Singapore-based private equity firm Mandala Capital has kicked off this year with a full exit from its investment in Edward Food Research and Analysis Centre (EFRAC), an Indian laboratory testing firm.

The exit comes as an acquisition by QIMA, a global Testing, Inspection & Certification (TIC) player, Mandala Capital said in a statement on Tuesday.

This adds to the two exits made by Mandala Capital last year.

In addition, another portfolio company Godavari Biorefineries has recently filed for an initial public offering (IPO).

Based in Kolkata, India, EFRAC is one of the largest integrated laboratory testing service providers in the country.

The firm operates across the Food, Pharma and Enviro verticals and specializes in the testing of food grade gases, dioxins and furans, all contaminants and trace residues, microbiological and GMO parameters, packaging materials and more.

Under Mandala Capital’s ownership, EFRAC has grown its revenue two-fold and its earnings before interest, taxes, depreciation, and amortization (EBITDA) at a compound annual growth rate (CAGR) of over 50 percent in the last five years.

“Over the years, EFRAC has successfully transformed into a leading integrated laboratory testing company and we are proud to have supported its growth and success,

“The strategic acquisition by QIMA is a testament to EFRAC’s outstanding track record,” said Uday Garg, Managing Partner at Mandala Capital.

Dr Bajwa, Director and Chief EO of EFRAC, said Mandala Capital’s expertise in the food and agri sector as well as their global network has greatly contributed to the growth of the business.

Mandala Capital is a private equity firm specializing in investments across the food and agriculture value chain within Southeast Asia and India.

Since its inception in 2008, the firm has deployed over $250 million across the sector, working closely with management teams to build industry leaders to transform existing food systems.

EFRAC is a leading one-stop testing, inspection and certification services (TIC) service provider in India offering full-fledged testing solutions from its 60,000 square feet integrated laboratory facility.

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