Claris
Claris Limited is a privately-held Indian holding company (Ahmedabad) that invests in early-stage startups via Claris Capital (HealthTech, Consumer, FinTech, Logistics) and operates Abellon Clean Energy, a waste-to-energy platform. Founded in 1999, it pivoted from sterile injectables manufacturing after divesting that business to Baxter for $625m in 2017.
- Company typePrivate
- Founded1999
- HeadquartersAhmedabad, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Claris does
Claris Limited is a privately-held Indian holding company headquartered in Ahmedabad, Gujarat, that originated in 1999 as Claris Lifesciences Limited, a pharmaceutical trading company. It evolved into one of India's largest pure-play sterile injectable pharmaceutical manufacturers, building an 80-acre manufacturing campus with proprietary expertise in complex drug delivery technologies including lipid-based Propofol formulations, pegylated liposomal oncology technology (Lipeg), blow-fill-seal infusion systems (UniBag), and closed-system delivery (UniKit), holding regulatory approvals from US FDA, MHRA, TGA, ANVISA, WHO GMP and others. Its injectables served hospitals, aid agencies, and nursing homes across 100+ countries, with flagship brand Profol/Provive achieving 55% market share in India, and the business was sold to Baxter International in 2017 for $625m (Rs4,237cr).
Following the divestiture and a 2018 voluntary delisting from the Bombay Stock Exchange that returned Rs1,073cr to shareholders, the company completed its exit from pharma in 2019 and relaunched as Claris 2.0 in 2020. Its current business model is that of an investment holding company with three operating entities: Claris Capital, a venture investment vehicle deploying Pre-Series A and Series A capital into HealthTech, Consumer, FinTech, and Logistics startups; Abellon Clean Energy, a wholly-owned subsidiary operating waste-to-energy projects exceeding 100MW; and Brihati Foundation, a CSR arm established in 2017 focused on heritage preservation, entrepreneurship development, and community welfare. Leadership is anchored by the Handa family — Vice Chairman & MD Arjun Handa and Founder & Co-Owner Krishna Handa — with Claris Capital's investment activities led by CEO Amitvikram Sharma (former Actis, Aditya Birla, Milestone Religare).
The company's revenue mechanics under Claris 2.0 derive from venture investment returns and Abellon Clean Energy's waste-to-energy operations, though no current revenue is disclosed in the available data. Distribution and go-to-market is through direct deal-making for capital deployment and direct industrial/commercial contracting for clean energy, with no consumer-facing channels.
Claris firmographics
Firmographics- Name
- Claris
- Legal name
- Claris Limited
- Website
- https://claris.in
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Claris Limited is a privately-held Indian holding company (Ahmedabad) that invests in early-stage startups via Claris Capital (HealthTech, Consumer, FinTech, Logistics) and operates Abellon Clean Energy, a waste-to-energy platform. Founded in 1999, it pivoted from sterile injectables manufacturing after divesting that business to Baxter for $625m in 2017.
- Ownership category
- akta.pro rank
Claris industry classification
Industry- Product category
- Venture Capital and Investment Management
- NAICS
- Offices of Other Holding Companies (551112)
- SIC
- Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Circularity Consulting & Program Management (EPR, Design-for-Circularity, LCA) (EUAIANAH)
Keywords
Where Claris is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Claris business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Venture Investment Returns (Claris Capital): Claris Capital invests in early-stage startups across HealthTech, Consumer, FinTech, and Logistics sectors at Pre-Series A and Series A rounds. Returns are generated through equity appreciation and exits. The company also invests in Abellon Clean Energy, a waste-to-energy company with over 100MW of projects.
- Former Injectables and Infusions Business (Discontinued): The original core business — manufacturing and selling sterile injectable pharmaceutical products and infusions globally. This business was sold to Baxter International for $625m (Rs4,237cr) in 2017. The infusions joint venture Claris Otsuka (80% sold to Otsuka Pharmaceutical Factory and Mitsui & Co. in 2013 for $193m / Rs1,313cr) was exited in 2017. Claris fully exited the pharma business in 2019.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Claris product offering
Product offeringCore offering
Claris Limited operates as a holding and investment management company (Claris 2.0) following its 2019 exit from pharmaceuticals. Its active businesses comprise Claris Capital, a venture capital vehicle investing in early-stage startups across HealthTech, Consumer, FinTech, and Logistics at Pre-Series A and Series A rounds; Abellon Clean Energy, an integrated clean energy company providing waste-to-energy, biomass pellets, compressed biogas, and EPR obligation management for plastic waste; and Brihati Foundation, the CSR foundation for community empowerment initiatives.
Product overview
Claris is a holding company that has evolved from a pharmaceutical enterprise into a diversified investment and management company. Its current portfolio includes Claris Capital (venture investment in HealthTech, Consumer, FinTech and Logistics), Abellon (clean energy/waste to energy), and Brihati Foundation (CSR initiatives). The company previously operated large-scale sterile injectables and infusions businesses (sold to Baxter in 2017 for $625m), and had a pharmaceutical R&D subsidiary Dorizoe (discontinued in 2019). Notable pharmaceutical products included Profol/Provive propofol anaesthetic brand.
Differentiator
Problem solved
Functional benefit
Brands
- Profol: Flagship propofol brand - injectable anaesthetic drug, #1 propofol brand in India with 55% market share
- Provive
- Clarion
- Claris Otsuka
- UniBag
- SuperAmp
- TetraHES
- Hestar
- Lipeg
- UniKit
Products and services
- Claris Capital
- Abellon Clean Energy
Quantifiable outcome
- Propofol brand achieved #1 position in India with 55% market share
- +5 more outcomes
Companies that use Claris
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles2 records
Claris technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Claris partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Abellon Clean EnergycoreClaris invests in Abellon Clean Energy, an integrated clean energy company providing sustainable solutions for power, heat, and transport. Abellon is an industry pioneer and leader in waste-to-energy in India, processing urban and agricultural waste to generate clean energy. The company has >100MW of current and upcoming waste-to-energy projects and supports Extended Producer Responsibility obligations.
- Samhita CGFminorBrihati Foundation (CSR arm of Claris) partnered with Samhita CGF as part of the REVIVE Program to provide returnable grants and blended finance to nano and micro enterprises affected by COVID-19 in Gujarat, in association with USAID, Michael and Susan Dell Foundation (MSDF), and Omidyar Network India.
- Baxter International Inc.coreIn 2017, Claris sold its global generic injectables business to Baxter International Inc., a Fortune 500 American Healthcare company, for $625m (Rs4,237cr). The transaction included all injectables manufacturing facilities, products, and global market presence across 100+ countries. All existing debt of Claris was repaid as part of this transaction. This represented the core strategic exit of Claris' primary pharmaceutical business.
- Claris Capital Portfolio CompaniesminorClaris Capital, set up by Krishna Handa in 2015, invests in early-stage companies in HealthTech, Consumer, FinTech and Logistics sectors. The investment thesis focuses on innovative ideas that can create fast-scaling profitable businesses by solving widely prevalent problems efficiently. Claris Capital typically engages at Pre-Series A and Series A rounds, supplementing founders' vision with management expertise and mentoring.
- Otsuka Pharmaceutical Factory, Inc.coreIn 2013, Claris Otsuka joint venture was formed with Otsuka Pharmaceutical Factory (one of Japan's biggest pharmaceutical companies) and Mitsui & Co. Ltd., with the Japanese partners taking 80% stake in the infusions business at a valuation of $250m (Rs1,300cr). The deal was at 3.7x turnover — a record valuation signaling recognition of Claris' superior technological advancements. Claris retained managerial positions and operational control of the JV. Claris completed the sale of its remaining 20% stake and exited the JV in 2017.
- Mitsui & Co. Ltd.coreIn 2013, Mitsui & Co. Ltd. (one of the most diversified and comprehensive trading, investment and service enterprises globally) partnered with Claris and Otsuka Pharmaceutical Factory in the Claris Otsuka joint venture, taking 80% stake in Claris' infusions business.
- Pfizer (Pfizer Asia Contract Operations Pvt. Ltd.)coreIn 2009, Claris entered a strategic partnership with Pfizer for marketing and supply of 15 Claris-manufactured sterile injectables, targeting the highly regulated markets of USA, Canada, Europe, Australia, and New Zealand. The partnership also aimed to jointly develop 48 products for these regulated markets. Pfizer distributed Claris products under this arrangement, providing access to its global distribution network and regulatory expertise.
Scale indicators13 records
Recent moves10 records
Expansion highlights4 records
Claris competitors and assessment
Company assessmentDirect peers
- Aavishkaar Capital: One of India's largest impact-focused venture capital firms investing across early- and growth-stage companies. Directly comparable to Claris Capital given its early-stage focus and India-centric deployment, though with a stronger impact mandate.
- Lok Capital: India-focused venture capital firm investing in early- and growth-stage companies across financial services, healthcare, and consumer sectors. Closely comparable to Claris Capital's sector focus (HealthTech, FinTech, Consumer) and stage (early-stage).
- Sael Industries: Indian waste-to-energy and renewable energy company that processes agricultural residue and municipal solid waste. Directly comparable to Abellon Clean Energy given overlapping waste-to-energy technology and Indian market focus.
- Bharat Innovation Fund: India-based early-stage venture capital fund focused on deep-tech and innovation-led startups. Comparable to Claris Capital given its early-stage investment model and India-centric thesis.
- Indian Angel Network: One of India's largest angel investor networks funding early-stage startups across multiple sectors. Comparable to Claris Capital's Pre-Series A / Series A investment focus.
- Unitus Ventures: India-focused early-stage venture capital firm investing in healthcare, education, and financial services startups. Comparable to Claris Capital in terms of early-stage focus and India-centric thesis with sector overlap in HealthTech and FinTech.
Broad incumbents
- Greenko Group: One of India's largest renewable energy independent power producers operating across solar, wind, and storage. Comparable to Abellon as a clean energy operator in India but at much larger scale and broader scope.
- Reliance New Energy: Reliance Industries' clean and new energy arm pursuing large-scale investments in solar, batteries, and hydrogen across India. Comparable to Abellon as a clean energy operator but with vastly greater capital base and broader mandate.
Others
- Hinduja Group: India-headquartered transnational diversified conglomerate with operating businesses across automotive, banking, healthcare, and media. Comparable to Claris as a family-controlled Indian holding company that operates diverse operating subsidiaries.
- Wadia Group: Indian family-owned conglomerate with interests in consumer products, real estate, and aviation. Comparable to Claris in its family-controlled, multi-business holding company structure with philanthropic activities.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Claris social profiles
Digital presenceClaris compliance and trust
Trust signalCompliance8 records
Claris financial estimates
Financial estimateRevenue estimate
Valuation estimate
Claris leadership team
Management profileNumber of profiles
Profiles4 records
Claris subsidiaries and ownership
Company hierarchySubsidiaries6 records
Claris funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Claris M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Claris
What does Claris do?
Claris Limited operates as a holding and investment management company (Claris 2.0) following its 2019 exit from pharmaceuticals. Its active businesses comprise Claris Capital, a venture capital vehicle investing in early-stage startups across HealthTech, Consumer, FinTech, and Logistics at Pre-Series A and Series A rounds; Abellon Clean Energy, an integrated clean energy company providing waste-to-energy, biomass pellets, compressed biogas, and EPR obligation management for plastic waste; and Brihati Foundation, the CSR foundation for community empowerment initiatives.
Is Claris a public or private company?
Claris is a private company. It is classified as family owned and is currently operating.
When was Claris founded?
Claris was founded in 1999. It employs 101 to 250 people.
Where is Claris based?
Claris is headquartered in Ahmedabad, India, in the Asia region.
How does Claris make money?
Two revenue lines are on record. Venture Investment Returns (Claris Capital) is the primary driver. The others are former Injectables and Infusions Business (Discontinued).
Who are Claris's main competitors?
Direct peers on record are Aavishkaar Capital, Lok Capital, Sael Industries, Bharat Innovation Fund, Indian Angel Network and Unitus Ventures. Broad incumbents are Greenko Group and Reliance New Energy. Others are Hinduja Group and Wadia Group.
Does Claris have an API?
No public API is recorded for Claris.
What industry is Claris in?
Claris's product category is Venture Capital and Investment Management. Its primary akta.pro industry code is EUAIANAH, Circularity Consulting & Program Management (EPR, Design-for-Circularity, LCA). Its NAICS code is 551112 and its SIC code is 4900.