Biotech startup Ahammune Biosciences has raised $5 million (INR 41 Cr) in a Series A funding round led by pi Ventures, with participation from Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus, and existing investors including Ideaspring Capital, Kotak Alternate Assets, Legacy Assets LLP, and Indian Angel Network (IAN).
The Pune-based startup plans to use the fresh capital to conduct Phase 2 human clinical trials for its drug candidate designed to treat vitiligo, a skin depigmenting disorder affecting 1-2% of the global population. In addition to clinical trials, the funding will support the expansion of Ahammune’s patent portfolio and boost R&D efforts for other immune-mediated skin diseases, including eczema.
Founded in 2016 by Dr. Parul Ganju and Dr. Krishnamurthy Natarajan, Ahammune is a clinical-stage therapeutics startup focused on developing innovative treatments for chronic skin conditions. Unlike traditional treatments for vitiligo, Ahammune’s small molecule drug candidate does not cause generalized immunosuppression. Instead, it features a first-in-class mechanism of action, capable of halting the spread of skin depigmentation while also stimulating melanocyte function to promote repigmentation.
The startup’s next phase of clinical trials will assess the drug’s safety and efficacy while advancing its proprietary small molecule therapeutics platform. Beyond vitiligo, Ahammune is also developing treatments for eczema, a chronic condition that affects 20% of children in Western countries and persists in some adults.
Ahammune previously raised an undisclosed amount in its pre-Series A round from Ideaspring Capital and IAN. The startup also secured INR 2.1 Cr in grants from India’s Department of Biotechnology to fund animal studies.
Commenting on the investment, Roopan Aulakh, managing director at pi Ventures, emphasized that India’s biotech landscape is evolving beyond generics and contract research, with startups like Ahammune spearheading this transformation. Aulakh added that the startup’s breakthrough drug has the potential to offer effective vitiligo treatment without the side effects associated with current options.
Ahammune currently operates with an eight-member team, including four PhDs, and has filed 20 patent applications, of which seven have already been granted in countries such as India, the U.S., Europe, Israel, and Australia.
This development coincides with the Indian government’s push to promote startups in the biotech sector. The Department of Pharmaceuticals launched the Scheme for Promotion of Research and Innovation in Pharma-Medtech (PRIP), allocating 50 of 125 research projects to startups.
As of June 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized 2,127 startups in the pharmaceutical sector, with 1,397 of them established in the last three years alone.
