Claris

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.

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

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

• Venture capital services
• Early-stage startup funding
• Clean energy solutions
• Waste-to-energy generation
• Investment management

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Abellon Clean EnergycoreStrategic or Co-development Partner · 1 January 2020Claris 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 CGFminorStrategic or Co-development Partner · 1 January 2020Brihati 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.coreStrategic or Co-development Partner · 1 January 2017In 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 CompaniesminorStrategic or Co-development Partner · 1 January 2015Claris 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.coreStrategic or Co-development Partner · 1 January 2013In 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.coreStrategic or Co-development Partner · 1 January 2013In 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.)coreChannel Partner/ Reseller/ Distributor · 1 January 2009In 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

Direct 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

• Facebookfacebook.com/clarisltd
• LinkedInlinkedin.com/company/claris-limited

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Claris