Vaccine Startup Mynavax Raises INR 21.63 Cr In Funding Round Led by Inviga Healthcare

Founded in 2017 by Gautham Nadig and Raghavan Varadarajan, Mynvax specializes in developing novel, engineered protein subunit vaccines.

Bengaluru-based biotech startup Mynvax has secured fresh funding of INR 21.63 Cr (approximately $2.6 million) in an extended Series A round led by Inviga Healthcare Fund.

Inviga Healthcare Fund led the round with an investment of INR 15 Cr, while Legacy Assets LLP contributed INR 2 Cr. The remaining capital came from 27 other investors in smaller amounts, as reported by Entrackr

This fresh infusion of capital is likely to bolster Mynvax's ongoing research and development efforts in the field of vaccine technology.

This marks a renewed inflow of capital for the company after a nearly three-year hiatus from fundraising.

Founded in 2017 by Gautham Nadig and Raghavan Varadarajan, Mynvax specializes in developing novel, engineered protein subunit vaccines.

The company leverages its proprietary protein stabilization technology to create vaccines.

It develops next-generation vaccines for influenza using a recombinant technology that will be used to create broadly protective vaccines that may not require annual updating.

In addition, the technology allows for very rapid, large-scale, and low-cost production of vaccines that could be used to protect people when there is a pandemic.

Mynvax's product portfolio includes influenza and thermo-tolerant, effective vaccines designed to combat SARS-CoV-2 and its evolving variants.

Details of the Investment

Mynvax issued 5,127 Series A1 CCPS at an issue price of INR 42,182 per share to raise the INR 21.63 crore, as per its regulatory filings accessed by the Registrar of Companies (RoC).

Based on estimates from TheKredible, Mynvax' current valuation stands at around INR 257 crore ($31 million) post-money.

This extended Series A round brings Mynvax' total funding to approximately $9-10 million.

Previously, the IISc incubated company secured $4.2 million in a Series A round led by Accel, with participation from Lets Venture, 1Cword, Kotak Investments, and others.

Following this latest round, Accel remains the largest external stakeholder with a 15.63% shareholding, followed by Kotak Investment and Inviga.

Mynvax's co-founders, Raghavan Varadarjan and Gautam Nadig, collectively hold a 24.7% stake in the company.

Recent Healthtech Startup Fundings

Although the overall startup landscape in India is fighting the funding winter, healthtech has seen a boom in investment in certain segments.

Recently, Digital fitness and wellness technology startup Portl secured a $3 million in a funding round led by Bharat Innovation Fund.

The company uses its proprietary AI personalization engine, which provides users with customized workout plans that adapt to their fitness levels, daily performance, and preferences in real-time.

Similarly, Hyderabad-based Red.Health, a medical emergency response startup specializing in ambulance dispatch services, has successfully raised $20 million in its Series B funding round. The startup operates air and road ambulances to cater to inter and intra-city emergency needs.

Mumbai-based FlashAid, an insurtech startup focused on healthcare closed $2.5 million pre-Series A funding round, co-led by Piper Serica Angel Fund and SOSV.