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Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture

EntrackrEntrackr · 7m ago
Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture
Medial

Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom, among others. This round brings the company’s total funding to $50 million. The new capital will be used to launch hospital operations and scale patient care and resource processes, Even said in a press release. Entrackr had exclusively reported on this round in August. Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial $5 million in seed capital led by Khosla Ventures in 2021. Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment. The platform also offers personalized managed care programs and provides Even cards, which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance by offering unlimited OPD consultations and diagnostics. With a workforce of 300 employees, Even Healthcare claims to have grown its membership base to hundreds of thousands, generating $28 million (more than Rs 230 crore) in revenue 18 months after its commercial launch. Going forward, Even Healthcare plans to open three secondary-care-focused hospitals in Bengaluru. The move aims to reduce hospitalization risks via early risk profiling and managed care. While the healthcare market in India was valued at $372 billion in 2022, growing at a CAGR of 22%, private insurance still covers only a small portion of the population.

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Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture

EntrackrEntrackr · 10m ago
Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture
Medial

Healthcare company Even Healthcare has raised Rs 169 crore (approximately $20 million) in a new round led by Khosla Ventures. The fresh funding for the Bengaluru-based firm has come after a gap of 20 months. The board at Even has passed a resolution to issue 2,17,589 preference shares at an issue price of Rs 7,762 each to raise Rs 169 crore or $20 million, its filing sourced from the Registrar of Companies shows. Khosla Ventures led the round with Rs 83.4 crore or $10 million while Pathfinder and Mercury Fund invested Rs 21.3 crore and 26.9 crore, respectively. Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, Rainmatter fintech, and others cumulatively injected the rest amount. Even Healthcare has also expanded its employee stock option (ESOP) pool, adding new options that bring the total pool size to 1,35,000, according to a separate resolution filed by the company. According to Entrackr’s estimates, its ESOP size is worth $12 million. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 753 crore or $91 million post-allotment. Even offers subscription-based plans to cover diagnostics, consultations, and hospitalization costs of up to Rs 50 lakh. According to the company, it only partners with those hospitals that guarantee the care of its members in exchange for a recurring payment. Launched by Mayank Banerjee, Matilde Giglio and Alessandro Lalongo, Even also offers personalized managed care programs and provides Even cards which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance as it provides unlimited OPD consultations and diagnostics. The company has raised approximately $40 million to date, including $15 million from Alpha Wave and Aspada in November 2022, and an initial $5 million in seed capital led by Khosla Ventures in 2021. Entrackr exclusively reported about its seed funding in July 2021.

Pet care startup Supertails scoops up $15 Mn in Series B

EntrackrEntrackr · 1y ago
Pet care startup Supertails scoops up $15 Mn in Series B
Medial

Full-stack pet care startup Supertails has raised Rs 125 crore (approximately $15 million) in a Series B funding round led by RPSG Capital Ventures and existing investors Fireside Ventures, Saama Capital, DSG Consumer Partners and Sauce VC. This funding will be deployed towards enabling business growth through the acquisition of new customers and investments in technology, along with the expansion of healthcare services including Supertails Pharmacy, the firm said in a press release. Supertails also plans to use the funds to foray into offline business strategy and build an omnichannel experience for consumers. In November 2022, the company raised $10 million in a Series A funding round in a mix of equity and debt led by Fireside Ventures. It has scooped up $27.5 million since its inception in June 2021. Founded by Varun Sadana, Aman Tekriwal, and Vineet Khanna, Supertails addresses the evolving needs of pet parents through their customised offerings. The Supertails app provides assortment of food, treats, accessories, and other pet essentials. Also Read: Amid pet care industry boom, PawPurrfect bets on convenience and healthcare To further support pet parents, the firm has introduced a pet pharmacy on its platform, becoming a full-stack platform offering pet supplies, online vet consultations, online behavior training, and a pet pharmacy. Supertails’ revenue from operations jumped 4.2X to Rs 33 crore during FY23 as compared to Rs 7.82 crore in FY22. As per startup data intelligence platform TheKredible, its losses surged 2.6X to Rs 30.6 crore in FY23 against Rs 11.65 crore in FY22. Supertails aims to double down on its growth and expansion plans to achieve an ARR of Rs 500 crore in the next two years. As per studies, the pet population in India stands at approximately 35 million, growing at a CAGR of 15% with a potential market size of $5 billion and Supertails aims to solidify its position as a leading player in the space. It competes with Heads Up For Tails, Goofy Tails, and JustDogs, among others. Heads Up For Tails emerged as the largest funded startup in this segment which raised $37 million in a Series A funding round led by Verlinvest and Peak XV Partners.

Exclusive: Scimplify scoops up $7 Mn in Series A led by Omnivore

EntrackrEntrackr · 11m ago
Exclusive: Scimplify scoops up $7 Mn in Series A led by Omnivore
Medial

Scimplify, a platform for sourcing and manufacturing of specialty chemicals, has raised Rs 59 crore (approximately $7 million) in its Series A round from new and existing investors. The board at Scimplify has passed a special resolution to issue 17,514 Series A CCPS at an issue price of Rs 33,676 each to raise Rs 59 crore or $7 million, its regulatory filing with the Registrar of Companies shows. Omnivore led the round with Rs 24.7 crore while 3One4 Capital, Beenext Asia, and Bertelsmann participated with Rs 13.56 crore, Rs 5.6 crore, and Rs 14.82 crore, respectively. Entarckr was first to report about Scimplify’s Series A in June. The company has raised around $11 million to date including its $3.67 million seed round from 3one4 Capital and Beenext last year. According to the data intelligence platform TheKredible, Scimplify has been valued at around Rs 320 crore or $39 million post-allotment. Founded in 2023 by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform operating across the product life cycle from contract research to commercial chemical manufacturing across industries such as pharmaceutical, personal care, and agrochemical. According to the company’s website, it offers emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, among others. The Bengaluru-based firm competes with Atomgrid, which raised $1.2 million in its seed round led by Merak Ventures in May this year. Covvalent, another key player in the space, raised $4.3 million led by Nexus Venture Partners.

EV charging infra startup Charge Zone scoops up $19 Mn

EntrackrEntrackr · 1y ago
EV charging infra startup Charge Zone scoops up $19 Mn
Medial

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

Generative AI startup Ema raises $25 Mn from Accel, Prosus, others

EntrackrEntrackr · 1y ago
Generative AI startup Ema raises $25 Mn from Accel, Prosus, others
Medial

Generative AI startup Ema has raised $25 million in its first funding round led by Accel, Section 32, and Prosus Ventures. Other investors who participated in the round are Wipro Ventures, Venture Highway, AME Cloud Ventures, Frontier Ventures, Maum Group, and Firebolt Ventures. High profile angels who joined the round include Meta COO Sheryl Sandberg, Yahoo co-founder Jerry Yang and Snowflake chief executive Sridhar Ramaswamy. Ema will use the funds for research and development, and enhance its existing product suits, the company said in a press release. Founded in 2023 by Surojit Chatterjee, Souvik Sen, and Swati Trehan, Ema’s AI solutions aim to automate processes and workflows within an enterprise. The solutions work with Zendesk, OneDrive, Google Drive, Teams, Slack, and other popular productivity tools. Ema is said to be capable of engaging in conversations, comprehending context, taking continuous human feedback, reasoning, and making informed decisions. It leverages about 30 large public language models, including GPT 4, GPT-3.5-turbo, Claude 2.1, Gemini, Mistral-S and Llama2, and small in-house language models to maintain accuracy. Ema’s adaptable AI capabilities cater to a wide array of industries, including healthcare, retail, travel, hospitality, finance, manufacturing, e-commerce, technology, and more. At present, Ema has a total workforce of 30 across India and the US. Ema has scooped up the second largest funding for an early-stage startup operating in this space and has a base in India. In December 2023, generative AI startup Sarvam AI raised $41 million in a Series A round led by Lightspeed along with participation of Peak XV Partners and Khosla Ventures.

Healthify raises $20 Mn, aims for US expansion

EntrackrEntrackr · 7m ago
Healthify raises $20 Mn, aims for US expansion
Medial

Health and fitness platform Healthify (formerly HealthifyMe) has raised $20 million in fresh capital as part of a $45 million equity round. This round was led by Khosla Ventures and LeapFrog Investments, with new participation from Claypond Capital, the family office of Indian healthcare billionaire Dr. Ranjan Pai. In June 2023, Healthify raised $30 million in a pre-Series D round, which included $5 million in venture debt The fresh capital will fuel Healthify’s expansion into the US market and enhance its AI-driven nutrition and fitness coaching capabilities, the company said in a press release. Healthify has raised a total of $125 million in equity financing to date. Prior to this, the company secured $75 million in Series C in July 2021 from Khosla Ventures, LeapFrog Investments, Sistema Asia Fund, and Chiratae Ventures. Launched by Tushar Vashisht, Sachin Shenoy, and Mathew Cherian, Healthify uses a combination of software, wearable devices, and fitness trainers to help people reach their fitness goals. It claims to have served over 40 million users and is expanding its presence across 300 cities in India. According to Healthify, its AI capabilities are being tailored for new markets like the US, with features that accommodate local languages, food preferences, and cultural habits. In addition to its consumer app, Healthify has a B2B vertical focused on corporate wellness, with partnerships in the diagnostics, insurance, and pharmaceutical industries. On the financial front, Healthify’s Indian operations have reached operational profitability, and the company expects to be EBITDA-positive by the end of the fiscal year. While the firm has yet to file its annual report for FY24, it registered Rs 229.71 crore in revenue for FY23 with a Rs 142 crore loss.

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