as well as a full suite of 146 clinical trials including pre-clinical, early phase and late phase clinical trials, together with related service
The firm grown from a single facility in Ahmedabad in 2004 with a total capacity of 62 beds and a capability of processing ~7,000 samples per month to four facilities at Ahmedabad and one at Mehsana, with a total capacity of 532 beds and a capability of processing ~100,000 samples per month in 2021. Post the acquisition of Bioneeds, the firm now has gained pre-clinical trial capabilities with two facilities in Bangalore having 99 exclusive experiment rooms designed as per international standards and self-contained chemistry, biopharma and analytical laboratories. Further, it has also established an innovation-centric bioanalytical laboratory in Ahmedabad under Ingenuity Biosciences.