Encube Ethicals - About the company
Encube Ethicals is a series D company based in Mumbai (India), founded in 1998 by Mehul 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, Gulf Islamic Investments and Plenty Investment Advisors, with a current valuation of ₹5,790Cr.
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
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 |
|---|---|---|---|---|
Sep 07, 1995 | $133M (as on Mar 31, 2024) | 1586 (as on Jul 31, 2025) |
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 $34.2M. 3 investors participated in its latest round, lead by Quadria Capital and Gulf Islamic Investments.
Encube Ethicals has 5 institutional investors including Quadria Capital, Gulf Islamic Investments and Plenty Investment Advisors. Plenty Investment Advisors is the largest institutional investor in Encube Ethicals. Rajiv Gulati and 10 others are Angel Investors in Encube Ethicals.
Here is the list of recent funding rounds of Encube Ethicals:
Date of funding | Funding Amount | Round Name | Post money valuation | Revenue multiple | Investors |
|---|---|---|---|---|---|
Jun 28, 2021 | $34.2M | Series D | 7257348 | 8627155 | |
Jul 21, 2016 | $31.3M | Series C | 9857488 | 6220911 |
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 Shah. Kamesh Venugopal is the CEO of Encube Ethicals.
Here are the details of Encube Ethicals' key team members:
- Mehul Shah: Founder & Managing Director of Encube Ethicals. They are also an angel investor in 6 startups and serve on the board of 1 company.Contact Info: 1 email address
Encube Ethicals' Board of Directors
Encube Ethicals's board has 4 active members. Mehul Shah and Nilesh N Maniar are part of team and Madhusudan Nyalchand Shah and Himanshu Mahendra Gandhi are independent board members.Here is the list of Encube Ethicals' board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
qcvvylp | Team | - | Past | 6y 9m |
Investor | - | Current | 23y 4m | |
r{bxalf | Investor | - | Past | 8y 6m |
oey{nvq | Investor | lksgwxq | Past | 1y 1m |
Independent board member | - | Current | 29y 9m | |
ztogeqf | Independent board member | - | Current | 8y 3m |
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 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 | 9231677 | 4916073 | 2334366 | 6088037 |
4762963 | 6670779 | 3118434 | 3869451 | 5436046 | 6851223 | |
Fund | 13.96% | 808Cr | 1910741 | 7472241 | 7662626 | 7096243 |
1460042 | 7036009 | 6038283 | 6909682 | 8027333 | 8206104 | |
0 | 0 | 0 | 0 | 0 | 0 | |
Other People | 36.68% | 2,120Cr | 1282562 | 6482928 | 1439785 | 8428250 |
ESOP Pool | 0.95% | 54.8Cr | 0 | 0 | 0 | 0 |
Total | 100.00% | 5,790Cr | 3257804 | 3240407 | 7372530 | 8681225 |
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 1 event in last 1 year.
•
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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Lodha, Encube Ethicals Ink Pact To Develop 1-lakh-sq-ft R&d Centre In 25-acre Lifesciences Hub In PalavaIndiatimes•Apr 13, 2022•Lodha Group, Encube Ethicals
•
Encube Ethicals to buy Soframycin for Rs 125 crore for India & SL marketsBusiness Standard•Nov 26, 2021•Encube Ethicals, Sanofi
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Quadria backs India drug maker Encube EthicalsAsian Venture Capital Journal•Jul 02, 2021•Quadria Capital, Encube Ethicals
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Mayne Pharma Continues Expansion of Dermatology PipelineCMOCRO•Nov 19, 2019•Mayne Pharma, Encube Ethicals
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Encube Ethicals Announces New High Potency Topical Manufacturing SuitePharmaceutical Outsourcing•Apr 17, 2019•Encube Ethicals
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Particle Sciences Partners with Encube EthicalsContract Pharma•Jan 30, 2019•Particle Sciences, Encube Ethicals
•
InvAscent in talks to exit Neuland GroupLivemint•Oct 05, 2016•InvAscent, Neuland, IDFC Bank, Encube Ethicals and 1 other
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