Eyestem Research is a clinical-stage biotech startup based in Bengaluru, India, that develops stem cell-derived cell replacement therapies for eye diseases such as dry age-related macular degeneration.

This Startup Deep Dive explains what Eyestem Research does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Eyestem Research in Brief

• What it is: Eyestem Research is an Indian Stem cell eye therapy company based in Bengaluru.
• Who it serves: patients, doctors, hospitals, diagnostic centres, insurers and employers.
• Eyestem develops cell replacement therapies for eye diseases; its lead product is Eyecyte-RPE for geographic atrophy secondary to dry age-related macular degeneration.
• India's drug regulator CDSCO approved a randomized, controlled Phase 2 trial (NCT06394232).
• Proceeds of the Series B are meant to complete the Indian Phase 2 trial and prepare a US FDA IND application.
• Funding: Reported: about $16.4 million (about $6.4M Series A plus $10M Series B), though one report cites $9.95M raised before Series B.

Eyestem Research Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Eyestem Research?

Eyestem Research operates in the Stem cell eye therapy space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Eyestem Research.

• Eyestem develops cell replacement therapies for eye diseases; its lead product is Eyecyte-RPE for geographic atrophy secondary to dry age-related macular degeneration.
• India's drug regulator CDSCO approved a randomized, controlled Phase 2 trial (NCT06394232).
• Proceeds of the Series B are meant to complete the Indian Phase 2 trial and prepare a US FDA IND application.

The Origin Story of Eyestem Research

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Jogin Desai, Rajani Battu, Rajarshi Pal.
• Most sources say Eyestem was co-founded in 2015 by Jogin Desai, Rajani Battu and Rajarshi Pal; one profile lists 2016.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Stem cell eye therapy sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• August 2022: raised about Rs 51 crore ($6.4M) Series A (reported).
• 2025: company reported Phase 1 results with no serious adverse events (company-stated).
• August 2025: raised $10M Series B (reported).
• Interim Phase 2 findings presented at Euretina 2026, with 24 participants enrolled (company-stated).

Eyestem Research Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Reported: Series A, about Rs 51 crore ($6.4M), August 2022, led by Biological E, Alkem, NATCO and the Bagaria brothers, with Endiya Partners and Kotak Private Equity participating.
• Reported: Series B, about $10M, August 2025; reports differ: one says co-led by Raju Barwale and Alkem MD Sandeep Singh, another says led by Prabhavati Agro Green Energies with Jacesa Investments, BNS Capital and Alkem.

How Does Eyestem Research Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to patients, doctors, hospitals, diagnostic centres, insurers and employers, sales cycles and contract size matter as much as headline growth.

• Pre-revenue clinical-stage biotech funded by equity rounds while developing a therapy.

The Numbers: Eyestem Research Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY24: net loss of Rs 12.18 crore and non-operating income of Rs 2.92 crore; no operating income reported.
• Phase 1 company-stated visual gain of about 14.8 to 14.9 ETDRS letters on average (figures differ between releases).
• Phase 2 interim: 24 enrolled (15 treatment, 9 natural history control), company-stated.

Market Opportunity for Eyestem Research

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising chronic disease, growing health insurance penetration, government programmes such as Ayushman Bharat and the Ayushman Bharat Digital Mission, and the shift of care to digital and home settings. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Geographic atrophy secondary to dry AMD is a severe form of vision loss targeted by Eyecyte-RPE.

Technology and Product at Eyestem Research

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are clinical validity, data quality, integration with hospital and lab systems, and trust among doctors and patients.

• Eyecyte-RPE is a retinal pigment epithelial cell therapy.

Team and Culture at Eyestem Research

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Co-founders: Jogin Desai, Rajani Battu, Rajarshi Pal.

Eyestem Research Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

• Direct competitors of Eyestem Research vary by product line; a verified rival comparison was not available from public sources.
• What to compare: Product readiness, pricing, customer base, funding runway and regulatory standing.

Risks and Challenges for Eyestem Research

• The company is pre-revenue and posted a Rs 12.18 crore net loss in FY24.
• Efficacy results are company-reported from small samples with no independent peer-reviewed confirmation found.
• The Series B lead investor is reported inconsistently across sources.
• Regulatory risk: medical devices, diagnostics, online pharmacy and telemedicine each face different and changing rules.
• Clinical and liability risk: errors in care, diagnosis or product quality can damage trust quickly.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by the CDSCO, state health regulators, the National Medical Commission and the Digital Personal Data Protection Act.

Eyestem Research Growth Outlook: What to Watch

• Plans to submit a US investigational new drug application in early 2027 (company-stated).
• Plans to complete the ongoing Phase 2 trial in India.
• Key indicators: patient or user volumes, repeat usage, gross margin, clinical outcomes and cost of acquiring each customer.
• Funding position: Whether Eyestem Research can reach its next milestone before needing new capital.
• Regulation: Changes from the CDSCO, state health regulators, the National Medical Commission and the Digital Personal Data Protection Act.

Industry Context: Where Eyestem Research Fits

India's healthcare market combines a large public system, a fast-growing private hospital sector and an increasingly digital layer. Government initiatives such as Ayushman Bharat and the Ayushman Bharat Digital Mission aim to widen insurance cover and create common digital health records, while telemedicine guidelines and the Digital Personal Data Protection Act shape how digital care and patient data can be used.

Demand is driven by chronic and lifestyle disease, an ageing population, rising insurance penetration and consumers who now expect to book, pay and consult online. Startups in this field compete on trust, clinical quality and convenience, and they must prove outcomes and safety as well as growth.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Eyestem Research

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Eyestem Research.

Bull case

• Rising insurance cover and digital adoption expand the customer base.
• Strong clinical evidence builds trust with doctors and hospitals.
• Scale can improve unit economics in diagnostics and care delivery.

Bear case

• Regulatory changes can alter permitted products or business models.
• Customer acquisition costs can erode margins.
• A single safety or privacy incident can damage trust.

Lessons Founders and Investors Can Take from Eyestem Research

Studying a company in the Stem cell eye therapy space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Eyestem Research.

• Trust is the real currency in healthcare, so quality control, clinical evidence and data protection must be built in from the start.
• Distribution through hospitals, clinics, insurers or employers can matter more than a standalone consumer app.
• Unit economics improve when repeat usage replaces expensive one-time customer acquisition.
• Regulatory approvals can take time, so timelines and cash planning should allow for them.
• Integration with existing hospital, lab and records systems reduces friction for adoption.

How to Evaluate Eyestem Research as a Startup

• Customer clarity: Can Eyestem Research name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Eyestem Research is part of India’s growing Stem cell eye therapy ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Eyestem Research FAQs: Frequently Asked Questions

What is Eyestem Research?

Eyestem Research is a clinical-stage biotech startup based in Bengaluru, India, that develops stem cell-derived cell replacement therapies for eye diseases such as dry age-related macular degeneration. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Eyestem Research?

Eyestem Research was founded by Jogin Desai, Rajani Battu, Rajarshi Pal, and the company reports a founding year of 2015.

How much funding has Eyestem Research raised?

Reported: about $16.4 million (about $6.4M Series A plus $10M Series B), though one report cites $9.95M raised before Series B. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Eyestem Research make money?

Eyestem Research earns revenue from its Stem cell eye therapy products and services sold to patients, doctors, hospitals, diagnostic centres, insurers and employers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Eyestem Research?

Competitors of Eyestem Research depend on the specific product line. A verified comparison was not available, so see the evaluation checklist above.

What are the main risks for Eyestem Research?

Main risks include medical devices, diagnostics, online pharmacy and telemedicine each face different and changing rules, funding and capital needs, competition and regulation by the CDSCO, state health regulators, the National Medical Commission and the Digital Personal Data Protection Act. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.