LifeCell, a leading stem cell bank in India is aiming for 50% growth in its revenues for the current fiscal year on the back of new initiatives undertaken by the company across the country.
"With new affordable pricing of Rs 9,990 for umbilical cord stem cell banking service we are expecting our volumes to triple and thereby experience a 50 percent growth in revenues in the current fiscal," said Mayur Abhaya, LifeCell CEO & Managing Director.
The company had posted a revenue of Rs 135 crore for the financial year 2014-15. It has over 200 centers across the country is also mulling expansion of the facilities.
"LifeCell has service centers across 220 locations in the country. Our expansion plans are mainly India centric. Our market coverage is deep with presence across all states and we plan to add another 80 centers in the current fiscal," said Abhaya.
Internationally, the company has presence in the Gulf Cooperation Council (GCC) countries, including UAE, Bahrain, Kuwait, Saudi Arabia and Oman.
"International market expansion like Singapore and Middle East will be explored next year. The company has strong positive cash flows and has a large un-leveraged balance sheet which can be tapped into to fund its future expansions. No external fund raise is envisaged."
"The Ayushmaan Bhava campaign that we have launched has been built with the objective of reaching out to a larger audience in the context of our price transformation, which makes the service even more affordable at a starting price of just Rs 9,990," he said.
The price transformation, in combination with a shift in positioning of the service is anticipated to bring us three times the growth in volume, he added.
LifeCell was established in 2004, in technological collaboration with Cryo-Cell International and over 1,30,000 parents have banked their children's stem cells with the company.