- Companies
- Tirupati Group
Tirupati Group Funding, Investors & Competitors
Tirupati Group has raised $50M across 1 funding round, most recently a $50M undisclosed-stage round in August 2019.
Last Tirupati Group funding round
$50M
Undisclosed stage · Aug 2019
Cumulative funding Tirupati Group raised
$50M
across 1 funding round
Key investors in Tirupati Group
Affirma Capital
Kotak Alternate Asset Managers
About Tirupati Group
Tirupati Group is an India-based manufacturer of nutraceuticals, pharmaceuticals, and Ayurvedic products headquartered in Ahmedabad. The company produces sports nutrition supplements, cosmetics, and healthcare formulations using herbal extracts and vitamins. Tirupati Group offers end-to-end services from R&D and formulation to regulatory approvals and market launch for private labels. Its facilities in Gujarat hold WHO-GMP and USFDA certifications, exporting to 25 countries including the United States and Southeast Asia.
Founded
2005
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Tirupati Group Funding History
Tirupati Group has raised a total of $50M across 1 funding round, plus 1 secondary share sale.
Tirupati Group funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2025 | Secondary | Kotak Alternate Asset Managers (lead) | $121M | Tirupati Group, founded in 2005, is one of India’s largest nutraceutical contract development and manufacturing organizations (CDMOs), offering products in nutraceuticals, pharmaceuticals, and Ayurveda sectors. It serves over 200 customers, including marquee clients like Herbalife, Glanbia, Abbott, Torrent, Dr. Reddy's, Pfizer, Cipla, and others, with extensive manufacturing capabilities across various dosage forms. Kotak Alternate Asset Managers invested Rs 1,050 crore ($122.5 million) in Tirupati Medicare on March 26, 2025, through its Kotak Strategic Situations India Fund II. The transaction included a secondary stake sale by Affirma Capital, which achieved a 3x return in rupee terms and 2.4x in dollar terms from its 2019 investment, a small secondary sale by promoters, and a primary infusion to support expansion plans, domestic growth, exports, innovation, and inorganic opportunities. Lincoln International advised Tirupati Group and Affirma Capital on the deal. Tirupati Medicare reported net sales of Rs 1,050 crore for the year ended March 2024, up from Rs 969 crore the prior year. The company employs over 2,000 people and is positioned as the largest player in India’s nutraceutical contract manufacturing space, with plans for IPO. |
| Aug 2019 | Undisclosed stage | Affirma Capital (lead) | $50M | Tirupati Group is a leading nutraceuticals-focused contract research and manufacturing company (CDMO) in India, established in 2005. It specializes in value-added nutraceutical supplements, with a diversified portfolio across nutraceuticals, pharmaceuticals, and ayurveda. The company serves over 200 customers, including major pharmaceutical players like Abbott, Cipla, and Dr. Reddy's Laboratories, and is backed by over 2,000 employees. Tirupati has strong product development capabilities, world-class manufacturing facilities, and deep customer relationships, positioning it as a market leader in India's nutraceutical space, with expansion into segments like sports nutrition and pre/pro-biotic supplements. On August 1, 2019, Affirma Capital, an emerging markets-focused private equity firm managed by the former Standard Chartered Private Equity team, agreed to invest US$50 million in Tirupati Group to support its organic and inorganic growth initiatives. Affirma led the round, with advisors including Citadel Management Consulting, PwC, and Themis for Tirupati, and Praxis Global Alliance, Deloitte, and J.Sagar Associates for Affirma. Affirma Capital later fully exited its stake in Tirupati Medicare (part of Tirupati Group) via a secondary sale as part of a Rs 1,050 crore ($122.5 million) investment by Kotak Alternate Asset Managers' Kotak Strategic Situations India Fund II. Affirma achieved a 3x return in rupee terms and 2.4x in dollar terms from the exit. The transaction also included a small secondary sale by promoters and primary infusion by Kotak to fuel expansion. Lincoln International advised Tirupati Group and Affirma on the deal. |
Who has invested in Tirupati Group?
2 investors have backed Tirupati Group across its funding rounds, including Affirma Capital and Kotak Alternate Asset Managers.
Lead investors include Kotak Alternate Asset Managers and Affirma Capital.
Tirupati Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialTirupati Group Competitors
Tirupati Group competitors include listed companies like Divi's Laboratories, Aarti Pharmalabs, Wuxi AppTec and Samsung BioLogics, and private ones like BioRay Pharmaceuticals and Aragen Life Sciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.1B | $374M | $26B | 21.2x | ||
| Publicly listed | $186M | $40M | $774M | - | ||
| Publicly listed | $6.8B | $4B | $73B | 8.2x | ||
| Publicly listed | $3.3B | $2B | $47B | 12.5x | ||
| Private | $131M | - | $1.9B | 14.5x | ||
| Private | $179M | $48M | $1.4B | 7.8x |
Tirupati Group Public Comps
Tirupati Group is still privately-owned, but its public comps include Wuxi AppTec, Samsung BioLogics, Lonza Group, IQVIA, Wuxi Biologics, Divi's Laboratories, Sartorius, Medpace, Eurofins Scientific and Yunnan Baiyao Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6.8B | $4B | 10.0x | 8.2x | 17.0x | 16.2x | |||
| $3.3B | $2B | 14.0x | 12.5x | 23.3x | 23.6x | |||
| $7.9B | $2.5B | 6.4x | 5.9x | 20.5x | 18.0x | |||
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $1.3B | 7.8x | 7.0x | 19.4x | 18.0x | |||
| $1.1B | $374M | 23.3x | 21.2x | 68.0x | 61.8x | |||
| $3.4B | $943M | 7.1x | 6.8x | 25.7x | 22.0x | |||
| $2.5B | $558M | 6.6x | 6.1x | 30.1x | 27.6x | |||
This data is available for Pro users. Sign up to see all Tirupati Group competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tirupati Group
| When was Tirupati Group founded? | Tirupati Group was founded in 2005. |
| Where is Tirupati Group headquartered? | Tirupati Group is headquartered in New Delhi, India. |
| Is Tirupati Group publicly listed? | No, Tirupati Group is a private, VC-backed company. |
| How much funding has Tirupati Group raised? | Tirupati Group has raised $50M across 1 funding round. |
| What was Tirupati Group's last funding round? | Tirupati Group's last funding round was a $50M undisclosed-stage round in August 2019, led by Affirma Capital. |
| Who are Tirupati Group's investors? | Tirupati Group's investors include Affirma Capital and Kotak Alternate Asset Managers. |
| Which companies are comparable to Tirupati Group? | Companies comparable to Tirupati Group include Divi's Laboratories, Aarti Pharmalabs, Wuxi AppTec, Samsung BioLogics, BioRay Pharmaceuticals and Aragen Life Sciences. |
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