This interview originally appeared in the DealStreetAsia DATA VANTAGE report Female Founders in India 2024.
Female founders are often held to higher standards. They need to show stronger metrics and resilience. However, those who break through often build more sustainable businesses because they’re used to overcoming challenges. The key is persistence and finding investors who believe in long-term impact sans other biases, says Anuya Nisal, Founder & CEO of Serigen Mediproducts.
Serigen Mediproducts, a Pune-based biomedical products company, secured a pre-Series A funding round of Rs 10 crore (approximately $1.2 million) led by IAN Alpha Fund and Colossa Ventures in August last year.
“Things have improved for women founders compared to five years ago. There’s more conversation against gender bias, and investors are actively looking to back women-led startups. We’re seeing more mentorship programmes and funds dedicated to supporting women entrepreneurs, which is a positive change. But challenges remain. Biases haven’t disappeared—they’ve just become more subtle,” Nisal said in an interview for DealStreetAsia’s recent report titled Female Founders in India 2024.
“Interestingly, we are now at a point where being a woman-led startup has sometimes become an advantage. Investors are recognising the need for diversity in leadership and are actively seeking to back women-led ventures, which is a positive shift, in my opinion,” she added.
Edited excerpts:-
What inspired you to start your own business, and how did you identify the gap in the market?
The vision of starting Serigen Mediproducts was shaped by a deep-seated passion for science and the realisation that innovation in biomaterials could transform healthcare. During my PhD at IIT Bombay and research work at CSIR-NCL, I discovered the power of biomaterials and how silk’s biocompatibility and biodegradability made it perfect for tissue regeneration. However, despite India being a leading silk producer, its potential in medical applications was untapped. I saw a gap—patients with difficult-to-heal conditions like complex wounds and bone trauma needed better solutions. Existing options were either expensive or suboptimal. By leveraging India’s sericulture industry and our cutting-edge biomaterial research, we (Serigen co-founders Dr. Anuya Nisal, Dr. Swati Shukla, and Dr. Premnath Venugopalan) created silk-based tissue engineering products that are high-performing and affordable. Our mission was clear: To make advanced healthcare accessible and improve patient outcomes. That has been our guiding light throughout our journey.
What were some of the biggest challenges you faced as a woman entrepreneur?
Building a deep-tech biomedical company is inherently difficult, regardless of the founder and gender. While I’ve encountered instances of gender bias and stereotyping, these were not the primary obstacles in our journey. Fundraising was the biggest challenge in the journey since medtech has a long gestation period needing long-term investment, and many investors prefer quick returns. But grants from prestigious institutions like BIRAC helped us get started. Balancing multiple roles—R&D, regulatory approvals, and business strategy—was challenging, but it taught me resilience. Today, Serigen’s success in silk-based tissue engineering is breaking stereotypes and setting new standards in medtech.
How did you go about securing funds for your venture?
Raising capital for a deep-tech startup was challenging because biomedical innovation requires time, clinical validation, and regulatory approvals. Convincing investors about the commercial potential of silk-based biomaterials was tough, as tissue engineering is a niche market in India. We bridged this gap by educating stakeholders about our technology’s disruptive potential and global scalability.
We continued building credibility through rigorous scientific validation, international patents, and clinical trials. Recognition from industry awards like the Orthopaedic Research Society (USA) Award and the National Award for Polymers in Public Healthcare, as well as strategic partnerships, helped investors see our impact. This led to funding from renowned institutional investors like IAN Alpha Fund and Colossa Ventures, and reputed angels, which enabled us to accelerate clinical trials, grow our team, and scale our marketing efforts.
Do you think having male co-founders made a difference in your fundraising journey?
This is an interesting question and one that many women entrepreneurs often reflect upon. The truth is the startup ecosystem has historically been male-dominated. However, in my observation, deep tech investors show a greater willingness to embrace women-led ventures. At Serigen, we have been intentional about letting our science and clinical data do the talking. We knew that we were working on a truly disruptive technology that could transform patient outcomes globally. By backing our vision with rigorous research, international patents, and successful clinical trials, we were able to earn the trust of investors, irrespective of gender perceptions. Moreover, having co-founders like Dr. Swati Shukla and Dr. Premnath Venugopalan brought a diversity of thought and expertise to our leadership, which resonated with investors.
In the current environment, when funding is difficult to secure for most startups, do female founders find it tougher to raise capital?
Female founders could face more challenges in raising capital in the current funding environment in some sectors of the startup ecosystem. This is what the data points to. But it’s not just about bias—it’s about perception. Female founders are often held to higher standards. They need to show stronger metrics and resilience. However, those who break through often build more sustainable businesses because they’re used to overcoming challenges. The key is persistence and finding investors who believe in long-term impact sans other biases.
Have you ever experienced any gender-based biases in your journey as an entrepreneur? How did you address or deal with them?
I’ve encountered a few gender-based biases, for example, in meetings where my expertise was questioned more than my male peers. I’ve addressed it by letting my results speak. I focused on presenting strong data, clinical success, and international patents. I also reframed biased questions to highlight my expertise and vision. It’s about shifting the conversation from gender to capability and staying focused on your mission.
Have things become any easier for women founders today than say five years back?
Things have improved for women founders compared to five years ago. There’s more conversation against gender bias, and investors are actively looking to back women-led startups. We’re seeing more mentorship programmes and funds dedicated to supporting women entrepreneurs, which is a positive change. But challenges remain. Biases haven’t disappeared—they’ve just become more subtle. The improvement is also localised to Tier I cities. The progress is real, but there’s still a long way to go.
What were some key mistakes or learning moments you encountered in the initial years?
In the early years, one key mistake was underestimating the time needed to bring a medtech product to market. Not just the time for clinical validation and regulatory approvals, but also the time to convince key opinion leaders about the benefits of a new product and encouraging its inclusion in treatment protocols. This taught me the importance of patience and the need for a solid runway to sustain product development. Another learning moment was realising the importance of building the right team. In the beginning, we focused purely on technical skills, but I learned that cultural fit and shared vision are just as crucial. Gradually, building a team that believed in our mission made all the difference.
As a woman founder, do you feel there are unique qualities you bring to leadership that might differ from your male counterparts?
Women bring unique qualities to leadership, like empathy and active listening. These traits help build strong, cohesive teams and foster a culture of collaboration. In a high-stakes industry like medtech, this creates an environment where people feel valued and motivated to innovate. I also find that women leaders often take a more holistic approach to problem-solving. We look at challenges from multiple angles, which leads to balanced and effective decisions. It’s not about leading differently because of gender but leveraging these strengths to create impact.
How do you manage the balance between your personal life and the demands of being a founder? How important is it to have a support system?
Balancing personal life and the demands of being a founder is challenging. I’ve learned to set boundaries and prioritise tasks that truly move the needle. It’s about being present wherever you are—whether at work or with family. It’s not about achieving perfect balance every day but staying flexible and focused on what matters most. A strong support system is crucial. My family’s understanding and encouragement give me the peace of mind to pursue my vision. Mentors provide perspective and guidance, while peers offer shared experiences and emotional support.
What would you advise women who want to start their businesses in India today?
Believe in your vision and execute relentlessly. Don’t wait for the perfect moment—start where you are, with what you have. You will face skepticism and biases, but let your work and results speak louder than any doubt. Build credibility through consistent effort and a strong focus on impact. It’s crucial to stay resilient and adaptable, especially when things don’t go as planned. Build a support network of mentors and peers who understand your vision and push you forward. Seek out other women entrepreneurs for advice and insights. Also, don’t shy away from asking for help or leveraging networks. There’s power in the community. Most importantly, own your narrative. Don’t let anyone else define your journey. Your voice matters, and the world needs more women-led ventures.
