Bengaluru-based biotech startup Mynvax has secured Rs 21.63 crore (approximately $2.6 million) in an extended Series A funding round led by Inviga Healthcare Fund. This marks a significant new investment for Mynvax after nearly three years.

According to regulatory filings from the Registrar of Companies (RoC), Mynvax’s board approved a special resolution to issue 5,127 Series A1 CCPS at Rs 42,182 per share to raise the capital. Inviga Healthcare Fund contributed Rs 15 crore, Legacy Assets LLP invested Rs 2 crore, and 27 other investors provided the remaining funds.

TheKredible estimates that Mynvax’s post-money valuation stands at around Rs 257 crore (approximately $31 million). To date, Mynvax has raised approximately $9-10 million, including a $4.2 million Series A round led by Accel, with contributions from Lets Venture, 1Crowd, Kotak Investments, and others.

Following this latest funding round, Accel remains the largest external shareholder with a 15.63% stake, followed by Kotak Investment and Inviga. The company’s co-founders, Raghavan Varadarajan and Gautam Nadig, collectively hold a 24.7% stake.

Founded in 2017, Mynvax specializes in developing novel, engineered protein subunit vaccines, including influenza vaccines and thermo-tolerant vaccines for SARS-CoV-2 and its variants. For the fiscal year ending March 2023, Mynvax’s revenue from operations increased by 89% to Rs 10.94 crore, while its losses were Rs 6.43 crore. The company has yet to file its financial statements for the fiscal year 2024.