IXP rolls out early-stage Rs 200 crore maiden fund to invest in biotech startups

IXP, a life sciences-focused venture capital firm backed by JV Ventures, has unveiled its first fund, the IXP Lifesciences Catalyst Fund, to invest in early-stage biotech startups.

The fund plans to raise Rs 200 crore, with an additional Rs 100 crore available through a greenshoe option. It will support startups at the pre-seed to Series A stages, aiming to build a portfolio of 20-25 companies in areas such as pharmaceuticals, biotechnology, medical technology, speciality chemicals, agrotechnology and nutraceuticals.

Focus on early-stage innovation

IXP said its hands-on approach sets it apart, helping startups tackle the capital-intensive and lengthy research and development cycles common in life sciences. 

The firm collaborates closely with scientists to turn ideas into market-ready products through IXP Venture Studio. This includes the Venturepreneur Program, which guides scientists who want to become founders.

JV Ventures, IXP’s principal backer, contributes more than just funding. Through its life sciences vertical, PoweRx, IXP provides startups with access to laboratories, networks and R&D services.

Vishal Goel, Partner at IXP and Co-founder of JV Ventures, commented, “The Indian Lifesciences industry is dynamic with large untapped potential. Through IXP Venture Studio, we will co-create companies along with scientists for ideas addressing unmet needs in the market. Unlike traditional VCs, IXP has a hands-on approach through active participation from concept to scale. The Ventureprenuer Program has been designed to transform scientists into founders.”

Support beyond capital

Jasmeet Chhabra, Partner at IXP and Co-founder of JV Ventures, added, “The success of biotech’s hinges on many factors, not just capital. These early-stage companies require access to larger ecosystems for laboratories, networks and R&D services which we provide through PoweRx, the Lifesciences vertical of JV Ventures. This differentiates IXP from other funds as it leverages synergies within the group to create a winning proposition for portfolio companies.”

Ketki Tulpule, Ph.D., Chief Investment Officer at IXP, stated, “IXP was born out of a need we saw in the Indian start-up ecosystem. In fact, we conducted a pan-India survey to understand the pain points of biotech’s for an outside-in perspective. The sector is nuanced, and requires investors with scientific expertise, industry knowledge, and operational experience to help biotech’s succeed. We are glad to have onboarded industry veterans as council members and advisors who add to the scientific heft of the fund.”