Chennai-based LifeCell International, India’s largest umbilical cord stem cell bank is looking at raising funds for its new venture public stem cell banking. The company said the funds will be used for infrastructure, expansion and marketing.
The public stem cell banking—which will allow anyone to receive stem cells that match their requirements from a storage facility—is being implemented through LifeCell Foundation, a non-profit venture.
LifeCell has already raised Rs 18 crore. Of this, Shriram group chairman R Thiagarajan, one of the promoters of LifeCell, has contributed Rs 2.5 crore and Mayur Abhaya, MD & CEO of LifeCell, has given 2.5 crore