Immuneel Therapeutics, a cancer-focused biotech startup, has extended its Series A funding from Taiba Middle East FZ LLC to raise Rs.100 crore, or $12 million.

This is the third round of venture for the Bengaluru-based startup since its commencement in 2018. According to its regulatory filing, which can be accessed from the Registrar of Companies, the board of Immuneel Therapeutics has approved 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 raise Rs.100 crore, or $12 million.

According to the filings, the company will use these investments for growth and expansion as determined by the board.

According to TheKredible’s estimation, the firm has been esteemed at around Rs.587 crore or $71 million (post-allocation). Taiba Middle East FZ now owns a 17.7% stake in Immuneel Therapeutics as a result of the new funds.

The round seems, by all accounts, to be progressing and it might raise more assets. Since its $15 million Series A funding in 2022, which was led by Eight Roads Ventures, True North, and F-Prime Capital, the business has raised approximately $40 million.

Established by Biocon Founder, Kiran Mazumdar Shaw, oncologist and Pulitzer champ — Siddhartha Mukherjee and Kush Parwar, Immuneel Therapeutics is an Indian clinical-stage startup which is participated in creating cell and quality treatments for cancer patients.

It is also working on developing its own pipeline of cancer management and treatment cellular immunotherapies and chimeric antigen receptor T-cell (CAR-T) therapies. The firm professes to offer treatments at 33% of the expenses borne for quality treatments in America.

Immuneel Therapeutics, a six-year-old startup, remained in the pre-revenue stage in FY23, despite the fact that the company has yet to submit its annual statements for FY24. In the fiscal year that ended in March 2023, it suffered losses totalling Rs.39 crore.