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Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed

EntrackrEntrackr ยท 1y ago
Exclusive: LifeWell set to raise $22 Mn more led by OrbiMed
Medial

Diagnosis and stem cell bank LifeWell (the merged entity of mFine and LifeCell Internationalโ€™s diagnostic business) is raising Rs 184 crore (approximately $22 million) in what appears to be a pre-IPO round led by existing backer OrbiMed. This will be the first round of investment for the Chennai-based company this year. The board at LifeWell has passed a special resolution to issue 43,18,865 compulsory convertible preference to issue Rs 426.71 each to raise to Rs 184 crore, as per the companyโ€™s regulatory filing accessed from the Registrar of Companies (RoC) shows. OrbiMed will inject Rs 150 crore while Cellution Biostorage will pump Rs 30 crore in LifeWell. Individuals including S. Vinod Kumar, Sanjay Singh Kumar Jain, Siremal Kothjari, and others will also invest in this round. The allotment was done on partly paid-up capital via the right basis issue which means 25% of the new round has already been injected. The rest of the amount will come as decided by the board. In July 2022, healthcare platform mFine announced its merger with LifeCellโ€™s diagnostics business. At that time, the duo claimed to have a combined user base of more than six million. The combined entity had set a target to serve more than 50 million users by 2026. As a part of the merger, the combined entity also scooped up $80 million in funding from OrbiMed. Before that, mFine had managed to raise $75 million until its Series C round. The merger came soon after mass firings at mFine in which more than 50% of its workforce were asked to leave. mFine and LifeCellโ€™s diagnostic business was one of the notable consolidations in the digital healthcare space since January 2020. Earlier, DocsApp was merged with MediBuddy while Pristyn Care acquired Lybrate. All of these were distressed sales. The list also includes the acquisitions of ThyroCare, Medlife and Aknamed by PharmEasy while Reliance took over NetMeds.

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Exclusive: Kapiva raises $10 Mn from existing investors

EntrackrEntrackr ยท 10m ago
Exclusive: Kapiva raises $10 Mn from existing investors
Medial

Homegrown D2C ayurvedic nutrition brand Kapiva has raised Rs 83.5 crore (approximately $10 million) led by OrbiMed Asia with the participation of 3One4 Capital and Vertex Ventures. The board at Kapiva has passed a special resolution to issue 5,62,631 compulsory convertible preference shares to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies shows. OrbiMed Asia led the round with Rs 52.2 crore, while 3One4 Capital and Vertex Ventures participated with Rs 11.96 crore and Rs 19.33 crore, respectively. The fresh funding appears to be part of Kapivaโ€™s Series C round, in which the firm is aiming to raise a total of Rs 250 crore. Entrackr exclusively reported about Kapivaโ€™s Series C round in Nov 2022. With the fresh tranche, the firm has raised Rs 132 crore in the ongoing round. It had already raised Rs 48.75 crore ($6 million) in Series C from OrbiMed and other existing investors back in October 2022. Kapiva has also increased its ESOP size by adding 1,415,00 new employee stock, bringing the total ESOP pool to 4,47,741, separate filing shows. As per the Entrackr estimates, its ESOP pool size is now worth Rs 66 crore. Kapiva will use these funds for the expansion and development of the company. Kaviva has raised over $30 million to date and has notable investors including Jetty Ventures, Fireside, OrbiMed, 3One4Capital, and others. According to the startup data intelligence platform TheKredible, the company has been valued at around $80 million post-allotment. Founded in 2015, Kapiva is an ayurvedic nutrition brand that offers natural and organic health and skincare products for hair fall, weight loss, digestion, diabetes in the form of juices, tea, oils, shakes et al. During the fiscal year ended March 2023, Kaviva registered 87% year-on-year growth to Rs 116.48 crore with a loss standing at Rs 64.5 crore in the same period. Kapiva is yet to file its annual results for FY24. While the D2C ayurveda space is crowded with plenty of organized brands, Upakarma Ayurveda, and Dr. Vaidyaโ€™s, Varalife, among others are Kapivaโ€™s notable competitors.

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus

EntrackrEntrackr ยท 4m ago
Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus
Medial

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus Slikk, a fashion delivery platform promising 60-minute delivery, is all set to raise another funding round following its recent seed investment, sources familiar with the matter told Entrackr. "Nexus is spearheading a $10 million funding round at a $40 million valuation," said one of the sources. "The deal has already been finalized, and existing investors are expected to participate." On Tuesday, Slikk announced $3.2 million seed round led by Lightspeed with participation from Multiply Ventures and angel investors including Abhishek Goyal (Tracxn), Abhinav Pathak (Perpule), Madhav Tandan, Nikhil (Panthera), and Saurabh Gupta (DST Global). Slikk targets young, impulse-driven shoppers, including students, professionals, and trend-savvy urbanites influenced by social media. Over the next five years, it plans to expand into tier I and tier II cities, offering 60-minute fashion delivery while diversifying into seven-plus lifestyle categories. The startup features more than 80 brands, including Snitch, The Souled Store, Freakins, Uptownie, Off Duty, Bonkers, and Bewakoof. "Quick commerce is trending, and investors have recently shown strong interest in the fashion segment. With Myntra introducing a 30-minute delivery service for fashion and beauty products, more startups are likely to follow suit and seek funding,โ€ said another source. Slikk declined to comment on the story while queries sent to Nexus did not elicit an immediate response.

Exclusive: Durlabh Darshan set to raise $2 Mn led by Prime VP

EntrackrEntrackr ยท 1m ago
Exclusive: Durlabh Darshan set to raise $2 Mn led by Prime VP
Medial

Exclusive: Durlabh Darshan set to raise $2 Mn led by Prime VP Spiritual startup Durlabh Darshan is set to raise $2 million in its first institutional funding round, according to sources familiar with the matter. The Bhopal-based company will join a growing list of startups in the spiritual tech space that have secured funding in recent years. โ€œPrime Venture Partners is in late-stage talks to lead a new funding round in Durlabh Darshan,โ€ said one of the sources, requesting anonymity. โ€œThe terms of the deal have been finalised.โ€ Earlier in 2022, Durlabh Darshan had raised Rs 7.45 crore from individual investors, including Saurav Jindal, Deepak Garg, Gaurav Raizada, Jasvir Singh, and Nitesh Gupta, according to regulatory filings. Founded in 2024 by Prashan Kumar Mishra, Durlabh Darshan creates 3D 360ยฐ darshan journeys of major Hindu temples and ritualsโ€”such as Kashi Vishwanath in Varanasi, Mahakaleshwar in Ujjain, and Vaishno Devi in Katra. According to the companyโ€™s website, its journey began with a patent for a low-cost XR controller for smartphones. The company offers Durlabh Darshan Kendrasโ€”physical centers in temple townsโ€”and online services that provide VR headset sessions and home-viewing kits, with bookings available for in-person VR shows like the Bhasma Aarti in Ujjain or home sessions starting at Rs 150โ€“250. As per sources, Durlabh Darshan will be valued at under $10 million post money. Entrackr has reached out to Prime VP and Durlabh Darshan for comments. Its competitors include Temple 360, Who VR, and the Pilgrimage Tour app. Data from TheKredible reveals that startups in the astro and spiritual tech sector, including AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha, have collectively raised more than $75 million over the past two and a half years. The sector also saw consolidation, as BrahmVeda acquired Vedvaani and Melooha took over Munitalks.

Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr ยท 10m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the companyโ€™s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

Exclusive: Peak XV joins Truemedsโ€™ Series C round with $20 Mn

EntrackrEntrackr ยท 4d ago
Exclusive: Peak XV joins Truemedsโ€™ Series C round with $20 Mn
Medial

Exclusive: Peak XV joins Truemedsโ€™ Series C round with $20 Mn Telehealth platform Truemeds has secured another $20 million or Rs 174.33 crore in its ongoing Series C round from new investor Peak XV Partners. This investment is an extension of the $44 million raised by Truemeds in March this year, led by Accel, which was exclusively reported by Entrackr. The board at Truemeds has allotted 19,737 Series C2 compulsory convertible preference shares at an issue price of Rs 88,331 each to raise the aforementioned sum from Peak XV, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The company plans to utilise the funds for business expansion and to support its growth plans, according to the filing. As per Entrackrโ€™s estimates, its valuation stood at $410 million (Rs 3,487 crore) in the new tranche (post-allotment), a 22% increase from its C1 tranche. Founded by Naitik Nayyar and Akshat Wani, Truemeds helps consumers discover cost-effective alternative brands for prescribed medicines by analyzing the prescriptions they upload. It partners with certified pharmacies to deliver medicines at discounted prices, aiming to make healthcare more affordable and accessible. According to startup data intelligence platform TheKredible, the firm has raised over $90 million to date. Following the latest allotment, Peak XV holds a 5% stake in the company. Westbridge is the largest shareholder in Truemeds followed by Info Edge which owns 21.87% stake. Co-founders Naitik Nayyar and Akshat Wani both collectively retain 21.3%. Truemeds doubled its revenue to Rs 315 crore in FY24, while its losses narrowed by 9% to Rs 61 crore during the same period. The Mumbai-based firm competes with telehealth platforms like PharmEasy, which recorded Rs 5,664 crore in revenue in FY24, and Tata 1mg, which posted Rs 1,964 crore.

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr ยท 2m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelldโ€™s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the companyโ€™s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackrโ€™s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr ยท 11m ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-foundersโ€”Nitin Jain, Varun Bajpai, and Hemant Dograโ€”collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

Exclusive: Gen AI startup Simplismart to raise $7 Mn led by Accel

EntrackrEntrackr ยท 1y ago
Exclusive: Gen AI startup Simplismart to raise $7 Mn led by Accel
Medial

Generative artificial intelligence startup Simplismart is all set to raise a new round led by Accel, two sources aware of the matter told Entrackr. The Bengaluru-based startup will join a growing list of generative AI startups which have raised decent funding in the ongoing calendar year. โ€œAccel is leading $7 million round in Simplismart with backing from existing investors,โ€ said a source requesting anonymity. โ€œSimplismart has received the term sheets and the deal is set to be public soon.โ€ Simplismart previously raised seed money from Anicut Capital, Sunn91, First Cheque and Shastra VC but it didnโ€™t announce the deal in the media. Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build a scalable production-grade AI system and manage the development lifecycle without writing a single line of code. As per the company, its platform lets an amateur as well as an expert train and monitor ML models collaboratively on almost any kind of data or use-case. Sources assert that the company will be valued at around $35 million. Accel declined to comment on the story while queries sent to Simplismart did not elicit any response. In July 2023, AWS and Accel launched the AWS ML Elevate program which selected 35 generative startups from India and Simplismart was a part of the cohort. A recent study by NASSCOM said that the number of generative AI startups in India has more than doubled from 2021 to 2023. This can also be evident from the surge in funding in such startups since December 2023. As per data compiled by startup data intelligence platform TheKredible, more than half a dozen early-stage generative AI startups have raised nearly $100 million in funding in the past six months, Sarvam AI leads the pack with $41 million in Series A followed by Ema and Neysa which raised $25 million and $20 million in their seed round respectively. The list also includes Vodex, KonProz, Dubpro.ai, PlanckDOT and Ayna.

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