Zyax Chem acquires 26% stake in Gaymed Labs

Varun Mukhi is leading Zyax Chem’s next phase of growth with the acquisition of a 26 per cent stake in Gaymed Labs. The investment forms part of the company’s expansion strategy and portfolio development within the chemicals and allied sectors.

With this investment, Zyax Chem enters as a capital partner and operational participant, bringing capabilities across manufacturing, formulation, distribution and partnerships. Mukhi will join the board of Gaymed Labs as a Non-Executive Director and will work with the management team on strategy, scale and market position.

The company stated that Gaymed Labs has recorded nearly fivefold growth in monthly sales over the past 12 months following the investment.

The partnership will focus on expanding distribution beyond the existing network of more than 1,000 retail outlets and over 100 dealers, strengthening OEM and private label capabilities for global brands, and increasing manufacturing capacity to support demand.

Gaymed Labs operates in the ophthalmic and eye care segment and has been present for over three decades. Its portfolio includes brands such as Multisol and Rinsol, supported by in-house research and development, regulatory processes and manufacturing capabilities.

Zyax Chem stated that the investment represents its entry into a category driven by demand and consumer awareness, with a focus on identifying businesses where operational capabilities can support scale and value creation.

“Gaymed Labs represents exactly the kind of business we look to partner with, one that combines a strong legacy with clear potential for scale. The ophthalmic and eye care segment is seeing sustained growth, driven by rising awareness and repeat consumer demand, and we see a significant opportunity to build a market leading platform in this space. Our focus will be on strengthening product innovation, expanding distribution, and leveraging our operational expertise to accelerate growth and unlock long term value.”

The partnership is structured as a long-term arrangement, with the existing leadership at Gaymed Labs continuing operations, while Zyax Chem supports strategy, capability development and expansion into new markets.

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