When was Encube Ethicals founded?

Encube Ethicals was founded in 1998 and raised its 1st funding round 18 years after it was founded.

Where is Encube Ethicals located?

Encube Ethicals is headquartered in Mumbai, India. It is registered at 803, B Wing, HDIL Kaledonia, Sahar Road, Andheri East, Mumbai City, Mumbai, Maharashtra, India, 400069.

Who is the current CEO of Encube Ethicals?

Kamesh Venugopal and Pratik Kamani s of Encube Ethicals.

Which legal entities is Encube Ethicals associated with?

Encube Ethicals is associated with ENCUBE ETHICALS PRIVATE LIMITED.

How many employees does Encube Ethicals have?

As of Jul 31, 2025, Encube Ethicals has 1586 employees, reflecting a 19% year-over-year growth in headcount.

Is Encube Ethicals a funded company?

Encube Ethicals is a funded company, having raised a total of $65.5M across 2 funding rounds to date. The company's 1st funding round was a $***** Series C round, raised on Jul 21, 2016.

How much is Encube Ethicals worth?

The latest valuation of Encube Ethicals is $***** as of Jun 28, 2021.

When was the latest funding round of Encube Ethicals?

Encube Ethicals' latest funding was a $***** Series D round on Jun 28, 2021, with participation from 3 investors. Its primary sector is Biopharma Outsourcing. In India, the Biopharma Outsourcing sector has seen $349M in funding in 2026 to date.

What is the annual revenue of Encube Ethicals?

Annual revenue of Encube Ethicals is more than ₹1,000 Cr as on Mar 31, 2026

Where does Encube Ethicals rank among its competitors?

Encube Ethicals ranks 2nd amongst 1397 active competitors, of which 53 are funded. It stands 5th in terms of total funding among its competitors. The most recent competitor to raise funding was Famar, which secured $6.06M in Sep, 2025.

Who are the top competitors of Encube Ethicals?

Encube Ethicals' top competitors include Famar, Gland Pharma and Maiva Pharma. Among them, Famar secured the most recent funding round in September, 2025.

Encube Ethicals - 2026 Company Profile, Team, Funding, Competitors & Financials

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 1397 active competitors, including 53 funded and 205 that have exited. Its top competitors include companies like Famar, Gland Pharma and Maiva Pharma.

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

Series D, Jun 28, 2021, $*****

Post Money Valuation

$***** as on Jun 28, 2021

Investors

Quadria Capital & 4 more

Ranked

2^nd among 1397 active competitors

Annual Revenue

₹1,000+ Cr as on Mar 31, 2026

Employee Count

1,586 as on Jul 31, 2025

Similar Companies

Famar & 85 more

View Encube Ethicals' full profile

Encube Ethicals is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Reports
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)

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	4904797	Series D	9255057	4915804	2132620	1015155
Jul 21, 2016	3091076	Series C	6036932	1150465	Plenty Investment Advisors	Multiples Alternate Asset Management

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View details of Encube Ethicals's funding rounds and investors

The 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
ohmdfwj	Team	-	Past	4y 3m
Nilesh Navinchandra Maniar	Investor	-	Current	24y 9m
iwpmjra	Investor	-	Past	8y 8m
gvigftr	Investor	kr{ojij	Past	9y 2m
Himanshu Mahendra Gandhi	Independent board member	-	Current	24y 9m
mhesrui	Independent board member	-	Current	7y 6m

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:

Employee count trend for Encube Ethicals

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Top competitors of Encube Ethicals include Famar, Gland Pharma and Maiva Pharma. Here is the list of Top 10 competitors of Encube Ethicals, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Famar 1949, Athens (Greece), Acquired	Contract manufacturing and development services provider	$6.06M	Metric Capital, EBRD & 2 others	66/100
2nd	Encube Ethicals 1998, Mumbai (India), Series D	Company offering contract development and manufacturing services for topical semisolid formulations	$65.5M	Quadria Capital, Multiples Alternate Asset Management ... & 3 others	64/100
3rd	Gland Pharma 1978, Hyderabad (India), Public	Manufacturer of generic injectable drug	$209M	KKR, Markandaya Discretionary Trust & 49 others	63/100
4th	Maiva Pharma 1996, Hosur (India), Series A	Manufacturer of sterile injectables	$133M	Nhpea V Spear, Nano Vista & 25 others	61/100
5th	Luoxin Pharmaceutical Group 2006, Linyi (China), Acquired	Developer and manufacturer of pharmaceutical products	$301M	Ennovation Ventures, Yuanchuang Duoying Investment Group ... Read more	61/100
6th	Nivagen Pharmaceuticals 2009, Sacramento (United States), Acquired	Developer and contract manufacturer of generic drugs, tablets, capsules, ointment and solution	$31M	Telegraph Hill Partners, BizCap & 2 others	60/100
7th	Jubilant Life Sciences 1978, Noida (India), Public	Company offering a suite of R&D and manufacturing services for small molecules and generics	-	Samena Capital, General Atlantic & 1 others	59/100
8th	Windlas 2001, Gurugram (India), Public	Provider of regulatory affair, quality control, and market strategy services to biopharma sector	$13M	Tano Capital, HDFC Bank & 6 others	59/100
9th	INCOG BioPharma Services 2020, United States, Series C	CDMO focused on manufacturer of injectable drug product	$86.6M	-	57/100
10th	Asahi Kasei 1931, Chiyoda-ku (Japan), Public	CDMO focused on manufacturing of liquid, solid & injectable drug formulations	-	Europa	55/100

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ENCUBE ETHICALS PRIVATE LIMITED, the legal entity associated with Encube Ethicals, generated more than ₹1,000 Cr in revenue for the financial year ending on Mar 31, 2026. The revenue of ENCUBE ETHICALS PRIVATE LIMITED has a compounded annual growth rate (CAGR) of 40% in the last 1 year.

Financial Statement Summary

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22
Income Statement
Revenue	7216	2245	1994	7440	5722
Total Sales	8763	9527	1492	1863	1675
Total Expenses	8023	1851	9153	3657	6027
Operating Expenses	8477	1055	7412	8197	3965
Employee Expenses	1816	4051	5473	8861	3120
Marketing Expenses	6551	2567	6594	6669	8454
Operating Income (EBIT)	1922	6643	3511	5129	5352
Interest Expenses	7396	2306	6506	3265	5449
Expenses from other activities	9591	5459	9948	1474	6547
Information Technology Expenses	2608	9834	8352	1619	9288
EBITDA	6527	3615	8184	3541	7011
Taxes	1273	5627	6055	9358	8968
Net Profit	2665	9749	6304	9802	5021
Balance Sheet
Assets	4806	9941	3829	7072	2870
Cash Equivalent	5537	2810	8856	6024	1366
Accounts Receivables	5160	3977	3484	2256	7397
Inventory	5117	6348	8271	5727	4287
Liabilities	7514	5143	5929	9047	4939
Total Debt	5893	4372	9272	7635	6406
Accounts Payable	3393	6693	8936	3778	7618
Equities	8705	6078	9198	6890	8257
Cashflow Statement
Cash from Operating activities	1421	2111	5174	6344	7663
Cash from Investing activities	7383	5769	9253	5292	4473
Net cash from Financing activities	3118	5436	5047	5122	7125

Detailed Financials (Income Statement, Balance Sheet, Cashflow Statement)

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. The cap table displayed below is for ENCUBE ETHICALS PRIVATE LIMITED which is the legal entity associated with Encube Ethicals.

Shareholders Name	Post Round Holding %	Net worth	Cumulative Investment	Realised Returns	Unrealised Returns	Return Multiple
Founder	48.42%	2,800Cr	8528415	2243910	7982951	8811530
Mehul Madhusudan Shah	7137430	8196733	6896095	1093963	9072857	9690190
Fund	13.96%	808Cr	5575436	3662048	7194217	5318604
Plenty Investment Advisors	4808926	9112237	7759686	4517082	3687267	1589461
Multiples Alternate Asset Management	0	0	0	0	0	0
Other People	36.68%	2,120Cr	3605599	1624232	5370038	2093775
ESOP Pool	0.95%	54.8Cr	0	0	0	0
Total	100.00%	5,790Cr	7345808	5110085	6113482	2618413