Piramal Group Revenue, Valuation, Funding & Investors

Piramal Group is valued at $2.8B as of October 2020, a 3.8x revenue multiple. Piramal Group revenue was $729M and Piramal Group EBITDA was $193M, as disclosed with its latest round.

Last Piramal Group valuation

$2.8B

Undisclosed stage · Oct 2020

Last Piramal Group funding round

Undisclosed stage

Amount undisclosed · Oct 2020

Piramal Group revenue

$729M

Undisclosed stage · Oct 2020

Key investors in Piramal Group

Piramal Group Overview

About Piramal Group

Piramal Group is a Mumbai-based diversified conglomerate operating in pharmaceuticals via Piramal Pharma, financial services through Piramal Enterprises with ₹2 lakh crore AUM, glass packaging under Piramal Glass, and real estate development. Its healthcare information management arm ranks among the top 20 US providers serving Pfizer and Merck. The group employs 10,000 people globally with manufacturing sites in India, the US, and Europe.


Founded

1992

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$729M (Oct 2020)

Valuation

$2.8B (Oct 2020)

Piramal Group Valuation

Piramal Group is currently valued at $2.8B, based on its undisclosed-stage round in October 2020. Read the announcement ↗

The round included Carlyle Group.

Piramal Group valuation by funding round

Piramal Group valuation by funding round
DateStageValuationRevenue Multiple
Oct 2020Undisclosed stage$2.8B3.8x

Piramal Group Revenue

Piramal Group's latest recorded revenue is $729M, as of its undisclosed-stage round in October 2020. At a $2.8B valuation, that implies a 3.8x revenue multiple.

Piramal Group revenue by funding round

Piramal Group revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2020$729M$2.8B3.8xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Piramal Group Funding History

Piramal Group has raised 1 funding round.

Piramal Group funding rounds
DateStageInvestorsValuationDeal Summary
Oct 2020Undisclosed stageCarlyle Group$2.8BThe Carlyle Group agreed on 27 June 2020 to take a 20 percent stake in Piramal Pharma, the pharmaceutical subsidiary of Piramal Enterprises, and the investment closed on 6 October 2020. Piramal Pharma received INR 3,523.40 crore from CA Alchemy Investments, an entity affiliated with Carlyle Asia Partners V. The transaction valued the pharma business at an enterprise value of 2,775 million dollars, with an upside component of up to 360 million dollars depending on fiscal 2021 performance, and was described as one of the largest private equity deals in the Indian pharmaceutical sector. The money was earmarked as growth capital to expand capacity across Piramal's sites, to pursue acquisitions in and outside India, and to reduce debt in the near term. Nandini Piramal said the company looked forward to leveraging Carlyle's expertise, and Carlyle's Neeraj Bharadwaj said it would help develop strategic opportunities. Piramal Pharma operates 14 global facilities and sells in over 100 countries.

Who has invested in Piramal Group?

1 investor has backed Piramal Group across its funding rounds, including Carlyle Group.


Piramal Group Investors

Investors in Piramal Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Piramal Group

Piramal Group has acquired 5 companies to date.

Last acquisition by Piramal Group was on September 29th 2021. Piramal Group acquired Dewan Housing Finance for $4M.


Latest Acquisitions by Piramal Group

Dewan Housing Finance
Hemmo Pharmaceuticals
Walnut Medical
Mallinckrodt (specialty products unit)
Description
Dewan Housing Finance is an Indian housing finance company established on April 11, 1984, as the second such entity in the country. It extends home loans to lower and middle-income groups in semi-urban and rural regions across India. DHFL pioneered financial inclusion models in the sector through accessible financing options amid high interest rates exceeding 18 percent during its early operations.
Hemmo Pharmaceuticals is a Mumbai-based manufacturer of synthetic peptides supplying pharmaceutical, research, and veterinary sectors in India and globally for over 35 years. The company produces bulk oxytocin, holding the position as India's largest exporter to international markets. Hemmo's facility adheres to WHO-GMP standards for peptide synthesis used in oxytocin nasal sprays and labor induction therapies. The firm also develops custom peptides for drug discovery and diagnostics.
Walnut Medical aggregates detailed profiles on European hospitals spanning 25 countries. The database supports healthcare stakeholders with institutional data via walnutmedical.info.
Mallinckrodt's specialty products unit produces generic pharmaceuticals and active pharmaceutical ingredients for pain management and respiratory conditions. Operating from facilities in St. Louis, Missouri, and Ireland, the division manufactures opioids, anesthetics, and inhalants distributed to pharmacies and hospitals across the United States. The unit emerged from a 2013 separation from Covidien, emphasizing high-potency APIs and controlled substances compliance.
HQ CountryIndiaIndiaUnited KingdomUnited Kingdom
HQ City
Mumbai
Mumbai
Cambridge
London
Deal Date29 Sep 202131 Mar 202112 May 201731 Jan 2017
Valuation$4M$106Mundisclosed$203M
EV/Revenue
EV/EBITDA

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Investments by Piramal Group

Piramal Group has invested in 3 companies to date.

Latest investment by Piramal Group was on October 15th 2026. Piramal Group invested in Kumar Equipment in their $16M Undisclosed stage round.


Latest Investments by Piramal Group

Kumar Equipment
Harmony Organics
VGN Property Developers
Description
Kumar Equipment is an Indian manufacturer and importer of commercial kitchen, refrigeration and bakery equipment. Kumar Equipment (India) Pvt. Ltd. was established in 1996 and is based in New Delhi, with a factory in Bhiwadi. The company offers turnkey projects covering consultancy, design and layout plans with technical details for commercial kitchens, canteens, bakeries and messes, as well as individual product supply. Its work also includes exhaust and fresh air systems and LPG pipeline installation. The product range includes hot equipment such as tilting bratt pans and automatic cooking mixers. Revenue comes from equipment sales and project services.
India-based Harmony Organics produces aroma chemicals and essential oils for fragrance and flavor industries worldwide. Its product line includes menthol derivatives, terpenes, and synthetic musks manufactured in facilities in Gujarat. The company supplies major perfumers and food manufacturers, holding ISO 9001 and Kosher certifications for quality control.
VGN Property Developers is a Chennai-headquartered real estate firm developing residential, commercial, and plotted projects across South India. Founded in 1997, it has 20 million sq.ft. under development including luxury towers in OMR and affordable homes in Tambaram. VGN delivers 5,000 units annually, holding ISO 9001 certification for quality construction.
HQ CountryIndiaIndiaIndia
HQ City
New Delhi
Pune
Chennai
Deal Date15 Oct 20267 Aug 202311 Aug 2014
RoundUndisclosed stageUndisclosed stageUndisclosed stage
Raised$16M$27M$49M
Investors--Clearwater Capital Partners LLC
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Piramal Group Competitors

Piramal Group competitors include listed companies like Kangmei Pharmaceutical Co., Hypera, InSilico Medicine Cayman and Bavarian Nordic, and private ones like Shiji Biotechnology and Sail Biomedicines.

Public and private companies comparable to Piramal Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Kangmei Pharmaceutical Co.ChinaChinaPublicly listed$790M$54M$2.8B-
HyperaBrazilBrazilPublicly listed$1.4B$408M$2.8B2.3x
InSilico Medicine CaymanUnited StatesUnited StatesPublicly listed$56M($353M)$2.7B-
Bavarian NordicDenmarkDenmarkPublicly listed$934M$373M$2.8B2.7x
Shiji BiotechnologyChinaHefeiPrivate--$2.7B-
Sail BiomedicinesUnited StatesBoston, MAPrivate--$2.6B-

Piramal Group Public Comps

Piramal Group is still privately-owned, but its public comps include Kangmei Pharmaceutical Co., Hypera, Central Depository Services, Republic Bank, InSilico Medicine Cayman, Bavarian Nordic, BioArctic, Nurix Therapeutics, AtaiBeckley and Joincare Pharmaceutical.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kangmei Pharmaceutical Co.$790M$54M3.2x-45.7x-
Hypera$1.4B$408M2.7x2.3x9.3x7.3x
Central Depository Services$121M$66M22.3x20.6x40.8x-
Republic Bank$1.1B-2.4x---
InSilico Medicine Cayman$56M($353M)37.2x-(5.9x)-
Bavarian Nordic$934M$373M2.6x2.7x6.5x8.3x
BioArctic$204M$126M13.1x17.9x21.2x41.9x
Nurix Therapeutics$84M($267M)23.2x3.1x(7.3x)14.3x

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Common questions about Piramal Group

When was Piramal Group founded?Piramal Group was founded in 1992.
Where is Piramal Group headquartered?Piramal Group is headquartered in Mumbai, India.
Is Piramal Group publicly listed?No, Piramal Group is a private, VC-backed company.
What is Piramal Group's valuation?Piramal Group was last valued at $2.8B in its undisclosed-stage round in October 2020.
What was Piramal Group's last funding round?Piramal Group's last funding round was a undisclosed-stage round in October 2020.
Who are Piramal Group's investors?Piramal Group's investors include Carlyle Group.
What is Piramal Group's revenue?Piramal Group's latest recorded revenue is $729M (October 2020).
What is Piramal Group's revenue multiple?Piramal Group's latest valuation implies a 3.8x revenue multiple ($2.8B valuation on $729M of revenue).
Which companies are comparable to Piramal Group?Companies comparable to Piramal Group include Kangmei Pharmaceutical Co., Hypera, InSilico Medicine Cayman, Bavarian Nordic, Shiji Biotechnology and Sail Biomedicines.
How many companies has Piramal Group acquired?Piramal Group has acquired 5 companies, including Dewan Housing Finance, Hemmo Pharmaceuticals, Walnut Medical, Mallinckrodt (specialty products unit) and Ash Stevens.
What was the largest acquisition by Piramal Group?The $203M acquisition of Mallinckrodt (specialty products unit) in January 2017 is the largest acquisition Piramal Group has made to date.
How many companies has Piramal Group invested in?Piramal Group has invested in 3 companies, including Kumar Equipment, Harmony Organics and VGN Property Developers.
What was Piramal Group's last investment?In October 2026, Piramal Group invested in Kumar Equipment's $16M undisclosed-stage round.

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