Radar · Traditional Pharmaceuticals in Maharashtra
Best Traditional Pharmaceuticals Companies in Maharashtra, India
The 278 best Traditional Pharmaceuticals companies in Maharashtra, India in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: Eris Oaknet Healthcare.
By Riya SenguptaFinancials
278companies tracked
$762Mdisclosed funding
0unicorns
22have raised
FLIAR INTELLIGENCE · TRADITIONAL PHARMACEUTICALS × MAHARASHTRA
Our analysis of 50 Traditional Pharmaceuticals companies
$3.2b in tracked funding; 51% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2016.
50companies analysed
51%cloud-native stacks
2016funding peak (by rounds)
1unicorns
1997median founding year
3.6Mcombined LinkedIn audience
57%of audience held by top 3
5companies hiring publicly (12 mo)
Ranked: Best Traditional Pharmaceuticals companies in Maharashtra
| # | Company | Revenue | Disclosed funding | Last round | Employees | Founder | Patents & IP focus | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | Cipla Health Company focusing on consumer healthcare products | $3.4B FY2025 | — | 49 mo ago | 741 | — | — | 2 launchs · 1 award |
| 2 | Alkem Laboratories Manufacturer of pharmaceutical generics, formulations, and nutraceuticals | $1.6B FY2025 | — | — | 10,001 | Vikas Gupta Chief Executive Officer | 59 patents Patents concentrated in health & consumer products | — |
| 3 | Ipca Laboratories Manufacturer of pharmaceutical formulations, active pharmaceutical ingredients, and generic medications | $1.1B FY2025 | — | 158 mo ago | 1 | Pranay Godha CEO & Managing Director | 22 patents Antithrombotic and anti‑malaria prodrug pharmaceutical compounds and stable formulations | — |
| 4 | Emcure Developer, manufacturer, and markets a broad range of pharmaceutical products 78Moat top 13%Fin. health top 22%Market top 24%Talent top 33% All 10 signals ▾Moattop 13% Fin. healthtop 22% Markettop 24% Talenttop 33% Fundingtop 36% Producttop 39% Techtop 43% Newstop 44% Growthtop 49% Globalbottom 48% Moat: Top 1% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 6/10 Fin. health: Revenue ~$942M (FY2016) · Net margin 12.4% rank vs industry peers · Fliar Intelligence Index 78/100 | $942M FY2025 | $50M | 149 mo ago | 6,811 6,811 → 9,088 (+33%) · sector median +11% | Satish Mehta Founder & CEO | — | 1 partnership |
| 5 | Ajanta Pharma Manufacturer of branded and generic pharmaceutical products across multiple therapeutic areas | $561M FY2025 | — | — | 7,946 7,946 → 9,301 (+17%) · sector median +11% | Madhu Agrawal Co-Founder | — | 1 award |
| 6 | Akumentis Healthcare Manufacturer of pharmaceutical products across multiple therapeutic areas | $493M FY2025 | $19M | 129 mo ago | 1,849 | Ajay Dhiman CEO | — | — |
| 7 | Wockhardt Manufacturer of pharmaceuticals, biotechnology products, and active pharmaceutical ingredients | $348M FY2024 | — | 19 mo ago | 2,394 | Habil Khorakiwala Founder & Co-CEO | 1,219 patents Formulation and delivery of stable pharmaceutical compounds, including controlled-release, insulin analogs, and antibacterials. | — |
| 8 | Marksans Pharma Provider of pharmaceutical drug formulation manufacturing services 60Product top 14%Innovation top 20%Fin. health top 30%Moat top 30% All 11 signals ▾Producttop 14% Innovationtop 20% Fin. healthtop 30% Moattop 30% Fundingtop 33% Markettop 48% Newstop 50% Talentbottom 49% Growthbottom 48% Globalbottom 37% Techbottom 30% Product: 6 distinct product lines · Company stage: Public Innovation: 6 product lines rank vs industry peers · Fliar Intelligence Index 60/100 | $269M FY2024 | $46M | 40 mo ago | 98 | Mark Saldanha Founder | — | — |
| 9 | Unichem Labs Manufacturer of branded formulations, APIs, and biosimilars | $254M FY2025 | — | 37 mo ago | 2,503 2,503 → 4,320 (+73%) · sector median +11% | Prakash Mody Co-CEO & Owner | — | — |
| 10 | Elder Pharamaceuticals Manufacturer of generic formulations | $232M FY2013 | $10M | — | 76 | — | — | — |
| 11 | Aarti Pharmalabs Manufacturer of active pharmaceutical ingredients, intermediates, and new chemical entities | $224M FY2024 | — | — | 2,149 | — | 7 patents Synthesis of chiral pharmaceutical intermediates for oncology drugs (relugolix, enzalutamide, ruxolitinib) | 2 job openings |
| 12 | Encube Ethicals Company offering contract development and manufacturing services for topical semisolid formulations 62News top 24%Fin. health top 25%Moat top 27%Tech top 30% All 11 signals ▾Newstop 24% Fin. healthtop 25% Moattop 27% Techtop 30% Markettop 33% Growthtop 35% Talenttop 38% Fundingtop 39% Globalbottom 42% Patentsbottom 34% Innovationbottom 19% News: 6 BI events in 12 mo (of 18 tracked, 5 types) · 6 high-value events (IPO/M&A/funding/contracts) in 12 mo Fin. health: Revenue ~$162M (FY2016) · Net margin 22.1% rank vs industry peers · Fliar Intelligence Index 62/100 | $162M FY2025 | $66M | 59 mo ago | 1,382 1,382 → 1,100 (-20%) · sector median +11% | Mehul Shah Founder & Managing Director | 2 patents Topical drug delivery formulations for anti-inflammatory and antifungal skin therapies | — |
| 13 | BDR Pharmaceuticals Developer and manufacturer of APIs as well as finished products 62Innovation top 19%Moat top 21%Product top 22%Patents top 29% All 11 signals ▾Innovationtop 19% Moattop 21% Producttop 22% Patentstop 29% Markettop 33% Fin. healthtop 36% Fundingtop 38% Growthbottom 48% Globalbottom 37% Newsbottom 22% Techbottom 21% Innovation: 63 patents (top 27% of patent-holders) · 50 filings since 2022 vs 13 in 2017-21 Moat: Top 5% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10 rank vs industry peers · Fliar Intelligence Index 62/100 | $135M FY2025 | $88M | 52 mo ago | 1,687 | — | 63 patents Oral solid dosage formulations for oncology and specialty drugs (e.g., olaparib, abiraterone). | — |
| 14 | Medley Manufacturer of OTC, APIs, and other drugs | $132M FY2025 | $39K | 171 mo ago | 2,640 2,640 → 2,146 (-19%) · sector median +11% | Suhel Khatib Co-Founder | — | — |
| 15 | Centaur Developer and manufacturer of branded formulations as well as APIs | $125M FY2025 | $7M | 218 mo ago | 3,423 | — | — | — |
| 16 | Inventia Healthcare Manufacturer & developer of various oral solid oral drug delivery systems 55Patents top 19%Moat top 22%Innovation top 29%Talent top 38% All 12 signals ▾Patentstop 19% Moattop 22% Innovationtop 29% Talenttop 38% Producttop 42% Fundingtop 44% Markettop 45% Fin. healthtop 46% Techtop 48% Globalbottom 42% Growthbottom 36% Newsbottom 18% Patents: 82 patents matched (strict assignee match) · 40 filings since 2022 vs 19 in 2017-21 Moat: Top 8% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 5/10 rank vs industry peers · Fliar Intelligence Index 55/100 | $73M FY2025 | $42M | 70 mo ago | 972 972 → 1,082 (+11%) · sector median +11% | Pavan Bhat Co-CEO | 82 patents Pharmaceutical formulation technologies for stable, controlled-release drugs and impurity reduction | 1 launch · 1 expansion |
| 17 | Maneesh Pharmaceuticals Manufacturer of branded formulations and generics | $72M FY2022 | $20M | 194 mo ago | 375 | Vinay Sapte Founder & MD | — | — |
| 18 | Agio Pharmaceuticals Provider of printing, packaging, and warehousing services | $34M FY2025 | — | — | 65 | Madhusudan Ruia Managing Director | — | 2 job openings |
| 19 | Integrace Health Provider of musculoskeletal disorders, pain management, and women's health therapy services 45Moat top 27%Funding top 39%Tech top 39%Market top 46% All 9 signals ▾Moattop 27% Fundingtop 39% Techtop 39% Markettop 46% Talentbottom 49% Newsbottom 48% Growthbottom 44% Fin. healthbottom 41% Globalbottom 37% Moat: Top 15% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10 Funding: Raised $72.8M across 1 rounds · 1 rounds over 5 yrs (0.2/yr) rank vs industry peers · Fliar Intelligence Index 45/100 | $29M FY2025 | $73M | 56 mo ago | 822 822 → 586 (-29%) · sector median +11% | Ankit Singhal CFO | — | — |
| 20 | Emil Pharmaceutical Industries Manufacturer of generic drugs 40Moat top 37%Talent top 45%Fin. health top 46%Funding top 47% All 8 signals ▾Moattop 37% Talenttop 45% Fin. healthtop 46% Fundingtop 47% Markettop 50% Techbottom 47% Growthbottom 42% Globalbottom 32% Moat: Top 15% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 1/10 Talent: 2 named leaders on record · 1 C-suite/founder profile curated rank vs industry peers · Fliar Intelligence Index 40/100 | $28M FY2025 | $15M | 38 mo ago | — | Shrirang Gadnis CEO | — | — |
| 21 | Eris Oaknet Healthcare Manufacturer of pharmaceutical products 50Innovation top 20%Product top 26%Moat top 38%Funding top 42% All 11 signals ▾Innovationtop 20% Producttop 26% Moattop 38% Fundingtop 42% Talenttop 45% Techbottom 48% Fin. healthbottom 45% Newsbottom 42% Marketbottom 38% Growthbottom 38% Globalbottom 29% Innovation: 6 product lines Product: 6 distinct product lines · Company stage: Acquired rank vs industry peers · Fliar Intelligence Index 50/100 | $25M FY2021 | $100M | 161 mo ago | 5 | Amit Bakshi Co-Founder & Managing Director | — | — |
| 22 | Eurolife Healthcare Manufacturer and distributor of healthcare formulations 37Innovation top 20%Moat top 28%Talent top 28%Product top 36% All 11 signals ▾Innovationtop 20% Moattop 28% Talenttop 28% Producttop 36% Fundingtop 47% Techbottom 47% Marketbottom 40% Globalbottom 37% Fin. healthbottom 29% Newsbottom 27% Growthbottom 25% Innovation: 11 product lines Moat: Top 16% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10 rank vs industry peers · Fliar Intelligence Index 37/100 | $24M FY2020 | $20M | 78 mo ago | 55 | Mahendrakumar Omprakash Co-Founder | — | — |
| 23 | Unimark remedies Traditional vertically integrated pharmaceutical company 22Moat top 23%Product top 25%Talent top 35%Funding top 42% All 12 signals ▾Moattop 23% Producttop 25% Talenttop 35% Fundingtop 42% Innovationbottom 48% Patentsbottom 40% Globalbottom 39% Marketbottom 33% Growthbottom 30% Techbottom 30% Fin. healthbottom 28% Newsbottom 22% Moat: Top 17% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 8/10 Product: 7 distinct product lines · Company stage: Series C rank vs industry peers · Fliar Intelligence Index 22/100 | $23M FY2018 | $73M | 120 mo ago | 3 | Sonali Parekh Founder | 10 patents Efficient synthesis and formulation of chiral antibiotics and cardiovascular drugs | — |
| 24 | Alencure Biotech Manufacturer of ampicillin and cephalosporin | $19M FY2025 | — | — | — | — | — | — |
| 25 | Murli Krishna Pharma Manufacturer of formulation intermediate drugs 29Moat top 40%Talent top 45%Tech top 49%Funding top 50% All 8 signals ▾Moattop 40% Talenttop 45% Techtop 49% Fundingtop 50% Growthbottom 39% Marketbottom 36% Globalbottom 36% Fin. healthbottom 34% Moat: Top 20% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 1/10 Talent: 2 named leaders on record rank vs industry peers · Fliar Intelligence Index 29/100 | $17M FY2025 | $11M | 72 mo ago | 245 245 → 192 (-22%) · sector median +11% | Vijay K. Shastri Co-Founder & Director | — | — |
| 26 | Sunways Manufacturer of ophthalmic and ENT products, along with medical devices 45Innovation top 30%Moat top 30%Product top 35%Funding top 44% All 11 signals ▾Innovationtop 30% Moattop 30% Producttop 35% Fundingtop 44% Talenttop 45% Fin. healthtop 48% Growthbottom 48% Marketbottom 45% Globalbottom 37% Newsbottom 32% Techbottom 28% Innovation: 3 product lines Moat: Top 20% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10 rank vs industry peers · Fliar Intelligence Index 45/100 | $17M FY2024 | $15M | 43 mo ago | 520 | Pankaj Shroff Managing Director | — | — |
| 27 | Lyka Labs Manufacturer of pharmaceutical formulations and APIs | $17M FY2025 | — | 54 mo ago | 422 | Kunal Gandhi CEO | 18 patents Targeted drug delivery formulations for reproductive health and neuro‑cognitive therapies. | — |
| 28 | Aglowmed Manufacturer of antimicrobials, vitamins, digestive enzymes, and other products | $17M FY2025 | — | — | 1,029 | Ashok Sharma CEO & Owner | — | — |
| 29 | Koye Manufacturer of essential drugs for primary specialty care 24Moat top 26%Talent top 28%Funding top 41%Market top 49% All 9 signals ▾Moattop 26% Talenttop 28% Fundingtop 41% Markettop 49% Newsbottom 42% Techbottom 33% Globalbottom 32% Growthbottom 28% Fin. healthbottom 26% Moat: Top 23% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 7/10 Talent: Analyst team rating 5/5 · 2 named leaders on record rank vs industry peers · Fliar Intelligence Index 24/100 | $15M FY2025 | $47M | 69 mo ago | 1,149 | Ravindra Yogesh Shenoy Co-Founder | — | — |
| 30 | VS International Manufacturer of pharmaceutical products, healthcare products, and medical devices 53Innovation top 36%Product top 36%Moat top 37%Growth top 38% All 10 signals ▾Innovationtop 36% Producttop 36% Moattop 37% Growthtop 38% Fin. healthtop 44% Talenttop 45% Fundingtop 49% Techbottom 42% Marketbottom 36% Globalbottom 29% Innovation: 6 product lines Product: 6 distinct product lines · Company stage: Series A rank vs industry peers · Fliar Intelligence Index 53/100 | $15M FY2025 | $9M | 43 mo ago | 63 | Vidyut Shah Co-Founder & MD | — | — |
| 31 | Bakul Pharma Company manufacturing API, intermediates and specialty chemicals | $12M FY2020 | — | 132 mo ago | 92 | Yogin Majmudar Founder | — | — |
| 32 | Hindustan Antibiotics Manufacturer of antibiotics biosimilars and generic drugs | $8M FY2020 | — | 83 mo ago | 375 | — | — | — |
| 33 | Aishwarya Healthcare Provider of general construction, renovation, and utility system installation services | $8M FY2024 | — | — | 232 | — | — | — |
| 34 | Aadivignesh Provider of active pharmaceutical ingredients, herbal extracts, veterinary and probiotic products | $4M FY2025 | — | — | — | Devang Shah CEO | — | — |
| 35 | Alice Pharma Provider of a multi-network telecom management platform | $3M FY2025 | — | — | — | Alex Fernandes Owner & CEO | — | — |
| 36 | Reflux Pharmaceuticals Manufacturer of API & intermediates | $2M FY2025 | — | 37 mo ago | — | — | — | — |
| 37 | Acton pharma Provider of steel fabrication and erection services for industrial projects | $2M FY2022 | — | — | — | Vikas Tyagi CEO | — | — |
| 38 | Aarsha Chemicals Manufacturer of antiseptic solutions, disinfectant chemicals, and other products | $1M FY2023 | — | — | 42 | Vijayaraghavan Nair CEO & MD | — | — |
| 39 | Zenufa Manufacturer of pharmaceutical drugs | $749K FY2022 | — | 118 mo ago | 8 | Naren Visani CEO | — | — |
| 40 | Aaheli Healthcare Provider of OTC nutraceuticals, branded and non-branded generic formulations | $432K FY2021 | — | — | 23 | Haseen Ara Co-Founder & Director | — | — |
| 41 | ESPERER Developer of oncology products and services focused on cancer treatment support | $121K FY2025 | — | 74 mo ago | 9 | Raktim Chattopadhyay Founder & CEO | — | — |
| 42 | Aisure Pharmaceuticals Manufacturer of pharmaceutical products | $51K FY2023 | — | — | — | Iqbal Sheikh Managing Director | — | — |
| 43 | Indiabulls Pharmaceuticals Manufacturer of generic products and medical devices for both chronic and acute therapies 5Talent top 41%Moat bottom 42%Tech bottom 40%Funding bottom 37% All 8 signals ▾Talenttop 41% Moatbottom 42% Techbottom 40% Fundingbottom 37% Globalbottom 37% Marketbottom 20% Fin. healthbottom 10% Growthbottom 8% Talent: Analyst team rating 4/5 · 1 named leader on record Moat: Top 99% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 8/10 rank vs industry peers · Fliar Intelligence Index 5/100 | $2K FY2025 | $48M | 103 mo ago | 22 | Nikhil Chari Co-Founder & CEO | — | — |
| 44 | Rubicon CDMO offering drug development services through its proprietary drug delivery technologies | — | $5M | 226 mo ago | 375 | — | — | — |
Top 12 Traditional Pharmaceuticals companies in Maharashtra
#1
Public · Mumbai, Maharashtra · founded 2001 · 98 employees$45.8Mraised▾
Public · Mumbai, Maharashtra · founded 2001 · 98 employees
Provider of pharmaceutical drug formulation manufacturing services. It offers pharmaceutical drug formulation manufacturing, development, and marketing of finished dosage products. It offers a diverse range of products including blow fill-seal, liquid stick-packs, powder stick-packs, tablets, pharmaceutical bottles, suppositories, and pessaries.
Fliar Intelligence Index™ 60how this company ranks against its industry peers
Product
top 14%Innovation
top 20%Fin. health
top 30%Moat
top 30%Funding
top 33%Market
top 48%Product: 6 distinct product lines · Company stage: Public
Innovation: 6 product lines
Fin. health: Revenue ~$269M (FY2023) · Net margin 1.7% · Revenue +17% YoY
Audience (LinkedIn): 15k LinkedIn followers
Hiring (LinkedIn): 2 hiring posts in 12 mo (public) · hiring: Analytical Method - Validation Analyst / Sr. Analyst, Company Secretary
Funding rounds
- Jan 2023Post IPO$45.8M
- 2015Post IPO—
Founders & team
Investors
Orbimed, SpringHill Management
Tech stack
AosApache Http ServerBootstrapBootstrap IconsCloudflareGoogle Analytics
#2
Late Stage · Mumbai, Maharashtra · founded 2003 · 1687 employees$88.2Mraised▾
Late Stage · Mumbai, Maharashtra · founded 2003 · 1687 employees
BDR Pharmaceuticals develops and manufactures API. The company also offer new delivery systems and development of new generics. The products are of various therapeutic categories including oncology, critical care, gynecology, respiratory, antidiabetics, neurology, and others. The company has manufacturing facilities certified by WHO-GMP.
Fliar Intelligence Index™ 62how this company ranks against its industry peers
Innovation
top 19%Moat
top 21%Product
top 22%Patents
top 29%Market
top 33%Fin. health
top 36%Innovation: 63 patents (top 27% of patent-holders) · 50 filings since 2022 vs 13 in 2017-21 · 12 product lines
Moat: Top 5% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10 · IP moat: 63 patents
Product: 12 distinct product lines · Company stage: PE
Funding rounds
- Jan 2022PE$88.2M
Investors
Multiples Alternate Asset Management, BKT, State Bank of India, Dharmayug Investments, Kama Holdings, QRG Investments and Holdings
Tech stack
Apache Http ServerBootstrapGoogle AnalyticsGoogle Font ApiGoogle WorkspaceJquery
#3
Series B · Mumbai, Maharashtra · founded 1989$14.6Mraised▾
Series B · Mumbai, Maharashtra · founded 1989
Manufacturer of generic drugs. Its product line includes tablets, capsules, powders, oral liquids, ointments, and gels. Its products are mainly used for CV, GI, respiratory, CNS, cancer, and infectious diseases. It also manufactures nutraceutical formulations.
Fliar Intelligence Index™ 40how this company ranks against its industry peers
Moat
top 37%Talent
top 45%Fin. health
top 46%Funding
top 47%Market
top 50%Tech
bottom 47%Moat: Top 15% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 1/10
Talent: 2 named leaders on record · 1 C-suite/founder profile curated
Fin. health: Revenue ~$27.5M (FY2023) · Net margin 13.9% · Revenue +10% YoY
Funding rounds
- Apr 2023Series B$14.6M
Founders & team
Investors
Somerset Indus Capital Partners, BIRAC
Tech stack
Animate.CssApache Http ServerBootstrapCodeigniterContact Form 7Cookieyes
#4
Series C · Mumbai, Maharashtra · founded 2017 · 822 employees$72.8Mraised▾
Series C · Mumbai, Maharashtra · founded 2017 · 822 employees
Provider of musculoskeletal disorders, pain management, and women's health therapy services. It offers novel solutions for these conditions and aim to improve the quality of life for their patients.
Fliar Intelligence Index™ 45how this company ranks against its industry peers
Moat
top 27%Funding
top 39%Tech
top 39%Market
top 46%Talent
bottom 49%News
bottom 48%Moat: Top 15% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10
Funding: Raised $72.8M across 1 rounds · 1 rounds over 5 yrs (0.2/yr) · Last round Series C (Oct 2021)
Tech: 45 technologies across 3/8 capability areas · Devops: Nginx · Security: Hsts
Audience (LinkedIn): 6k LinkedIn followers
Hiring (LinkedIn): 1 hiring post in 12 mo (public) · hiring: Zonal Sales Manager
Funding rounds
- Oct 2021Series C$72.8M
Founders & team
Investors
Temasek, True North
Tech stack
Animate.CssApache Http ServerBootstrapCloudwaysContact Form 7Core-Js
#5
Series D · Mumbai, Maharashtra · founded 1998 · 1382 employees$65.5Mraised▾
Series D · Mumbai, Maharashtra · founded 1998 · 1382 employees
Company offering contract development and manufacturing services for topical semisolid formulations. It offers development services such as formulation development, analytical development, packaging development, lab scale stability study as per ICH guidelines, and scale-up & commercialisation for topical semi-solid formulations. Its manufacturing facility produces different semisolid formulations such as ointments, gels, creams, solutions, and lotions.
Fliar Intelligence Index™ 62how this company ranks against its industry peers
News
top 24%Fin. health
top 25%Moat
top 27%Tech
top 30%Market
top 33%Growth
top 35%News: 6 BI events in 12 mo (of 18 tracked, 5 types) · 6 high-value events (IPO/M&A/funding/contracts) in 12 mo · Top themes: M&A, IPO
Fin. health: Revenue ~$162M (FY2016) · Net margin 22.1% · Revenue +25% YoY
Moat: Top 2% by revenue among 1485 tracked Biopharma Outsourcing companies · Editorial + unicorn rating 7/10 · IP moat: 2 patents
Audience (LinkedIn): 54k LinkedIn followers
Funding rounds
- Jun 2021Series D$34.2M
- Jul 2016Series C$31.3M
Founders & team
Investors
Quadria Capital, GII, Frontier Investment Holdings, Multiples Alternate Asset Management, Plenty Investment Advisors
Tech stack
AmchartsAngularAosApache Http ServerBootstrapCdnjs
#6
Series C · Mumbai, Maharashtra · founded 2013 · 1149 employees$46.9Mraised▾
Series C · Mumbai, Maharashtra · founded 2013 · 1149 employees
Manufacturer of essential drugs for primary specialty care. Its products targeting ailments such as arthritis, iron deficiency, asthma. Koye is looking to raise investments from existing as well as new investors. Its provide healthcare that gets recommended by physicians, referred by patients and chosen by partners.
Fliar Intelligence Index™ 24how this company ranks against its industry peers
Moat
top 26%Talent
top 28%Funding
top 41%Market
top 49%News
bottom 42%Tech
bottom 33%Moat: Top 23% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 7/10
Talent: Analyst team rating 5/5 · 2 named leaders on record · 2 C-suite/founder profiles curated
Funding: Raised $46.9M across 7 rounds · 7 rounds over 13 yrs (0.5/yr) · Last round Conventional Debt (Sep 2020)
Funding rounds
- Sep 2020Conventional Debt$4.1M
- Jul 2018Series C$18M
- Mar 2017Series B$8.5M
- Aug 2016Series A$6M
Founders & team
Investors
BlackSoil, Peak XV Partners, Premji Invest, Innoven Capital
Tech stack
AosApexcharts.JsBootstrapBootstrap IconsChart.JsDatatables
#7
Series B · Mumbai, Maharashtra · founded 1951 · 520 employees$15Mraised▾
Series B · Mumbai, Maharashtra · founded 1951 · 520 employees
Manufacturer of ophthalmic and ENT products, along with medical devices. It provides eye drops and ointments, and supports medical education programs. The company focuses on expanding into new therapeutic areas with a commitment to addressing healthcare needs.
Fliar Intelligence Index™ 45how this company ranks against its industry peers
Innovation
top 30%Moat
top 30%Product
top 35%Funding
top 44%Talent
top 45%Fin. health
top 48%Innovation: 3 product lines
Moat: Top 20% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 4/10
Product: 3 distinct product lines · Company stage: Series B
Founders & team
Investors
InvAscent
Tech stack
Apache TomcatGodaddyGoogle Hosted LibrariesHstsIisJava
#8
Series A · Mumbai, Maharashtra · founded 1997 · 63 employees$8.5Mraised▾
Series A · Mumbai, Maharashtra · founded 1997 · 63 employees
Manufacturer of pharmaceutical products, healthcare products, and medical devices. This entity engages in the manufacturing, marketing, and export of these products. It operates a manufacturing plant with several regulatory accreditations. The company also provides contract manufacturing services to partners. In-house research and development capabilities support product innovation and development.
Fliar Intelligence Index™ 53how this company ranks against its industry peers
Innovation
top 36%Product
top 36%Moat
top 37%Growth
top 38%Fin. health
top 44%Talent
top 45%Innovation: 6 product lines
Product: 6 distinct product lines · Company stage: Series A
Moat: Top 23% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 3/10
Audience (LinkedIn): 7k LinkedIn followers
Funding rounds
- Oct 2022Angel$1.8M
- Dec 2006Series A$6.7M
Founders & team
Investors
SIDBI Venture Capital
Tech stack
CloudflareGoogle WorkspaceGsapHeadless UiHttp/3Imagekit
#9
Acquired · Mumbai, Maharashtra · founded 1985 · 972 employees$42.5Mraised▾
Acquired · Mumbai, Maharashtra · founded 1985 · 972 employees
Inventia Healthcare (formerly Themis Laboratories) is a manufacturer & developer of various oral solid oral drug delivery systems. It offers a full range of oral delivery technologies through its R&D lab at Thane. It has an oral solid dosage form manufacturing facility for tablets, capsules, DC granules and pellets.
Fliar Intelligence Index™ 55how this company ranks against its industry peers
Patents
top 19%Moat
top 22%Innovation
top 29%Talent
top 38%Product
top 42%Funding
top 44%Patents: 82 patents matched (strict assignee match) · 40 filings since 2022 vs 19 in 2017-21 · Latest publication 2025
Moat: Top 8% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 5/10 · IP moat: 82 patents
Innovation: 82 patents (top 22% of patent-holders) · 40 filings since 2022 vs 19 in 2017-21 · 1 product line
Audience (LinkedIn): 80k LinkedIn followers — 2.2% of this cohort's audience
Activity (LinkedIn): 1 product launches · 1 expansions announced in 12 mo
Funding rounds
- Aug 2020PE$21.7M
- Dec 2015Grant (prize money)$53.1K
- Apr 2010PE—
- Jul 2008PE$20.8M
Founders & team
Investors
InvAscent, Jacob Ballas Capital, Nylim-jb Asset Management, Europa, Gulmohur Silk Mills, Ankurshahtrust
Tech stack
NginxGoogle AnalyticsGoogle Font ApiSectigo
#10
Series C · Mumbai, Maharashtra · founded 1982 · 3 employees$73.1Mraised▾
Series C · Mumbai, Maharashtra · founded 1982 · 3 employees
Traditional vertically integrated pharmaceutical company. It manufactures APIs, intermediates, finished dosage forms, diagnostics devices, wellness products, and household pesticides. The company offers CRAMS services for APIs and FDFs. Its state-of-the-art facilities are equipped to handle the production of a wide range of pharmaceutical products.
Fliar Intelligence Index™ 22how this company ranks against its industry peers
Moat
top 23%Product
top 25%Talent
top 35%Funding
top 42%Innovation
bottom 48%Patents
bottom 40%Moat: Top 17% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 8/10 · IP moat: 10 patents
Product: 7 distinct product lines · Company stage: Series C
Talent: 4 named leaders on record
Funding rounds
- Jun 2016Series C$11.4M
- Apr 2011Series C$33.3M
- Jul 2007Series B$28.4M
Founders & team
Investors
ICICI Bank, Exim Bank, Bank of Baroda, IDBI Bank, J&K Bank, Standard Chartered
Tech stack
Animate.CssApache Http ServerBootstrapContact Form 7Core-JsElementor
#11
Acquired · Mumbai, Maharashtra · founded 2011 · 5 employees$100.4Mraised▾
Acquired · Mumbai, Maharashtra · founded 2011 · 5 employees
Operator of a pharmaceutical company focused on NCDs (non-communicable diseases). The company offers pharma products for dermatology, gynecology, pain management, cardiology & diabetes, nutraceuticals and ophthalmology sectors, providing clients with sustainable, scalable and specialty-focused pharmaceutical products.
Fliar Intelligence Index™ 50how this company ranks against its industry peers
Innovation
top 20%Product
top 26%Moat
top 38%Funding
top 42%Talent
top 45%Tech
bottom 48%Innovation: 6 product lines
Product: 6 distinct product lines · Company stage: Acquired
Moat: Top 16% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 1/10
Funding rounds
- Jan 2013Series A$100.4M
Founders & team
Investors
Adcock Ingram, Samara Capital
Tech stack
CloudflareCookieyesGoogle AnalyticsGoogle Font ApiHstsHttp/3
#12
Series A · Mumbai, Maharashtra · founded 2016 · 22 employees$47.6Mraised▾
Series A · Mumbai, Maharashtra · founded 2016 · 22 employees
Manufacturer of generic products and medical devices for both chronic and acute therapies. Its product portfolio includes formulations and devices. The company has a network of GMP certified manufacturing facilities through which it sources its products. Its product categories include respiratory care, cardiometabolic and cardiovascular wellness, women's health care, and others.
Fliar Intelligence Index™ 5how this company ranks against its industry peers
Talent
top 41%Moat
bottom 42%Tech
bottom 40%Funding
bottom 37%Global
bottom 37%Market
bottom 20%Talent: Analyst team rating 4/5 · 1 named leader on record · 1 C-suite/founder profile curated
Moat: Top 99% by revenue among 1067 tracked Traditional Pharmaceuticals companies · Editorial + unicorn rating 8/10 · Soonicorn
Tech: 18 technologies across 3/8 capability areas · Cloud: Cloudflare · Security: Hsts
Funding rounds
- Nov 2017Series A$24M
- Nov 2016Series A$23.6M
Founders & team
Investors
The Clermont, Indiabestbuy
Tech stack
WordpressMysqlPhpTwenty FifteenBootstrapW3 Total Cache
Funding & investor landscape
$762Mtotal disclosed funding
21companies funded
37disclosed rounds
0rounds last 90 days
Most active investors
Notable founders
Mark Saldanha
Founder · Marksans Pharma
Rajendra Gole
Co-Owner & Director · Emil Pharmaceutical Industries
Shrirang Gadnis
CEO · Emil Pharmaceutical Industries
Ankit Singhal
CFO · Integrace Health
Mehul Shah
Founder & Managing Director · Encube Ethicals
Kamesh Venugopal
CEO · Encube Ethicals
Ravindra Yogesh Shenoy
Co-Founder · Koye
Preetish Toraskar
Founder & Director · Koye
Anupam Shroff
Owner · Sunways
Pankaj Shroff
Managing Director · Sunways
Vidyut Shah
Co-Founder & MD · VS International
Susie Vidyut Shah
Co-Founder · VS International
Prism market signals · India · country-scoped Prism corpus, 431,747 docs
Market landscape — 10 sub-themes by coverage
Share of Traditional Pharmaceuticals coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
RESEARCH FROM Maharashtra · institutions
What Maharashtra researches in drug discovery
Maharashtra's institutions—led by Maharashtra Institute of Medical Science and Research and North Maharashtra University—optimistically advance computational drug discovery and bioactive antitumor agents, with antibody research and click chemistry emerging prominently post-2020.
23 papersstance +0.376% breakthrough6% concern
local research themes
Computational Drug Discovery MethodsBioactive Compounds and Antitumor AgentsMonoclonal and Polyclonal Antibodies ResearchClick Chemistry and ApplicationsCancer therapeutics and mechanismsAnalytical Chemistry and Chromatography
top institutions
- Maharashtra Institute of Medical Science and Research5
- Government of Maharashtra4
- North Maharashtra University4
- Maharashtra Forest Department2
- Maharashtra University of Health Sciences2
Common questions
How many Traditional Pharmaceuticals companies are there in Maharashtra, India?
Radar tracks 278 indexable Traditional Pharmaceuticals companies headquartered in Maharashtra, India, India, that meet our profile-completeness bar.
What is the total funding raised by Traditional Pharmaceuticals companies in Maharashtra, India?
The Traditional Pharmaceuticals companies in Maharashtra, India on this list have raised a combined $762M in disclosed equity funding across 21 funded companies.
Which is the highest-funded Traditional Pharmaceuticals company in Maharashtra, India?
Eris Oaknet Healthcare is the highest-funded Traditional Pharmaceuticals company in Maharashtra, India, with $100.4M in disclosed equity funding.
How many Traditional Pharmaceuticals companies in Maharashtra, India are funded?
21 of the 278 Traditional Pharmaceuticals companies in Maharashtra, India on this list have disclosed at least one equity funding round.
How many Traditional Pharmaceuticals unicorns are there in Maharashtra, India?
None of the Traditional Pharmaceuticals companies in Maharashtra, India on this list currently has a disclosed valuation of $1B or more.
Who are the top investors in Maharashtra, India Traditional Pharmaceuticals companies?
The most active investors in Maharashtra, India Traditional Pharmaceuticals companies on this list include BIRAC, InvAscent, Adcock Ingram, Baring Private Equity Partners, Eight Roads Ventures.
Riya SenguptaFinancials
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.