India's approval for Zydus comes days after privately held Bharat Biotech got a similar green light for human studies for its vaccine candidate.
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Companies including Pfizer and Johnson & Johnson have said they each aim to produce as many as 1 billion doses by the end of 2021.
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Here is the latest update on COVID-19 vaccines from different pharmaceutical companies
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The potential treatment is the fourth early-stage COVID-19 drug to show promise in human testing, along with projects involving Moderna, CanSino Biologics and Inovio Pharmaceuticals.
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"We're very happy that we're seeing the right sort of immune response that will give protection, and not the wrong sort," Gilbert said.
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Cipla's version is priced at less than 5,000 Indian rupees ($66.24), while Hetero Lab's version is priced at 5,400 rupees ($71.54).
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The indigenous, inactivated vaccine developed and manufactured in the company's Bio-Safety Level 3 (BSL-3) High Containment facility located in Genome Valley, Hyderabad.
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The investors are in for an early reckoning because BioNTech has said it expects first clinical data on its COVID-19 vaccine development programme known as BNT162 this month or in July.
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China's Central Military Commission approved the use of the vaccine by the military on June 25 for a period of one year,
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The capital raise will accelerate Piramal Pharma's organic and inorganic growth plans,
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