Fidelity Growth Partners India, a private equity division of financial services firm Fidelity Investments, has invested Rs20 crores ($3.9m) in India-based medical diagnostics company XCyton, according to a report in Indian venture capital website VCCircle on Monday.
XCyton received an undisclosed amount of funding in 2007 from Birthstone Capital, Amvar Ventures and angel investor Kiran Mazumdar-Shaw. Birthstone also acted as the operating partner and sole financial advisor to XCyton for the current round.
Founded in 1993, XCyton started out as in the field of immunology-based diagnostics before moving into the area of molecular diagnostics, particularly with regard to critical care infections.
Raj Dugar, senior managing director at Fidelity division FIL Capital Advisors (India), said: "XCyton’s service offerings are well positioned to reduce the high mortality rates associated with several critical illnesses."