GBA Group acquires stake in pharma testing startup Eureka Analytical Services
- November 21, 2023
- Posted by: admin
- Category: News
Entering India market with this deal, GBA Group plans to further invest over the next few years in Testing-Inspection-Certification (TIC) Industry in India
Bangalore, India / Hamburg, Germany – November 21, 2023 – International life sciences company, GBA Group has acquired a significant stake in Eureka Analytical Services Pvt Ltd (Eureka), one of India‘s fastest growing testing labs & inspection service providers. Eureka now becomes an official member of GBA Group. 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 INR 1,800-2,000 crores, growing at approximately ~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, Eureka plans to have 15 labs in India and overseas. Eureka is among the Top 3 food testing labs in India and the market leader in certain crucial fields like residue and contaminant analysis and product segments such as tea, spice and spice products, flavors and enzymes, and cereal and cereal products including millets. Eureka helps Indian companies compete with large MNCs to place their products in overseas markets and comply with local regulations. As a fast-growing startup, Eureka has received support from the Ministry of Food Processing Industries, Government of India.
The biggest food recall operation in the European Union (EU) was due to the presence of Ethylene Oxide (EtO) in food, in 2020. Among the products impacted were sesame exports from India. Eureka was the first lab to develop a test for EtO and get it accredited, thus benefiting hundreds of Indian exporters.
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. Eureka 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.”
Elaborating on the partnership, Ole Borchert, EVP Food, 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 Director, also the Co-founders of Eureka, said, “We are proud to become a member of GBA Group and 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 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.”
About Eureka Analytical Services Pvt Ltd
Eureka Analytical Services (Eureka) is a provider of testing, inspection, and auditing services for food, agricultural commodities, feed, nutraceuticals, pharmaceuticals, and environment. 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.
About GBA Group
GBA Group is an international life science service company with more than 2,000 employees and headquartered in Hamburg, Germany. The service provider offers a broad range of analytical, logistical and specialist services in the fields of pharmaceuticals, medical devices, cosmetics, chemicals, food, drinking water and environment. The GBA Group is majority owned by Ardian, one of the largest private investment houses in Europe with over $110 billion in assets.
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