Mynvax secures $2.6 million in Extended Series A funding round led by Inviga Healthcare Fund


Mynvax, a biotech startup specializing in genetically engineered protein subunit vaccines, has successfully raised 21.63 crore rupees (approximately $2.6 million) in an extended Series A funding round. The round was led by Inviga Healthcare Fund, marking a significant investment for the company in the biotech sector after a three-year hiatus.

According to regulatory documents from the Registrar of Companies (RoC), Mynvax’s board has approved a special resolution to issue 5,127 Series A1 CCPS at an issue price of Rs 42,182 per share. The move enabled the company to raise a substantial amount, with Inviga Healthcare Fund contributing Rs 15 crore and Legacy Assets LLP adding Rs 2 crore. The remaining funds were raised from 27 other investors, each contributing smaller amounts.

TheKredible estimates post-money valuation of Mynvax at around Rs 257 million ($31 million). This recent funding brings Mynvax’s total capital to around $9-10 million, which includes a notable $4.2 million Series A round previously led by Accel, along with participation from Lets Venture, 1Cword, Kotak Investments and other investors.

Despite the inflow of fresh capital, Accel maintains its position as the largest external shareholder with a 15.63% stake, followed by Kotak Investment and Inviga Healthcare Fund. Mynvax’s co-founders, Raghavan Varadarajan and Gautam Nadig, together hold a 24.7% stake in the company.

Founded in 2017 by Gautham Nadig and Raghavan Varadarajan, Mynvax has pioneered the development of new vaccines using proprietary protein stabilization technology. The company has won recognition for its influenza vaccine and its thermotolerant, effective vaccines designed to protect against SARS-CoV-2 and its variants.

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Financially, Mynvax posted a robust 89% growth in operating revenue to Rs 10.94 crore for the fiscal year ending March 2023. However, the company also reported losses of Rs 6.43 crore during the same period. Mynvax has not yet submitted its financial statements for the last fiscal year (FY24).

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