Cancer-focused biotechnology startup Immuneel Therapeutics has raised over Rs 100 crore ($10.5 million) in a Series B financing round. The capital infusion, led by a combination of new and existing institutional investors along with high-net-worth individuals, is earmarked for production scaling and international market entry.
The funding round saw participation from Singularity AMC and Zerodha’s investment arm, Rainmatter. Existing investors, including Biocon founder Kiran Mazumdar-Shaw, Eight Roads Ventures, and F-Prime Capital, also co-invested in this round. The capital arrival comes nearly two years after the company secured an identical Rs 100 crore ($12 million) in a Series A extension from Taiba Middle East FZ LLC, which had valued the entity at approximately Rs 587 crore ($71 million) post-money.
Clinical Infrastructure
According to regulatory filings and internal communications, the fresh proceeds will be directed toward expanding the startup's Good Manufacturing Practice (GMP) compliant manufacturing capacity. A significant portion of the capital is also allocated toward accelerating the commercialization of its flagship product, Qartemi, alongside broadening the clinical research and development pipeline.
The biotechnology firm plans to leverage this capital to establish its presence in the Asia-Pacific (APAC) region and the Middle East. At present, the company is actively advancing clinical co-development partnerships in Australia and Southeast Asia to facilitate international regulatory approvals and patient access.
Advanced Oncology
Immuneel Therapeutics recently hit a critical milestone by commercializing Qartemi, which stands as India’s first approved Chimeric Antigen Receptor T-cell (CAR-T) therapy specifically targeted at Non-Hodgkin Lymphoma and leukemia. Unlike traditional interventions, CAR-T cell therapy involves modifying a patient’s own T-cells to target cancer cells, a process requiring complex laboratory setups and stringent quality controls.
"The successful closure of our Series B round reinforces the clinical potential of our cellular therapy platform," a senior company spokesperson stated officially. "The immediate focus is to scale our GMP manufacturing capabilities to make Qartemi accessible to a larger patient demographic in India, while simultaneously building the infrastructure required for our upcoming international clinical trials in Australia and Southeast Asia."
The heavy capital expenditure required for cell and gene therapies has traditionally limited patient access in developing markets. By localizing the manufacturing process in Bengaluru, the startup aims to reduce the financial burden associated with importing these advanced oncological treatments from Western markets.
Deep-Tech Healthcare
Founded in 2018 by Biocon Executive Chairperson Kiran Mazumdar-Shaw, Pulitzer Prize-winning oncologist Dr. Siddhartha Mukherjee, and healthcare executive Kush Parwar, the venture operates in the high-barrier deep-tech healthcare sector. Prior to the current round, the firm had secured over $40 million in equity funding. This included a $15 million Series A tranche in 2022, which was jointly led by Eight Roads Ventures, True North, and F-Prime Capital.
The domestic oncology sector has seen a gradual shift toward localized biological treatments, driven by a growing incidence of hematological malignancies. However, high operational costs and lengthy clinical trial timelines remain core challenges for specialized biotech entities in India.
The broader strategy for the venture involves transitioning from a domestic provider to a regional clinical player. By establishing export pathways and co-development channels in the Middle East and APAC, the company is positioning its Indian manufacturing hub as a cost-effective source for advanced biologics. The successful integration of its upcoming GMP facilities will determine how effectively the firm can service both domestic demand and its contractual obligations overseas.
About Company
Immuneel Therapeutics is a clinical-stage biotechnology company headquartered in Bengaluru, India. Established in 2018, the organization focuses on the development, manufacturing, and commercialization of affordable cell and gene therapies for cancer treatment. Its primary product, Qartemi, is India's first approved indigenous CAR-T therapy, developed to treat specific types of blood cancers, including leukemia and lymphoma.
