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Kiran Mazumdar Shaw's Immuneel Therapeutics Secures Rs 100 Crore in Funding

NextEdge Admin

10 Jul 2024

2 min 36 sec

Immuneel Therapeutics, a cancer-focused biotech startup, has successfully raised Rs 100 crore (approximately $12 million) in an extension of its Series A round from Taiba Middle East FZ LLC. This marks the third round of investment for the Bengaluru-based company since its inception in 2018.

According to regulatory filings accessed from the Registrar of Companies, Immuneel Therapeutics' board passed a special resolution to issue 10 equity shares and 8,164 Series A1 CCPS at an issue price of Rs 1,22,330 each to secure the funding. The total post-allotment valuation of the firm is estimated to be around Rs 587 crore (approximately $71 million).

Following this investment, Taiba Middle East FZ now holds a 17% stake in Immuneel Therapeutics. The funds raised will be utilized for the company's growth and expansion initiatives, as outlined by the board in the regulatory filings.

Founded by Kiran Mazumdar Shaw, Siddhartha Mukherjee, and Kush Parwar, Immuneel Therapeutics focuses on developing cell and gene therapies for cancer treatment. The startup is currently engaged in advancing its pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies. Immuneel Therapeutics aims to make these therapies accessible at significantly lower costs compared to gene therapies available in the United States.

Despite being at a pre-revenue stage in FY23, the company has raised approximately $40 million to date, including its $15 million Series A financing co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022. While annual statements for FY24 are pending, Immuneel Therapeutics reported losses of Rs 39 crore in the fiscal year ending March 2023.