Entering India market with this deal, the life sciences company plans to further invest over the next few years in Testing-Inspection-Certification industry in India
International life sciences company GBA Group has acquired a significant stake in Eureka Analytical Services (Eureka) testing labs and inspection service provider. This investment marks the entry of the GBA Group in India. Starting with this investment, GBA will continuously seek opportunities for further investment in the food, pharma and environment testing market in India.
Currently, the food TIC market in India is estimated at Rs 1,800 crore to Rs 2,000 crore, growing at ~12% per annum.
Founded in 2019, Eureka is a provider of testing, inspection and auditing services for food, pharmaceuticals, agricultural commodities, cosmetics and the environment. In a short span, the company has built a national network of nine labs, five of which are fully accredited.
In the next 2 years, it plans to have 15 labs in India and overseas. It helps Indian companies compete with large MNCs to place their products in overseas markets and comply with local regulations. As a fast-growing start-up, it has received support from the Ministry of Food Processing Industries, Government of India.
Incorporated in 2019, Eureka commenced operations in early 2020 and in a short span of less than four years, has built a national network of nine labs, five of which are fully accredited labs, with about 400 employees.
With GBA as a shareholder, Eureka aims to strengthen its presence in the international food market by extending its offerings to its international customer network. It will continue to upgrade and scale its testing platforms to grow its footprint in India and key markets overseas and strengthen its R&D efforts while simultaneously engaging with customers in the pharmaceutical and segment.
Commenting on the investment, Steffen Walter, CEO of GBA Group, said, “Entering the Indian market together with such a professional, growing, and successful company like Eureka increases the win-win aspect for both parties. This move secures significant scale potential over the next decade for GBA Group and opens various growth opportunities such as further expansion towards the Asian market. It also enables us to tap into the enormous potential of the Indian pharmaceutical and medical device markets.”
Hamburg-based GBA Group is an international life science service company with more than 2,000 employees. It offers a broad range of analytical, logistical and specialist services in the fields of pharmaceuticals, medical devices, cosmetics, chemicals, food, drinking water and the environment. The GBA Group is majority-owned by Ardian, one of the largest private investment houses in Europe, with over $110 billion in assets.
Elaborating on the partnership, Ole Borchert, EVP Food at GBA Group, said, “Joining forces with Eureka opens further opportunities for us in the global food supply chain. We will be able to offer our international customers one-stop-shop solutions and further increase our focus on the food export and import market, and thus on high-growth food verticals, especially plant-based foods.”
Speaking on the occasion, Sanjeev Khatri, CEO, and Dr Gouri Satpathy, executive directors and co-founders of Eureka, said, "We want to continue our successful partnership, which has shown that we are very good at promoting and leveraging each other's competencies. We will further strengthen our presence in the international food market by expanding our broad offering to an extended international customer network. Within our strengthened partnership, we will also enter new business areas and expand the GBA Group network in fields like pharma, medical devices and agrochemicals.”