Exclusive: Gauri Khan Family Trust to back Pandorum in ongoing Series B

Pandorum Technologies, a Bengaluru-based biotechnology startup, is raising an additional Rs 71.5 crore ($8 million) in its ongoing Series B round, led by Trufort Fund Limited, with participation from Gauri Khan Family Trust and existing investors including Protons Corporate, Noblevast Advisory, and others.

Last month, the company raised a $10 million tranche led by Protons Corporate, with participation from Ashish Kacholia and others, as exclusively reported by Entrackr.

Pandorum’s board has passed a resolution to issue 29,893 Series B cumulative compulsory convertible preference shares at an issue price of Rs 23,920 each to raise the aforementioned amount, according to its filing with the Registrar of Companies (RoC).

Trufort Fund Ltd will lead the fundraise with an investment of Rs 20 crore, followed by Protons Corporate and Saumik Doshi, who will invest Rs 10 crore each. Noblevast Advisory and Gauri Khan Family Trust will participate with investments of Rs 9.5 crore and Rs 5 crore, respectively. The remaining Rs 27 crore will be covered by Avinya Ventures, Auraplus Services, Gyan Enterprises, Milind Bafna, and Rajaram Ajgaonkar.

The fresh capital will be used to support the company’s operational needs, fund expansion initiatives, and provide financial backing to its wholly owned subsidiaries.

According to Entrackr’s analysis, the company will be valued at around Rs 822 crore (around $91 million) post money.

Founded in 2011 by Arun Chandru and Tuhin Bhowmick, Pandorum Technologies develops lab grown human tissues for drug discovery and regenerative medicine, offering engineered liver and corneal models built on its proprietary bioprinting platform for high precision pharmaceutical testing and research.

According to TheKredible, the company has raised around $43 million to date, including the $11 million secured last year as an extension of its Series A.

Pandorum is yet to file its FY25 numbers. In FY24, Pandorum remained in the pre-revenue stage while posting losses of Rs 28.2 crore.