Immuneel Therapeutics Raises Rs 100 Crore in Series B Funding for Cancer Innovations

Cancer-focused biotech firm Immuneel Therapeutics has successfully raised more than Rs 100 crore ($10.5 million) in a Series B funding round. This round was led by a combination of new and existing investors.

The funding round welcomed participation from Singularity AMC, Rainmatter by Zerodha, along with a number of high-net-worth individuals. Notably, existing investors such as Kiran Mazumdar-Shaw, Eight Roads Ventures, and F-Prime Capital also took part in the investment.

As stated by the company, the new funds will enhance its GMP manufacturing capacity, fast-track the commercialization of Qartemi, fortify its research and development pipeline, and facilitate expansion in the Asia Pacific region and the Middle East.

This funding arrives nearly two years after the Bengaluru-based startup secured Rs 100 crore ($12 million) through an extension of its Series A round, led by Taiba Middle East FZ LLC. Following that investment, the company’s post-money valuation was estimated at around Rs 587 crore ($71 million).

Established in 2018 by Kiran Mazumdar-Shaw, Siddhartha Mukherjee, and Kush Parwar, Immuneel is at the forefront of developing cell and gene therapies aimed at treating cancer. The firm’s total funding has now exceeded $40 million prior to this latest funding round, including a $15 million Series A financing led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.

Immuneel has recently commenced the commercialisation of Qartemi, recognised as India’s inaugural approved CAR-T therapy for Non-Hodgkin Lymphoma and leukemia. The company is also entering clinical co-development partnerships in Australia and Southeast Asia to enhance the availability of advanced cancer treatments in global markets.