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

EntrackrEntrackr · 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 International’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 company’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 LifeCell’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 LifeCell’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 · 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 Kapiva’s Series C round, in which the firm is aiming to raise a total of Rs 250 crore. Entrackr exclusively reported about Kapiva’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. Vaidya’s, Varalife, among others are Kapiva’s notable competitors.

Exclusive: EatClub to raise $22 Mn led by Tiger Global

EntrackrEntrackr · 16d ago
Exclusive: EatClub to raise $22 Mn led by Tiger Global
Medial

Exclusive: EatClub to raise $22 Mn led by Tiger Global EatClub operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. EatClub, which owns and operates several popular cloud kitchen brands such as Box8 and Mojo Pizza, is raising Rs 185 crore (nearly $22 million) led by Tiger Global with the participation of A91 Partners and 360 ONE Asset Management. The board at EatClub has passed a special resolution to issue 11,830 preference shares to potential investors to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. As per the filing, Tiger Global is set to lead the round with an investment of Rs 126 crore, followed by A91 Partners with Rs 37.5 crore. 360 One Asset Management, through its Monopolistic and Opportunity Fund, will contribute Rs 21.2 crore. The company may raise more capital in this round. The company will use these proceeds for the growth and expansion of the company, the filing further added. According to Entrackr’s estimates, the company will be valued at around Rs 4,585 crore or $540 million post-money. This marks an 80% increase in the valuation when compared to its last fundraise of $40 million at $300 million in December 2021. EatClub also concluded a $30 million secondary transaction at an undisclosed valuation in March 2022. Founded by Anshul Gupta and Amit Raj, the company operates a multi-brand cloud kitchen model. It operates sixteen brands, including Box8 and Mojo Pizza, Bhatti Chicken, NH1 Bowls, ZAZA Biryani, and others. For the fiscal year ended March 2024, EatClub reported an operating revenue of Rs 515.5 crore and reduced its losses by around 77% to Rs 15.77 crore from Rs 69 crore in the previous year. The company has yet to file its annual report for FY25. EatClub stands out as one of the rare startups to receive a Tiger Global-led round in 2025. Prior to this, the investment firm had led a $125 million tranche in Infra.Market in January. EatClub directly competes with Rebel Foods, which raised $210 million last year through a mix of primary and secondary funding and reported Rs 1,420 crore in revenue with a loss of Rs 378 crore in FY24. Other notable rivals include Freshmenu, Curefoods’ Eatfit, and BBK. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital

EntrackrEntrackr · 20d ago
Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital
Medial

Exclusive: Bonito Designs to raise $9.5 Mn from Tomorrow Capital Interior designing company Bonito Designs is set to raise Rs 81 crore (approximately $9.5 million) from its holding company Tomorrow Capital. This funding comes after a two-year hiatus since it last raised Rs 40 crore in June 2023 from HDFC, Tomorrow Capital, and Lodha Ventures. The board at Bonito Designs passed a special resolution in May this year to issue 28,357 class A equity shares at an issue price of Rs 28,564 to Tomorrow Capital to raise Rs 81 crore or $9.5 million, its regulatory filing accessed from Registrar of Companies (RoC) shows. As per its filing, the company has already received Rs 51 crore, the rest of the amount is expected to follow shortly. The company will be valued at around Rs 531 crore ($62.5 million) post-allotment, marking an 18% drop from its Rs 650 crore valuation in the previous round. Founded in 2012 by Sameer AM and Vathsala CR, Bonito Design offers end-to-end solutions and caters to both luxury and budget homes through curated, cost-effective designs. The Bengaluru-based company has so far raised around $22 million to date. Following the allotment, Tomorrow Capital will extend its stake in the company to 67% (on a fully diluted basis), as per startup data intelligence platform TheKredible. Bonito Designs recorded a nearly 50% increase in operating revenue to Rs 153.4 crore in the fiscal year ended March 2024 from Rs 104 crore in FY23. However, the company’s losses more than doubled to Rs 66.9 crore during the same period. The company competes with leading players in the space, including Livspace, HomeLane, and DesignCafe, which was recently acquired by HomeLane.

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

EntrackrEntrackr · 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,” said another source. Slikk declined to comment on the story while queries sent to Nexus did not elicit an immediate response.

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge

EntrackrEntrackr · 11d ago
Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge
Medial

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge Sleep solution startup The Sleep Company is set to raise Rs 105 crore ($12.3 million) in its Series D round led by Saffron Investments with the participation from Carillon Investments and Infinity Partners. The company last raised $22 million in a Series C round led by Premji Invest and Fireside Ventures in December 2023. According to its filing with the Registrar of Companies (RoC), The Sleep Company’s board passed a resolution to approve the issue of 19,093 Series D CCPS at an issue price of Rs 55,130 each to raise the above-mentioned amount. Saffron Investments will lead the round with an investment of Rs 87.73 crore ($10.3 million), while Carillon Investment and Infinity Partners will contribute Rs 9.74 crore and Rs 7.77 crore, respectively. The filing added that the proceeds from this round will be used for growth, expansion, and general corporate purposes. This seems like a part of a bigger round, and the company might raise more during the same round. According to Entrackr’s estimates, the Mumbai-based company will be valued at Rs 2,745 crore (approximately $323 million), marking an 80% surge in valuation compared to around Rs 1,500 crore during its previous $22 million round. The valuation will increase in case of more inflow of funds during the ongoing Series D. The Sleep company was reportedly in talks to raise $50 million from ChrysCapital in a mix of primary and secondary transactions. Founded in 2019, D2C sleep solutions startup The Sleep Company offers a range of products, including mattresses, pillows, cushions, bedding, and office chairs. The company sells its products through both e-commerce platforms and offline retail channels. According to startup data intelligence platform TheKredible, it has raised around $49 million to date from the likes of Premji Invest and Fireside Ventures. Following the allotment of this round, Saffron Investments will be holding a 3.2% stake in the company. For the fiscal year ended March 2024, the D2C brand’s revenue surged 2.5X to Rs 312 crore from Rs 127 crore in FY23. Despite the growth, the losses of the company rose by 58% to Rs 58.69 crore during the same period. The Sleep Company competes with Wakefit, which recently filed its DRHP with SEBI to raise Rs 468 crore via fresh issue. It also competes with SleepCat, Duroflex, among others.

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

EntrackrEntrackr · 2m 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. “Prime Venture Partners is in late-stage talks to lead a new funding round in Durlabh Darshan,” said one of the sources, requesting anonymity. “The terms of the deal have been finalised.” 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 360° darshan journeys of major Hindu temples and rituals—such as Kashi Vishwanath in Varanasi, Mahakaleshwar in Ujjain, and Vaishno Devi in Katra. According to the company’s website, its journey began with a patent for a low-cost XR controller for smartphones. The company offers Durlabh Darshan Kendras—physical centers in temple towns—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 150–250. 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 · 11m 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 company’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 Truemeds’ Series C round with $20 Mn

EntrackrEntrackr · 26d ago
Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn
Medial

Exclusive: Peak XV joins Truemeds’ 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 Entrackr’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.

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