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Exclusive: Biotech firm Pandorum to raise $10 Mn in Series B

EntrackrEntrackr · 9d ago
Exclusive: Biotech firm Pandorum to raise $10 Mn in Series B
Medial

Pandorum Technologies, a Bengaluru-based biotechnology startup focused on tissue engineering, is raising Rs 85 crore (around $10 million) in its Series B round led by Protons Corporate, along with participation from a clutch of other investors. The company’s board has approved a special resolution to issue 35,326 Series B preference shares at an issue price of Rs 23,920 each, according to regulatory filings sourced from the Registrar of Companies. Protons Corporate, managed by Anand Karbhari, is leading the round with Rs 27 crore, while Noblevast Advisory is contributing Rs 16.1 crore. A set of well-known angel investors, including Ashish Kacholia, Ankit Kawatra, Kishore Jagjival Gokal, Srinivas Rao Ravuri, and Kailash Ramlal Jhaveri, are also participating in the fundraising. As per the filings, Pandorum has already received Rs 45 crore from this round, with the remaining capital expected to be infused soon. The fresh funds will be deployed towards the company’s operational requirements, expansion plans, and to provide financial support to its wholly-owned subsidiaries. Entrackr’s estimates peg Pandorum’s post-money valuation at around Rs 750 crore ($85 million) following this transaction. Before this round, the company had secured $11 million last year as an extension of its Series A. Earlier, it had raised Rs 41 crore in 2020 and Rs 23 crore in 2017. Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies builds lab-grown human tissues for drug discovery and regenerative medicine. Its engineered liver and corneal models, developed on a proprietary bioprinting platform, are used by pharma companies for high-precision testing and research. The company monetises through contract research, licensing, and long-term co-development partnerships, positioning it among the few IP-heavy deep-science ventures in India. Pandorum is yet to file its FY25 numbers. In FY24, Pandorum remained in the pre-revenue stage while posting losses of Rs 28.2 crore.

ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia

EntrackrEntrackr · 10m ago
ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia
Medial

ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia Healthtech startup ErlySign has raised Rs 16 crore ($1.8 million) in its pre-Series A round from Ashish Kacholia. The proceeds will be used in clinical trials, securing CDSCO (Central Drugs Standard Control Organisation) approvals, and bringing ErlySign’s oral cancer detection kit to market. Founded in 2019 by Shubhendra Singh Thakur and Deovrat Begde, ErlySign develops solutions for early detection of oral cancer. The startup also claims to offer India’s first salivary biomarker-based test which can identify pre-cancerous conditions much before visible symptoms emerge. Looking ahead, ErlySign plans to use CRISPR miRNA-based testing technology to detect multiple types of cancer using the same saliva sample within 15–20 minutes.

Exclusive: Uber invests $30 Mn in Everest Fleet at $425 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: Uber invests $30 Mn in Everest Fleet at $425 Mn valuation
Medial

Mobility startup Everest Fleet has raised Rs 251.7 crore (approximately $30 million) in its Series C round from global ride-hailing giant Uber. This marks Uber’s second investment in the company, which manages a cab fleet for the platform. The board at Everest Fleet has passed a resolution to issue 13,726 Series C preference shares to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the startup data intelligence platform TheKredible, Everest Fleet has been valued at around $425 million post-allotment. The Mumbai-based firm will use the fresh proceeds to meet general operating, working capital requirements, capital expenditure and to expand the business operations, the filings added. Following the fresh investment, Uber has become the largest external stakeholder in Everest Fleet, with a 11.37% stake. Meanwhile, the firm’s founder, Siddharth Anand Ladsariya, holds 52%. Everest Fleet also maintains an ESOP pool, representing 4.76% of the company. In August, the International Finance Corporation (IFC) made a commitment to invest $20 million in equity in the Bengaluru-based startup. If this deal gets through, the Series C round will stretch to the tune of $50 million. Founded in 2016, Everest Fleet operates in the shared mobility space in India and is an existing partner to Uber and Ola. As per the company, it’s Uber’s largest professionally managed fleet supplier in the country. In June last year, Everest Fleet scooped up $20 million led by Uber. It also provided a partial exit to its early backer Artha Venture. Earlier this year, the Ladsariya-led firm received Rs 100 crore ($12 million) in debt from Axis Bank to purchase electric vehicles. For the fiscal year ending in March 2024 (FY24), Everest Fleet’s revenue spiked almost 2.2X to Rs 1,015-1,020 crore from Rs 466 crore in FY23, according to the company’s disclosure to CRISIL Ratings. The company reported Rs 466 crore revenue and Rs 41 crore profit in FY23.

Exclusive: EyeMyEye raises $2.5 Mn in a new tranche

EntrackrEntrackr · 1y ago
Exclusive: EyeMyEye raises $2.5 Mn in a new tranche
Medial

Full-stack eyewear platform EyeMyEye has raised Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-series A round. The board at EyeMyEye has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each to raise Rs 20.8 crore, its regulatory filing sourced from RoC shows. RBA Finance & Investments and Ashish Ramesh Kacholia pumped in Rs 10 crore each while Sachin Shah participated with Rs 80 lakh. Following the fresh proceeds, RBA Finance and Ashish Kancholia will hold 6.22% each of the company. EyeMyEye will use these proceeds to operate the business, achieving the pre-defined milestones, and in the manner envisaged in the shareholder’s agreement, the filing added. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 162 crore or $20 million (post-money). Founded in 2021 by Ganesh Iyer, EyeMyEye offers a range of customized eyeglasses, sunglasses, and other eyewear-related products to consumers through its online and offline channels. EyeMyEye has raised around Rs 90 crore ($11 million) to date including a $5 million round led by LC Nueva AIF in August 2022. Entrackr had exclusively reported the development. EyeMyEye registered 34% year-on-year growth to Rs 32.45 crore during FY23. Moreover, the company’s losses remained steady at Rs 19.36 crore during the same period. It competes with the likes of Lenskart, ClearDekho, Cool Winks and Lens2Home, among others.

Deeptech startup Planys raises $4 Mn

EntrackrEntrackr · 1y ago
Deeptech startup Planys raises $4 Mn
Medial

Deeptech startup Planys Technologies has raised $4 million in its ongoing pre-Series A round. The fresh investment tranche has come after a gap of more than two years for the Chennai-based firm. The board at Planys Technologies has passed a board resolution to issue 8,471 CCPS at an issue price of Rs 41,600 each to raise Rs 35.23 crore, its regulatory filing accessed from the Registrar of Companies shows. Himalaya Finance, Golden Birch Investments, Krishna Defence, Impact India Investments, SiriusOne Capital, and several individuals including Ashish Ramesh Kacholia, Shalini Chhabra, and Puneet Gupta participated during the new investment tranche. The company also approved its MSOP pool of 1,445 equity shares amounting to Rs 6 crore (as per the valuation report) in February, a separate filing shows. Established in 2015 by Tanuj Jhunjhunwala and Rakesh Sirikonda, Planys does underwater inspection by offering secure and adaptable solutions through marine robotics and analytics systems. The company has been working on over 350 projects with its 10 products across 5 countries. It also has more than 30 patents under its belt. Planys Technologies has raised around $8 million to date including a $1.6 million round led by Keiretsu Forum, LetsVenture in November 2021. According to the startup data intelligence platform TheKredibe, the company has been valued at around Rs 135 crore (post-money) in the new tranche. Unlike other startups, Planys hasn’t been growing at a rapid clip and this could be evident from its flat scale which grew to Rs 8.63 crore in FY23 as compared to Rs 7.41 crore in FY22. Moreover, the firm’s losses also spiked 3.2X to Rs 3.51 crore in the same period.

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