Asha Cellulose
Asha Cellulose is a Mumbai-based specialty chemical manufacturer that produces ASHACEL® ethyl cellulose polymers and AshaKote coatings for pharmaceutical, industrial, and electronic customers, with GMP, FDA, and US DMF regulatory credentials and a May 2025 partnership with Colorcon.
- Company typePrivate
- Founded-
- HeadquartersMumbai, India
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Asha Cellulose does
Asha Cellulose (I) Pvt. Ltd. is a privately held specialty chemical manufacturer headquartered in Mumbai, India, producing ethyl cellulose polymers under the ASHACEL® brand for pharmaceutical, industrial, and electronic applications. The company manufactures organo-soluble thermoplastics that are water-insoluble, tasteless, odourless, non-caloric, and physiologically inert, forming tough films at low concentrations for sustained release, controlled release, and release-profile drug formulations as well as industrial surface coatings, printing inks, and solar panel applications. Its product portfolio spans ASHACEL® branded ethyl cellulose polymers, AshaKote coating products with specified viscosity and specific gravity grades, and custom-grade formulations manufactured per customer specifications.
The company's operations are anchored by a GMP-certified, US FDA-registered facility holding US Drug Master File (DMF) registration, ISO 9001-2015 quality certification, ISO 14001-2015 environmental certification, and BS OHSAS 18001-2007 occupational health and safety certification. These credentials qualify Asha Cellulose to supply pharmaceutical-grade excipients to regulated markets. The company employs 11-50 staff and operates from a single Mumbai facility, with the founder Jindat Mehta as owner.
Revenue is generated through direct one-time product sales of standard and custom ethyl cellulose grades. The go-to-market is sales-led, operating through direct engagement with pharmaceutical, industrial, and electronic manufacturers supplemented by sample-request functionality on the company website. In May 2025, Asha Cellulose entered a strategic partnership with Colorcon to co-develop advanced ethyl cellulose solutions for pharmaceutical packaging, explicitly targeting the USD 2.63B (2025) to USD 4.32B (2034) pharmaceutical packaging laminates market. The company has no recorded external funding or institutional ownership based on the available data.
Asha Cellulose firmographics
Firmographics- Name
- Asha Cellulose
- Legal name
- Asha Cellulose (I) Pvt. Ltd.
- Website
- https://ashacel.com
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Asha Cellulose is a Mumbai-based specialty chemical manufacturer that produces ASHACEL® ethyl cellulose polymers and AshaKote coatings for pharmaceutical, industrial, and electronic customers, with GMP, FDA, and US DMF regulatory credentials and a May 2025 partnership with Colorcon.
- Ownership category
- akta.pro rank
Asha Cellulose industry classification
Industry- Product category
- Pharmaceutical Excipients / Specialty Chemical Manufacturing
- NAICS
- Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252), Plastics Material and Resin Manufacturing (325211)
- SIC
- Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820), Industrial Organic Chemicals (2860)
- akta.pro primary industry
- Nanocellulose & Cellulose Derivatives (CNC/CNF, MCC, ethers/esters) (IMAMALAD)
- akta.pro secondary industries
- Bio-based Polymers & Resins (PLA, PHA, bio-PE, bio-PET, cellulose acetate) (IMAMALAC), Cellulose Derivatives (CMC, MCC, HPMC/MC; Cellulosic Thickeners) (AFAJABAH)
Keywords
Where Asha Cellulose is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Asha Cellulose business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Ethyl Cellulose Product Sales: Manufacture and sale of ethyl cellulose polymers under ASHACEL® brand for pharmaceutical, industrial, and electronic applications. Products include standard grades and custom formulations per customer specifications.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Asha Cellulose product offering
Product offeringCore offering
Asha Cellulose manufactures ethyl cellulose polymers under the ASHACEL® and AshaKote brands, supplying pharmaceutical, industrial, and electronic customers from its facility in Mumbai, India. The product portfolio spans Industrial, Electronic, and Pharmaceutical grade ethyl cellulose, including custom grades produced per customer specifications. Polymers are water-insoluble, tasteless, odourless, non-caloric, and physiologically inert, forming tough films used for drug coating, sustained release, controlled release, and surface coating applications.
Product overview
Asha Cellulose (I) Pvt. Ltd. is a manufacturer of Ethyl Cellulose polymers, offering a portfolio of products under the ASHACEL® and AshaKote brands. The company's product line spans three grades: Pharmaceutical, Electronic, and Industrial grade ethyl cellulose. ASHACEL® polymers serve pharmaceutical applications including sustained release, controlled release, and release profile technologies for drug formulations. AshaKote products are used for surface coating applications in pharmaceutical packaging laminates. The company also manufactures custom grade products per customer specifications. The company partners with Colorcon to develop advanced ethyl cellulose solutions for pharmaceutical packaging.
Differentiator
Problem solved
Functional benefit
Brands
- ASHACEL: Brand name for range of Ethylcellulose polymers used in pharmaceutical industries
- AshaKote
Products and services
- ASHACEL® Ethylcellulose Polymers ASHACEL® is the brand name for Asha Cellulose's range of ethylcellulose polymers. These are organo-soluble thermoplastics used widely in pharmaceutical industries for surface coating, sustained release, controlled release, and release profile applications. The polymers are water-insoluble, tasteless, odourless, non-caloric, and physiologically inert, and form tough films at low concentrations.
- AshaKote Products Industrial and pharmaceutical grade ethyl cellulose products under the AshaKote brand, available in different specifications including identification, specific gravity, and viscosity (cps) grades. Used for surface coating applications in pharmaceutical packaging laminates.
- Industrial Grade Ethyl Cellulose Ethyl cellulose manufactured to industrial grade specifications for non-pharmaceutical applications including surface coatings, printing inks, and solar panel manufacturing.
- Electronic Grade Ethyl Cellulose Ethyl cellulose meeting electronic grade specifications for specialized electronic component coating applications.
- Pharmaceutical Grade Ethyl Cellulose Ethyl cellulose meeting pharmaceutical grade requirements for drug formulation and pharmaceutical packaging applications. Also available as special grade product per customer requirements and specifications.
Companies that use Asha Cellulose
Customer profileSegments3 records
Ideal customer profiles3 records
Asha Cellulose technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Asha Cellulose partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ColorconcoreColorcon partnered with ASHA Cellulose in May 2025 to develop advanced ethyl cellulose solutions for pharmaceutical packaging. This strategic collaboration leverages Colorcon's coating expertise and Asha Cellulose's ethyl cellulose manufacturing capabilities to serve the growing pharmaceutical packaging laminates market.
Scale indicators1 record
Recent moves6 records
Expansion highlights4 records
Asha Cellulose competitors and assessment
Company assessmentDirect peers
- Colorcon: Colorcon is a leading global supplier of pharmaceutical coating systems and excipients, including ethyl cellulose-based products, and is also Asha's strategic partner as of May 2025. The companies are simultaneously partners and competitors in the pharmaceutical coatings space.
- Shin-Etsu Chemical: Shin-Etsu Chemical manufactures Ethocel™, a globally leading brand of ethyl cellulose used in pharmaceutical coatings, controlled-release formulations, and industrial applications — directly competing with ASHACEL® in the same product category and customer segments.
Broad incumbents
- Dow Chemical: Dow produces ETHOCEL™ ethyl cellulose (acquired from Dow Wolff Cellulosics) and competes broadly in pharmaceutical excipients and specialty cellulose derivatives, serving the same pharma and industrial customers as Asha Cellulose at global scale.
- DuPont: DuPont (now including former Dow Wolff Cellulosics' heritage products) supplies cellulosic polymers and pharmaceutical excipients to pharma manufacturers globally, including ethyl cellulose grades used in drug coating applications that compete with Asha's ASHACEL® offerings.
- Evonik: Evonik produces specialty polymers and pharmaceutical excipients (including EUDRAGIT® branded coating polymers) used in controlled-release drug formulations, competing with Asha's ethyl cellulose in pharmaceutical coating applications.
- Ashland: Ashland is a major specialty chemicals manufacturer with a pharmaceutical excipients portfolio including cellulosic polymers and coating systems, serving controlled-release and sustained-release drug formulation applications — directly overlapping with Asha's core market.
- BASF: BASF is a global specialty chemicals major producing pharmaceutical excipients and coating polymers used in pharma formulations, with overlapping customer relationships and product competition in the pharma packaging and excipient space.
Emerging players
- Lubrizol Life Science: Lubrizol Life Science (a Berkshire Hathaway business) supplies specialty excipients, polymers, and coating materials to the pharmaceutical industry, with partial overlap to Asha's pharma excipient and coating portfolio.
- Roquette: Roquette is a global leader in pharmaceutical excipients (including starch- and cellulosic-based excipients) and competes with Asha in the controlled-release and coating excipients space, particularly in pharma formulation applications.
Regional players
- Corel Pharma Chem: Corel Pharma Chem is an Indian manufacturer of pharmaceutical excipients, intermediates, and APIs, making it a regional peer to Asha in the domestic Indian pharmaceutical supply chain with overlapping customer segments among Indian generic drug manufacturers.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Asha Cellulose social profiles
Digital presenceAsha Cellulose compliance and trust
Trust signalCompliance5 records
Asha Cellulose financial estimates
Financial estimateRevenue estimate
Valuation estimate
Asha Cellulose leadership team
Management profileNumber of profiles
Profiles1 record
Asha Cellulose funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Asha Cellulose 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 Asha Cellulose
What does Asha Cellulose do?
Asha Cellulose manufactures ethyl cellulose polymers under the ASHACEL® and AshaKote brands, supplying pharmaceutical, industrial, and electronic customers from its facility in Mumbai, India. The product portfolio spans Industrial, Electronic, and Pharmaceutical grade ethyl cellulose, including custom grades produced per customer specifications. Polymers are water-insoluble, tasteless, odourless, non-caloric, and physiologically inert, forming tough films used for drug coating, sustained release, controlled release, and surface coating applications.
Is Asha Cellulose a public or private company?
Asha Cellulose is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Asha Cellulose founded?
Asha Cellulose was founded in -1. It employs 11 to 50 people.
Where is Asha Cellulose based?
Asha Cellulose is headquartered in Mumbai, India, in the Asia region.
How does Asha Cellulose make money?
One revenue line is on record: ethyl Cellulose Product Sales.
Who are Asha Cellulose's main competitors?
Direct peers on record are Colorcon and Shin-Etsu Chemical. Broad incumbents are Dow Chemical, DuPont, Evonik, Ashland and BASF. Emerging players are Lubrizol Life Science and Roquette. Corel Pharma Chem is listed as a regional player.
Does Asha Cellulose have an API?
No public API is recorded for Asha Cellulose.
What industry is Asha Cellulose in?
Asha Cellulose's product category is Pharmaceutical Excipients / Specialty Chemical Manufacturing. Its primary akta.pro industry code is IMAMALAD, Nanocellulose & Cellulose Derivatives (CNC/CNF, MCC, ethers/esters), with a secondary code of IMAMALAC, Bio-based Polymers & Resins (PLA, PHA, bio-PE, bio-PET, cellulose acetate). Its NAICS code is 3252 and its SIC code is 2820.