Avendus Capital advises Embio on its growth equity capital raise from True North

Embio Limited (“Embio”), a leading regulated markets-focused manufacturer of complex Active Pharmaceutical Ingredients (APIs) and advanced intermediates has raised growth capital through a minority investment from True North, a leading private equity fund.

Avendus Capital acted as the exclusive financial advisor to Embio and its shareholders on this transaction.

Deal Value

Undisclosed

Service

Private Equity

Sector

Healthcare

Date

May 2026

This investment from True North marks an important milestone in Embio’s growth journey. Their strong track record of partnering with high-quality healthcare businesses and long-term approach makes them an ideal partner as we continue investing in technology, sustainability, and talent to position Embio as a leading Synthetic Biology based pharmaceutical company.

Devesh Malladi

Managing Director, Embio

We are committed to invest and drive growth in the Healthcare and Life Sciences space in India. Our investment in Embio aligns closely with our philosophy of partnering with high-quality, promoter-led businesses that have built differentiated capabilities and strong global relevance over time. Embio has established a strong position in complex APIs through its focus on technical excellence, long standing customer relationships in regulated markets, and a consistent focus on customer centricity and quality. We believe the Company is well-placed to play a meaningful role in India’s pharmaceutical manufacturing for global regulated markets. We look forward to partner with Devesh and the Embio team in this exciting phase of their expansion and growth.

Satish Chander

Partner, True North

We are delighted to have partnered with Devesh and the Embio team on their fundraise from True North. Embio stands out as a truly differentiated player in the complex API space, underpinned by deep scientific expertise and strong commercialization capabilities. With a long-standing global customer base, the company is well-placed to capitalise on India’s strategic importance as a regulated-markets supplier. As India emerges as a major manufacturing hub for pharmaceutical products, we are seeing increased investor interest in such high-quality API platforms.

Anshul Gupta

Managing Director & Head, Healthcare Investment Banking, Avendus Capital

About Embio

Embio specializes in the manufacturing of complex, high value APIs and advanced intermediates with deep expertise in synthetic biology and precision fermentation. The company has established leadership in controlled substances across several therapeutic areas, including nasal decongestants, ADHD, Parkinson’s diseases, anti-epileptics, among others. Its differentiated technical capabilities and focus on green chemistry have enabled it to develop and produce high-quality, environmentally sustainable products across key categories.

Embio has a diversified global customer base spanning more than 80 markets, including the United States, Europe, Japan, Brazil, Canada, Africa, and the Middle East. Its manufacturing facility in Mahad, Maharashtra is approved by leading global regulatory authorities, including the US FDA, WHO-GMP, PMDA (Japan), KFDA (Korea), the European Medicines Agency, ANVISA (Brazil) and COFEPRIS (Mexico).