Founded in 2015 by Jogin Desai, Rajani Battu, and Rajarshi Pal, Eyestem is focused on cell replacement therapies for retinal disorders. Its lead candidate, Eyecyte-RPE, aims to treat dry age-related macular degeneration by using retinal pigment epithelium cells derived from human stem cells to restore damaged retinal tissue. The company remains in the pre-revenue stage and generated Rs 2.92 crore in non-operating income during FY24 while reporting a net loss of Rs 12.18 crore. Post-money, Eyestem’s valuation has risen roughly 70% to Rs 592 crore (about $67 million). To date, the firm has raised roughly $20 million, including a $6.4 million Series A in August 2022. Major external shareholders now include Jacesa Investments (12.5%), Cytespace (9.64%), and Endiya Partners (7.12%), while the co-founders collectively hold 21.19%. The fresh capital is expected to advance clinical development and expand the company’s pipeline of regenerative eye treatments.

Total raised

$9M

Funding rounds

3

Latest round

Series B

Latest activity

Oct 2025