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GBA group picks stake in food & pharma testing startup, Eureka Analytical Services
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Thursday, 23 November, 2023, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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International life sciences company, GBA group has acquired a significant stake in Eureka Analytical Services Pvt. Ltd., one of India‘s fastest growing testing labs & inspection service providers. It now becomes an official member of the group.
This investment marks the entry of the group in India. Starting with this investment, it 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 Rs 1,800-2,000 crore, growing at 12% per annum.
Since 2019, it 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, it plans to have 15 labs in India and overseas.
It 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, flavours and enzymes, and cereal and cereal products including millets. It helps Indian companies compete with large MNCs to place their products in overseas markets and comply with local regulations. As a fast-growing startup, it has received support from the Ministry of Food Processing Industries, Government of India.
The biggest food recall operation in the European Union was due to the presence of Ethylene Oxide in food, in 2020. Among the products impacted were sesame exports from India. It was the first lab to develop a test for EtO and get it accredited, thus benefiting hundreds of Indian exporters.
With the group as a shareholder, it aims to strengthen its presence in the international food market by extending its offerings to its international customer network. It 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.
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.”
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.”
Sanjeev Khatri, CEO, and Dr Gouri Satpathy, executive director, Eureka, said, "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.”
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