Axio Biosolutions, that claims to be the first Indian company to get USFDA clearance for a wound care product, on Thursday said it has raised Rs 36 crore in Series B-1 round of funding led by Omidyar Network India, along with participation from existing investors.
The company’s existing investors include Accel, University of California and Ratan Tatas UC-RNT Fund, Chiratae Ventures.
The city based company, with its manufacturing plant in Ahmedabad, plans to use the latest funding to expand its footprint, especially in USA and Western Europe, Axio Biosolutions said in a release.
It said the company will continue to develop novel surgical and wound care products for global wound-care market poised to touch USD 24.8 billion by 2024 from USD 19.8 billion in 2019.
“As the first global wound care brand from India, we have plans to explore new markets and introduce more products in the wound care and drug delivery space.
With Axiostat receiving USFDA clearance, we are all set to enter the US market this year.
Soon, we also will be launching our products direct to consumers for emergency trauma use,” AxioBiosolutions Founder and CEO Leo Mavely said.
In the previous round,Axioraised Rs 47 crore from UC-RNT, Accel and Chiratae Ventures, the company said, adding that the current round (Series B1 round) is an extension of this.
The total funding Axio received so far,including Series A round of funding, is around Rs 105 crore.