Bangalore based bio-pharma enterprise Theramyt Novobiologics raises Rs.27.5 Cr funding
Started in June this year by serial entrepreneurs Sohang Chatterjee and Kavitha Iyer Rodrigues, Theramyt, a niche Bangalore based, bio pharma enterprise has raised Rs.27.5 crores in funding from investors- Aarin Capital, Accel Partners, IDG Ventures and Karnataka state government-backed KITVEN.
Theramyt Novobiologics is a niche Biosimilar to Biobetter development enterprise focused on combining drug designing with platform technologies, to generate unique product lines in oncology, rheumatoid arthritis and cardiovascular diseases to begin with.
Elaborating on this funding round, Sohang Chatterjee, Director and CEO at Theramyt, said, "Biotech healthcare needs collaborative R&D and smart application of science to control the costs of healthcare and meet the therapy requirements of a wider population and disease type. Our pedigree and associations with current investors will help in addressing this need".
Kavitha Iyer Rodrigues, Director and COO, adds, "With these associations, we look to leverage global expertise, M&A experience and support for operational excellence, which will position Theramyt as a key biotech healthcare player. Not just in India but also in the international markets."
Prior to starting Theamyt, Sohang and Kavitha successfully ran and exited out of Inbiopro Solutions Pvt Ltd, a global biotechnology enterprise.
Passion to make a difference in healthcare drives this entrepreneurial duo. Interestingly, Sohang is an artist and Kavitha is a marathoner when they are not busy building their venture.
On the investment in Theramyt, Mahendran Balachandran from Accel Partners said, "Biologics will be the cornerstone of healthcare, offering patients more and better choices. Theramyt will be delivering some of the best biologic drugs at affordable prices in emerging markets, which have a significant unmet need combined with high costs of healthcare currently. Their vision to create a technology platform that can be utilised across a variety of different biologics makes the business more capital efficient and reduces a certain amount of development risk."
"Sohang and Kavitha are perhaps one of the very few entrepreneurs who have gone through a full cycle of building a biotechnology company and then successfully exiting. Their understanding of the business and the technical aspects of a complex space and being able to attract quality talent makes it very exciting for us to partner with them." added Mahendran.
Commenting on the duo, Mahendran said, "Accel has been involved with Sohang and Kavitha as investors in their previous venture. The advantage of having an experienced team who have gone through the process of building a company and successfully exiting was very evident in the manner in which they have approached building Theramyt right from the beginning."
Investment in Thermyt goes on to prove that biotech in India is growing and the space is going to see some interesting action in the near future."
