Encube Ethicals - About the company
Encube Ethicals is a series D company based in Mumbai (India), founded in 1998 by Mehul Madhusudan Shah. It operates as a Company offering contract development and manufacturing services for topical semisolid formulations. Encube Ethicals has raised $65.5M in funding from investors like Quadria Capital, GII and Plenty Investment Advisors, with a current valuation of $*****. The company has 1321 active competitors, including 49 funded and 202 that have exited. Its top competitors include companies like Famar, Luoxin Pharmaceutical Group and Jubilant Life Sciences.
Company Details
Company offering contract development and manufacturing services for topical semisolid formulations. It offers development services such as formulation development, analytical development, packaging development, lab scale stability study as per ICH guidelines, and scale-up & commercialisation for topical semi-solid formulations. Its manufacturing facility produces different semisolid formulations such as ointments, gels, creams, solutions, and lotions.
- Website
- encubeethicals.com
- Email ID
- *****@encubeethicals.com
- Phone Number
- +1 **********
- Registered Address
- 803, B Wing, HDIL Kaledonia, Sahar Road, Andheri East, Mumbai City, Mumbai, Maharashtra, India, 400069
Key Metrics
Founded Year
1998
Location
Mumbai, India
Stage
Series D
Total Funding
$65.5M in 2 rounds
Latest Funding Round
Post Money Valuation
$***** as on Jun 28, 2021
Investors
Ranked
1st among 1321 active competitors
Annual Revenue
₹1,000+ Cr as on Mar 31, 2026
Employee Count
1,586 as on Jul 31, 2025
Legal entities associated with Encube Ethicals
Encube Ethicals is associated with 1 legal entity given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Documents |
|---|---|---|---|---|
ENCUBE ETHICALS PRIVATE LIMITED CIN: U24230MH1995PLC092485 , India, Active | Sep 07, 1995 | ₹1,000+ Cr (As on Mar 31, 2026) | 1597 (As on Aug 01, 2025) |
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Encube Ethicals's funding and investors
Encube Ethicals has raised a total funding of $65.5M over 2 rounds. Its first funding round was on Jul 21, 2016. Its latest funding round was a Series D round on Jun 28, 2021 for $*****. 3 investors participated in its latest round. Encube Ethicals has 5 institutional investors.
Here is the list of recent funding rounds of Encube Ethicals:
Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
Jun 28, 2021 | 9338119 | Series D | 6628312 | 6272018 | 4530731 | 5903683 |
Jul 21, 2016 | 2912717 | Series C | 8269891 | 2326919 |
Access funding benchmarks and valuations. Sign up today!View details of Encube Ethicals's funding rounds and investors
Encube Ethicals' founders and board of directors
Founder? Claim ProfileThe founders of Encube Ethicals is Mehul Madhusudan Shah. Pratik Kamani and Kamesh Venugopal are the CEOs of Encube Ethicals.
Here are the details of Encube Ethicals' key team members:
- Mehul Madhusudan Shah: Founder & Managing Director of Encube Ethicals. They are also an angel investor in 6 startups and serve on the boards of 2 companies.Contact Info: 1 email address and 1 phone number
- Kamesh Venugopal: CEO of Encube Ethicals. Contact Info: 1 email address
- Pratik Kamani: CEO of Encube Ethicals. Contact Info: 1 email address and 1 phone number
Encube Ethicals' Board of Directors
Encube Ethicals's board has 4 active members. Mehul Madhusudan Shah and Nilesh Navinchandra Maniar are part of team and Himanshu Mahendra Gandhi and Madhusudan Nyalchand Shah are independent board members.Here is the list of Encube Ethicals' board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
zpazram | Team | - | Past | 7y 9m |
Investor | - | Current | 24y 6m | |
vysksgx | Investor | - | Past | 4y 3m |
{doshux | Investor | xzrcw{w | Past | 8y 2m |
Independent board member | - | Current | 24y 6m | |
qpiuzcp | Independent board member | - | Current | 3y 8m |
View details of Encube Ethicals's Founder profiles and Board Members
Encube Ethicals' employee count trend
Encube Ethicals has 1,586 employees as of Jul 25. The total employee count is 18.0% more than what it was in Jul 24. Here is Encube Ethicals's employee count trend over the years:
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Encube Ethicals's Competitors and alternates
Top competitors of Encube Ethicals include Famar, Luoxin Pharmaceutical Group and Jubilant Life Sciences. Here is the list of Top 10 competitors of Encube Ethicals, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st | Encube Ethicals 1998, Mumbai (India), Series D | Company offering contract development and manufacturing services for topical semisolid formulations | $65.5M | 64/100 | |
2nd | Contract manufacturing and development services provider | $6.06M | 63/100 | ||
3rd |  Luoxin Pharmaceutical Group 2006, Linyi (China), Acquired | Developer and manufacturer of pharmaceutical products | $301M | 61/100 | |
4th | Jubilant Life Sciences 1978, Noida (India), Public | Company offering a suite of R&D and manufacturing services for small molecules and generics | - | 59/100 | |
5th | CDMO focusing on spectrum of dosage forms and therapeutic segments | $70M | 58/100 | ||
6th |  Nivagen Pharmaceuticals 2009, Sacramento (United States), Acquired | Developer and contract manufacturer of generic drugs, tablets, capsules, ointment and solution | $31M | 57/100 | |
7th | Crown Laboratories 2000, Johnson City (United States), Acquired | Manufacturer of OTC, prescription, skin care and oral care products | - | 55/100 | |
8th |  Nectar Lifesciences 1995, Chandigarh (India), Public | Manufacturer of cephalosporin APIs and generic formulations | $46.9M | 55/100 | |
9th | Suzhou Ze Jing Biological Pharmaceutical 2009, Suzhou (China), Series B | Company developing small molecules & eukaryotic cell based recombinant protein drugs | $61.9M | 54/100 | |
10th | Contract services for pharmaceutical development and manufacturing | - | 54/100 |
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Encube Ethicals's Latest cap tables and shareholding
Founders (largest shareholder) own 48.42%, Funds own 13.96%, Other People own 36.68% and ESOP Pool own 0.95%. The net worth of Encube Ethicals's founders is INR 2,800Cr as of Jun 28, 2021.
Shareholders Name | Post Round Holding % | Net worth | Cumulative Investment | Realised Returns | Unrealised Returns | Return Multiple |
|---|---|---|---|---|---|---|
Founder | 48.42% | 2,800Cr | 1050690 | 5196360 | 2583809 | 7352007 |
4641408 | 5515519 | 3555048 | 3909950 | 6082084 | 9767507 | |
Fund | 13.96% | 808Cr | 6521147 | 8372863 | 4532946 | 2824371 |
8528885 | 4655308 | 6693847 | 4820211 | 1716400 | 7919845 | |
0 | 0 | 0 | 0 | 0 | 0 | |
Other People | 36.68% | 2,120Cr | 7673609 | 9107003 | 4436978 | 2820560 |
ESOP Pool | 0.95% | 54.8Cr | 0 | 0 | 0 | 0 |
Total | 100.00% | 5,790Cr | 9176525 | 8135250 | 7109803 | 1034776 |
To unlock detailed Cap Table of Encube Ethicals Sign up today!Notes: The column Net Worth represents the net worth of investments made by that entity, as per the latest cap table.
DisclaimerView more details of Encube Ethicals's Shareholding
Encube Ethicals's Investments and acquisitions
Encube Ethicals has made no investments or acquisitions yet.
Reports related to Encube Ethicals
Here is the latest report on Encube Ethicals's sector:
News related to Encube Ethicals
Filter this listMedia has covered Encube Ethicals for a total of 11 events in the last 1 year, 2 of them have been about company updates and 2 about people movement.
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Encube Ethicals promoter Mehul Shah buys Rs 106-crore luxury apartment ahead of IPOMoneycontrol•Aug 06, 2026•Encube Ethicals
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Oxford Biomedica in talks over EQT takeover bidCitywire•Jan 15, 2026•Oxford BioMedica, EQT, EQT, Encube Ethicals and 1 other
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Encube race heats up; promoters may sell too Blockbuster year in sight for IPO streetPressReader•Nov 18, 2025•Encube Ethicals
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Encube raises USD $23 million to boost AI for hardware makersIT Brief UK•Nov 18, 2025•Kinnevik, Promus Ventures, Encube Ethicals
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LLSollu signs MOU with Japanese gaming company for Japan market expansionKorea Newswire•Sep 11, 2025•LLSOLLU, Encube Ethicals
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Quadria weighs sale of minority stake in $2bn Indian pharma firm EncubePrivate Equity Wire•Aug 21, 2025•Quadria Capital, Encube Ethicals
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Encube announces its new R&D 'Centre of Excellence' at LodhaIndiatimes•Nov 24, 2022•Lodha Group, Encube Ethicals
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