About Eyestem
Eyestem is a Healthcare company based in Bengaluru (India) founded in 2015 by Rajarshi Pal, Jogin Bhairav Desai, Rajani Ravindra Battu, and Dhruv Sareen. Cell replacement therapies for ophthalmological conditions are developed. Eyestem has raised $19.95 million across 7 funding rounds from investors including Kotak Mahindra Bank, Biological E and Natco Pharma. The company has 1 employees. Eyestem was last valued at $42.7 million in August 2022. Its chief executive, as recorded, is Jogin Bhairav Desai. Its Indian entity Eyestem Research Private Limited reported revenue of ₹2.13 Cr. Eyestem offers products and services including Eyecyte-RPE TM and Eyecyte-PRP TM. Its focus areas include Life Sciences, Cell Therapy, Stem Cells and Pluripotent Stem Cells.
Company details
Eyestem was founded in 2015 in Bengaluru, India, within the biotechnology sector. Cell replacement therapies targeting ophthalmological conditions, such as dry age-related macular degeneration, are developed. The product Eyecyte-RPE consists of a suspension of retinal pigment epithelium cells derived from human induced pluripotent stem cells. Damaged retinal cells are replaced through this approach, with operations centered on advancing treatments for vision-related disorders in the Indian and global markets.
- Headquarters Bengaluru, India
- Employees 1
- Founders Rajarshi Pal, Jogin Bhairav Desai, Rajani Ravindra Battu, Dhruv Sareen
- Stage Minicorn
- SectorsHealthcare
- Email••••••••
- Website eyestem.com
- Social LinkedIn X
- Legal Name Eyestem Research Private Limited
- Date of Incorporation 25 Aug, 2015
- Jurisdiction Bangalore, Karnataka, India
- Annual Revenue₹2.13 Cr
FY 2025 · -27% YoY
- Net Loss-₹19.18 Cr
FY 2025 · -899% margin
- EBITDA-₹19.18 Cr
FY 2025 · -899% margin
- Total Equity Funding$19.95M (USD)
in 7 rounds
- Latest Funding Round$10M (USD), Series B
Aug 2025
- InvestorsKotak Mahindra Bank
& 20 more
- Employee Count1
Associated legal entities of Eyestem
Eyestem operates through Eyestem Research Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Eyestem Research Private Limited CIN U74999KA2015PTC164505 | Active | 25 Aug 2015 | Bangalore, Karnataka | ₹2.1 Cr | 1 | 11 | View details |
Products & Services of Eyestem
Eyestem offers a comprehensive portfolio of products and services, including Eyecyte-RPE TM and Eyecyte-PRP TM.
Treats Dry AMD by restoring retinal pigment epithelium in patients.
Addresses Retinitis Pigmentosa through cell replacement for vision rescue.
Funding Insights of Eyestem
Eyestem has successfully raised a total of $19.95M across 7 strategic funding rounds. The most recent funding activity was a Series B round of $10 million completed in August 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $19.95M
- Total Rounds 7
- Last Round Series B — $10M
- First Round $381,156
(Oct 2016)
- Investors Count 21
All 7 funding rounds of Eyestem with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug 2025 | $10M | Series B | – | – | |
| Aug 2022 | $6.4M | Series A | $42.7M | Biological E, Alkem Laboratories | |
| May 2021 | $479,189 | Seed | $15.86M | Endiya Partners | – |
| Oct 2020 | $1.23M | Seed | $••••• | C-CAMP, Evoma | |
| Nov 2018 | $1.3M | Seed | $••••• | Jacesa Investments | |
| Mar 2018 | $152,188 | Seed | $••••• | Innovative Quest | |
| Oct 2016 | $381,156 | Seed | $••••• | Cytespace Research |
| Date | Valuation | Stage |
|---|---|---|
| Aug 2022 | $42.7M | •••••••• |
| May 2021 | $15.86M | •••••••• |
| Oct 2020 | $••••• | •••••••• |
| Nov 2018 | $••••• | •••••••• |
| Mar 2018 | $••••• | •••••••• |
Full valuation and stage history of Eyestem
Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.
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Verified entity values are shown only after access is granted.
Last known valuation $42.7M (Aug 2022). 21 investors in total: 16 institutional and 5 angel.
Investors in Eyestem
Eyestem has secured backing from 21 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Kotak Mahindra Bank, Biological E and Natco Pharma.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Early-stage venture capital investing in AI, deep tech, healthcare, and fintech startups. | 2015 | endiya.com | Hyderabad, India | |
Bioscience research, innovation, and entrepreneurship facilitation in life sciences are conducted in India. | 2010 | ccamp.res.in | Bengaluru, India | |
Seed-stage investments are targeted by Jacesa Investments venture capital firm. | Zug, Switzerland | |||
Venture capital firm investing in multiple sectors | Zug, Switzerland | |||
Venture capital investments are focused on healthcare technology startups. | ||||
Vaccines and therapeutics for multiple diseases are developed and marketed. | 1953 | biologicale.com | Hyderabad, India | |
Pharmaceutical generics, formulations, and nutraceuticals are manufactured for therapeutic segments. | 1973 | alkemlabs.com | Mumbai, India | |
APIs and finished dosage forms are developed and manufactured. | 1981 | natcopharma.co.in | Hyderabad, India | |
Business consultancy services are delivered to various enterprises. | Bengaluru, India | |||
Diversified investments are managed across various sectors by the firm. | Bengaluru, India |
Investor details for Eyestem
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Board of directors of Eyestem Research Private Limited (Eyestem)
Eyestem Research Private Limited is the primary company behind Eyestem. The board of Eyestem Research Private Limited currently have 11 directors; the longest-serving is Rajani Ravindra Battu, appointed in 2015. 6 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Rajani Ravindra Battu DIN 07253793 | Director | 25 Aug 2015 | 11 yrs 2 mo | Eyestem Research Private Limited |
| Jogin Bhairav Desai DIN 00067295 | Director | 25 Aug 2015 | 11 yrs 2 mo | Eyestem Research Private Limited |
| Dhruv Sareen DIN 07549888 | Director | 01 Aug 2016 | 10 yrs 3 mo | Eyestem Research Private Limited |
| Ashok Nana Vohra DIN 01186182 | Director | 07 Nov 2017 | 9 yrs | Eyestem Research Private Limited |
| Suresh Ramu DIN 00240963 | Director | 07 Nov 2017 | 9 yrs | Eyestem Research Private Limited |
| Subramanian Ramaswamy DIN 05297557 | Director | 13 Jan 2020 | 6 yrs 9 mo | Eyestem Research Private Limited |
| Gerardus Adrianus Hoogland DIN 06673807 | Director | 07 Sep 2020 | 6 yrs 2 mo | Eyestem Research Private Limited |
| Mahendra Surendra Rao DIN 07580629 | Director | 10 Jun 2022 | 4 yrs 4 mo | Eyestem Research Private Limited |
| Ramesh Babu Byrapaneni DIN 00617318 | Nominee Director | 14 Jun 2024 | 2 yrs 4 mo | Eyestem Research Private Limited |
| Sandeep Singh DIN 01277984 | Nominee Director | 21 Aug 2025 | 1 yr 2 mo | Eyestem Research Private Limited |
| Shirish Rajendra Barwale DIN 00152584 | Nominee Director | 21 Aug 2025 | 1 yr 2 mo | Eyestem Research Private Limited |
People of Eyestem
4 people are tracked at Eyestem (4 in leadership); the tracked headcount is 1.
| Name | Role | Group |
|---|---|---|
Rajarshi Pal | Co-Founder | Leadership |
| Co-Founder & CEO | Leadership | |
| Co-Founder & CMO | Leadership | |
| Co-Founder | Leadership |
Complete people profiles for Eyestem
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Financials of Eyestem
Figures of Eyestem Research Private Limited, the primary company behind Eyestem, for FY 2025. Revenue was ₹2.13 Cr (-27% year on year). Net loss was -₹19.18 Cr (-899% margin). EBITDA was -₹19.18 Cr (-899% margin). Revenue has grown at a compounded annual rate of +55% over three years and +49% over five years.
- ₹2.13 CrRevenue · FY 2025 · -27% YoY
- -₹19.18 CrNet loss · -899% margin
- -₹19.18 CrEBITDA · -899% margin
- ₹29.1 LakhPaid-up capital
- 1Employees (provident fund records)
- +55%Revenue CAGR, 3 years
- +49%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Eyestem Research Private Limited are on its company page.
Detailed financial statements for Eyestem
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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Timeline of Eyestem
4 dated milestones of Eyestem across 10 years, from founding to its latest funding, stage changes and deals.
- Founded Eyestem is founded.
- Funding First funding round of $381K.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series B, of $10.0M.
Web traffic of Eyestem
The website of Eyestem (eyestem.com) receives about 1.2K visits a month.
- Monthly visits1.2K
▲ 11.6% vs previous month
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Frequently Asked Questions about Eyestem
Eyestem was founded in 2015 and raised its 1st funding round 1 year after it was founded.
Eyestem is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Jogin Bhairav Desai is the CEO of Eyestem, as recorded in our data. They have also founded this company.
Eyestem is a funded company, having raised a total of $19.95M across 7 funding rounds to date. The company's 1st funding round was a Seed of $381.16K, raised on Oct 2016.
Eyestem has 1 employees.
The primary company behind Eyestem, Eyestem Research Private Limited, reported revenue of ₹2.13 Cr for FY 2025, down 27% year on year.
Eyestem was founded in 2015 in Bengaluru, India, within the biotechnology sector. Cell replacement therapies targeting ophthalmological conditions, such as dry age-related macular degeneration, are developed. The product Eyecyte-RPE consists of a suspension of retinal pigment epithelium cells derived from human induced pluripotent stem cells. Damaged retinal cells are replaced through this approach, with operations centered on advancing treatments for vision-related disorders in the Indian and global markets.
Eyestem offers Eyecyte-RPE TM and Eyecyte-PRP TM.
Eyestem has 21 investors. Key investors include Kotak Mahindra Bank, Biological E, Natco Pharma, Alkem Laboratories, and C-CAMP.
The valuation of Eyestem is $42.7M as of Aug 2022.
Eyestem operates through Eyestem Research Private Limited.
The legal entities of Eyestem currently have 11 directors, including Dhruv Sareen, Ramesh Babu Byrapaneni, Gerardus Adrianus Hoogland and others.