Agri-focussed biotech startup BioPrime has raised $6 Mn in its Series A funding round led by Belgium-based impact fund Edaphon. The round also saw participation from existing investors Omnivore and Inflexor.
The startup will use the capital to fuel research in the crop protection segment and develop a new range of bio-fungicides and bio-insecticides in collaboration with other players.
Founded in 2016 by Renuka Diwan, Amit Shinde, and Shekhar Bhosale, BioPrime sells a range of agri-biological products that promote crop growth, improve crop resistance against biotic (insects and pests) and abiotic stress (high temperature and excessive water), and increase the yield.
“… We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing the offerings to our existing B2B customers & entering into strategic co-development and licensing with industry players,” BioPrime cofounder and CEO Diwan said.
Commenting on the fundraise, Edaphon managing partner Vincent Vliebergh said, “We invested in BioPrime because of its impressive balance between a strong portfolio of commercial products and a high-potential innovation pipeline.”
Previously, the Pune-based startup reportedly raised INR 9 Cr in its pre-Series A round led by Inflexor Ventures and Omnivore in October 2022. The startup was also incubated and backed by the likes of Centre‘s Biotechnology Industry Research Assistance Council (BIRAC), Telangana government, NCL Biotech Business Incubator, among others.
Since its inception, BioPrime claims to have expanded its workforce by 10X, tripled its product offerings and expanded footprint across India, Southeast Asia and the US. Going forward, it has set its eyes on launching its biostimulant range in North America, Brazil and Southeast Asia.
The development comes at a time when Indian biotech startups are fast emerging as a lucrative avenue for Indian venture capital (VC) and private equity (PE) firms to invest in. Pushing the sector forward has been the regulatory support.
For instance, the Cabinet last month approved the INR 9,197 Cr Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, which will offer seed funding, incubation support, and mentorship to bio-entrepreneurs and give grants and incentives for R&D.
In the past, too, the Centre has dished out ‘Amrit’ grants for collaborative biotech initiatives involving startups, industry, academia and research bodies.
On the back of this, the space has witnessed healthy investor action. Last month, another biotech startup Ahammune Biosciences secured $5 Mn in its Series A round led by pi Ventures. Prior to that in August, Cambrian Bioworks bagged $1.45 Mn in a seed round led by the Irani family office.
In June, Kiran Mazumdar-Shaw-cofounded biotech startup Immuneel Therapeutics secured close to INR 100 Cr in its extended Series A funding round from Taiba Middle East FZ.
At the heart of all this is the Indian biotech ecosystem, which, as per reports, is projected to reach a market size of $300 Bn by 2030.
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