TPG Growth led a $125m Series C funding round in Stelis.

TPG Growth, a private equity investment firm, led a $125m Series C funding round in Stelis, an independent biopharmaceutical company. Additional investors include Route One, Think Investments and the Mankekar Family. Strides stake in Stelis now stands at 37.09% against 54.48% prior to the Series C funding. The funds will be used by Stelis for completion of last mile capex for the CDMO business including setting up of 6KL mammalian block, ramp up of process development lab and other technical capabilities; accelerating the vaccine block infrastructure with ability to cater to multiple vaccine types including viral vector, protein subunit, RNA and DNA and debt servicing and other general corporate purposes.