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ABLE Member Pandorum Technologies raises over Rs 41 crore

Much awarded ABLE member startup, Pandorum Technologies has raised more than Rs 41 crore by issuing Pre-Series B Cumulative Compulsorily Convertible Preference Shares (CCCPS) to several entities, according to Inc42, a media platform that focuses on Indian startups

The investors include BTB Ventures and Karnataka Trustee Company, among several others. Pandorum Technologies focuses on tissue technology and regenerative medicine was founded in 2011 by IISc students Mr Arun Chandru and Mr Tuhin Bhowmick after winning a business competition contest, BEST ( Biotech Entrepreneurship Student Team) by ABLE with DBT support. The company is engaged in making organ replacement more affordable for Indians, by developing bio-engineered tissues.

According to filings with the Ministry of Corporate Affairs (MCA) and accessed by Inc42, Pandorum has issued 27,590 CCCPS shares with a face value of Rs10 per share and a premium of Rs 14,950 per share to the investors mentioned below.

  1. 9,365 Pre-Series B CCCPS to BTB Ventures, aggregating to a total amount of more than Rs 14 crore

  2. 9,365 Pre-Series B CCCPS to Capital Trust, aggregating to a total amount of more than Rs 14 crore

  3. 5,516 Pre-Series B CCPS to IAN Fund (Vistra ITCL) and two equity shares, aggregating to a total amount of Rs 8.24 crore

  4. 2,006 Pre-Series B CCPS to Kotak Investment Advisors, aggregating to a total amount of Rs 2.99 crore

  5. 1,338 Pre-Series B CCPS to Karnataka Trustee Company, aggregating to a total amount of more than Rs 2 crore

Further, the company has also issued two equity shares, at a face value of Rs 1 per share and an issue price of Rs 14,950 per share, to IAN (Indian Angel Network) Fund, which is represented by its trustee Vistra ITCL.

“At Pandorum, we are working to close this [transplant] gap using bio-engineering approach through stage-wise development of a platform, which is ultimately aimed to liberate us from the dependencies on the human donor. Our aim is to develop the technology to an extent that people in India should get it at an affordable cost and at the time it’s needed,” Pandorum cofounder Mr Arun Chandru said last year in interaction with Inc42.

 

Independent financial analysts estimate the market value of Pandorum Technologies at Res 250 crore, based on these investments backed by a solid intellectual property platform.Pandorum Technologies is a biotechnology company that focuses on tissue technology and regenerative medicine. The company claims that its proprietary technology platform is designed to develop functional human tissues, such as bio-engineered Cornea and Liver, intended for medical research and therapeutic applications.

In the past, the company has raised funding from Flipkart founders, Mr Sachin Bansal and Mr Binny Bansal, Mr Sunil Munjal, Indian Angel Network (IAN) which is also an investor in the most recent funding round, among several others. Pandorum raised its Series A funding round worth Rs 21 crore ($3.2 Mn) in 2018 from Mr Binny Bansal, IAN and other high net worth individuals (HNIs).

It’s the first Indian company to 3D-print a human liver tissue for medical research in 2015. Last year, the company announced that it had bio-engineered human cornea tissue to enable scarless regeneration and vision restoration.

Dr Renu Swarup, DBT Secretary, tweeting in her personal capacity said: “Congratulations Pandorum. What an amazing journey from the ABLE-DBT India BEST student innovation grant to @BIRAC_2012, #BIG, #BIPP and now Pres series B .Tissue Engineering Innovation. Our Ecosystem has matured .We need more such successes.”

Source: Inc42

Much awarded ABLE member startup, Pandorum Technologies has raised more than Rs 41 crore by issuing Pre-Series B Cumulative Compulsorily Convertible Preference Shares (CCCPS) to several entities, according to Inc42, a media platform that focuses on Indian startups

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