Chennai pharma company Sai Mirra Innopharm raises ₹160 crore from Piramal Alternatives

Sai Mirra Innopharm, a pharma player in the domestic and rest of the world (ROW) formulations market, has raised ₹160 crore from Piramal Alternatives, the fund management division of the Piramal Group. The investment, made through Piramal Alternatives’ India Credit Opportunities Fund II, will support Sai Mirra’s initiatives including brand acquisitions and expansion of its product portfolio across therapies and markets.

Headquartered in Chennai, Sai Mirra is promoted by first-generation entrepreneur, J Jayaseelan and family, along with Muthuswamy Shanmugam, a scientist-entrepreneur from the US. The company currently has two divisions – ROW division, which exports formulations to over 70 countries across Africa, South-East Asia, LATAM etc and a domestic formulations division, which markets brands domestically across multiple therapies such as gastroenterology, neurology, hepatology, diabetes and wellness. Sai Mirra has a manufacturing facility at Chennai, which is approved as per official WHO-GMP guidelines.

J Jayaseelan, MD, Sai Mirra Innopharm Private Ltd, said, “This investment marks a significant milestone for Sai Mirra and will enable us to expand into new therapeutic areas, strengthen our product offerings, and enhance our R&D pipeline. With this capital infusion, we are well-positioned to further scale our presence in both domestic and international markets, while continuing to deliver innovative and high-quality solutions to our customers.”

Third investment

This is the third investment from Piramal Alternatives’ PCF II, which is sector-agnostic and invests in mid-market corporates with a time horizon of three-four years. The first fund with a size of $300 million is fully invested with 17 investments, of which more than half have been exited.

“Sai Mirra’s diversified product profile, focus on R&D and commitment to regulatory standards across domestic and ROW markets present a compelling investment opportunity for us,” Kalpesh Kikani, CEO, Piramal Alternatives, said. 

Published on April 29, 2025