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Truemeds to raise $44 Mn led by Accel India

EntrackrEntrackr · 4m ago
Truemeds to raise $44 Mn led by Accel India
Medial

Telehealth platform Truemeds is raising Rs 375.2 crore or (approximately $44 million) in its Series C round led by Accel India and with the participation of WestBridge and Info Edge. The board at Telehealth platform Truemeds has passed a special resolution to issue 1 equity and 49,300 Series C preference shares at an issue price of Rs 76,110 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Accel India will invest Rs 285.4 crore, while WestBridge, through its investment vehicles Konark and MMPL Trust, will contribute Rs 68.49 crore. Info Edge will also join the round with Rs 21.31 crore. The company will use these proceeds to advance the business and facilitate the planned growth, as per filings. According to Entrackr’s estimates, the company will be valued at around $340 million (post-money). With the new funding, Accel India will hold approximately 10% of the company, while WestBridge and Info Edge will own 28.64% and 23.02%, respectively. Co-founders Akshat Nayyar and Kunal Wani will collectively retain a 22.43% stake in their personal capacity. Founded by Nayyar and Wani, Truemeds lets consumers find medicines of alternate brands with the help of prescriptions uploaded by them. Truemeds recorded an impressive two-fold growth in its revenue to Rs 315 crore during the fiscal year ended March 2024. Efficient cost management and scaling efforts also contributed to a 9% reduction in losses, bringing them down to Rs 61 crore during the same period. Awareness of generic medicines has been rising fast in India, thanks to government-backed efforts to provide cheaper meds at both state and central levels. While that has created a market for users looking beyond the prescribed options, it also brings with it the biggest challenge for Truemeds. Truly successful government efforts will undermine growth in quite a few of the high-volume categories. However, with government efforts focused on select, high-usage molecules, it leaves enough potential for firms like Truemeds to capitalize on the new awareness for options. That seems to be the thesis of the latest funding at least. Be it vitamins and supplements, or even Homeopathic meds, the firm has built up a wide selection on offer for users seeking cheaper options here. Competition remains intense, however, both from government-backed pharmacies or private pharmacies that have also latched on to the new reality of a changing market.

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Exclusive: Peak XV joins Truemeds’ Series C round with $20 Mn

EntrackrEntrackr · 1d 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.

Exclusive: B2B robotics startup Haber raises $38 Mn in Series C

EntrackrEntrackr · 9m ago
Exclusive: B2B robotics startup Haber raises $38 Mn in Series C
Medial

Industrial robotics maker Haber has raised Rs 317.2 crore (approximately $38 million) in its Series C round, led by Creaegis with participation from Accel India and BEENEXT Capital. This new round materialized for the Pune-based company after a three-year gap. The board at Haber has passed a special resolution to issue 100 equity shares and 457,572 Series C preference shares to raise the above sum, according to regulatory filings accessed by Entrackr. Creaegis led the round with Rs 200.35 crore, while Beenext and Accel participated with Rs 83.5 crore and Rs 33.4 crore, respectively. The investment will support the company’s expansion, growth, and other capital requirements. According to TheKredible, Haber’s post-allotment valuation is approximately Rs 1,242 crore ($148 million). Haber develops AI-powered industrial robots that automate labor-intensive tasks like sample collection, measurement, analysis, and intervention in factories. According to its website, Haber helps industries reduce chemical consumption as well as energy and water usage across sectors such as food and beverages, agriculture, and oil and gas. The company has raised over $65 million to date, including a $20 million Series B round led by Ascent Capital with participation from Accel, Elevation, and Beenext in November 2021. Accel is the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation. Head to TheKredible for the complete shareholding breakup. While FY24 numbers are yet to be disclosed, Haber reported a total revenue of Rs 82 crore and a loss of Rs 36.7 crore in FY23. It directly competes with Prosus-backed Detect Technologies, Altizon, and Fero Labs, among others.

B2B robotics maker Haber raises $44 Mn in Series C round

EntrackrEntrackr · 7m ago
B2B robotics maker Haber raises $44 Mn in Series C round
Medial

Industrial robotics maker Haber has raised $44 million in its Series C round led by Creaegis, BEENEXT, and Accel. The round comprised $38 million in equity and $6 million in debt. Entrackr had exclusively reported the Series C round in October. The proceeds will be used to scale its operations internationally, particularly in the US, to serve the demand for AI-led industrial automation solutions. Founded by Raghavan, Arjunan PN, and Priya Venkat, Haber develops AI-powered industrial robots that automate labor-intensive tasks like sample collection, measurement, analysis, and intervention in factories. According to its website, Haber helps industries reduce chemical consumption as well as energy and water usage across sectors such as food and beverages, agriculture, and oil and gas. The company has raised over $70 million to date, including a $20 million Series B round led by Ascent Capital with participation from Accel, Elevation, and Beenext in November 2021. Accel is the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation. Head to TheKredible for the complete shareholding breakup. While FY24 numbers are yet to be disclosed, Haber reported a total revenue of Rs 82 crore and a loss of Rs 36.7 crore in FY23. It directly competes with Prosus-backed Detect Technologies, Altizon, and Fero Labs, among others. Haber counts ITC, Aditya Birla, and Tata Steel among its clientele. Some of its portfolio includes automation services for chemical dosing across different applications, including sugar mills, distilleries, paper mills, breweries, independent institutions, and mining operations.

10 min food delivery startup Swish raises $14 Mn

EntrackrEntrackr · 4m ago
10 min food delivery startup Swish raises $14 Mn
Medial

Exclusive: 10 min food delivery startup Swish raises $14 Mn Swish, a 10-minute food delivery startup, has secured Rs 122.32 crore in its Series A funding round, led by Hara Global Capital and existing investor Accel India. This follows just three months after its $2 million seed round. The board at Swish has passed a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs 2,56,334 each to raise Rs 112.3 crore or $14 million, its regulatory filing accessed from the Registrar of Companies shows. Hara Global Capital led the round with Rs 69.56 crore while Accel India invested Rs 52.18 crore. Kunal Shah-led QED innovation, and Gaurav Munjal (CEO of Unacademy) and Sumer Juneja, investment advisor at SoftBank, participated with Rs 20.5 lakhs, Rs 5 and Rs 30.7 lakh respectively. According to Entrackr's estimates, the company has been valued at around Rs 522 crore or $60 million post-allotment. After the new funding round, Hara Global Capital will own 13.33%, while Accel India will hold a 27.24% stake in the company. Co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will each retain a 16.38% share following the Series A round. Founded in 2024, Swish’s 10-minute delivery model operates within a 1.5–2 km radius using cloud kitchens called ‘delight centers,’ ensuring fresh and hygienic food is delivered swiftly through its optimized full-stack approach. Swish is competing in the fast-expanding instant food delivery market, where Zomato, Swiggy, and Zepto are leading the charge. Zomato-owned Blinkit has also launched Bistro, a standalone app for instant food delivery. In December, Bhavish Aggarwal-led Ola entered the segment, while emerging players like Magicpin and Zing are gaining traction. The latest entrant to the space is cloud kitchen unicorn Rebel Foods, which has introduced a new app called QuickiES.

Apna Mart raises $25 Mn led by Fundamentum and Accel

EntrackrEntrackr · 3m ago
Apna Mart raises $25 Mn led by Fundamentum and Accel
Medial

Exclusive: Apna Mart raises $25 Mn led by Fundamentum and Accel Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised Rs 214.5 crore (approximately $25 million) in equity and debt led by Fundamentum Partnership Fund and Accel with the participation of existing investors. The board at Apna Mart has passed a special resolution to issue 6,342 Series B compulsory convertible preference shares at an issue price of Rs 2,78,402 to raise Rs 176.5 crore or $20.5 million and 3,800 debentures for Rs 38 crore or $4.5 crore, its regulatory filings sourced from the Registrar of Companies (RoC) show. Fundamentum Partnership Fund is leading the round with Rs 84 crore while Accel India, Peak XV, and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. 2 AM Ventures, Disruptors Capital, and Alteria will invest the rest of the amount. Entrackr estimates Apna Mart's post-allotment valuation at approximately Rs 738 crore ($87 million), an 81% jump from its previous funding round. Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Operating across 14 cities—including Ranchi, Hazaribagh, and Bilaspur—the firm utilizes a franchise model to ensure operational efficiency. According to startup data intelligence platform TheKredible, Apna Mart has raised approximately $40 million across multiple funding rounds. Following the latest investment, Accel India remains the largest external stakeholder with a 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. The Bengaluru-based firm recorded an 85.6% year-on-year growth to Rs 59.6 crore of revenue during the previous fiscal year ended March 2024. In pursuit of growth, the losses for the firm also grew 51.4% to Rs 33 crore in the same period. Apna Mart has been working to crack the grocery model through a franchise-led approach with a strong online touch. The company is scaling steadily with solid backing from investors, including Nandan Nilekani’s Fundamentum and Accel, which has doubled down on its investment. Apna Mart certainly seems to be a company to watch in the grocery category for the long haul—a space currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.

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

EntrackrEntrackr · 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. “Accel is leading $7 million round in Simplismart with backing from existing investors,” said a source requesting anonymity. “Simplismart has received the term sheets and the deal is set to be public soon.” Simplismart previously raised seed money from Anicut Capital, Sunn91, First Cheque and Shastra VC but it didn’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.

Testsigma raises $8.2 Mn led by MassMutual Ventures

EntrackrEntrackr · 1y ago
Testsigma raises $8.2 Mn led by MassMutual Ventures
Medial

AI-based low-code test automation platform Testsigma has raised $8.2 million in funding led by MassMutual Ventures, along with existing investors Accel, STRIVE, and BoldCap. Earlier, in 2022, Testsigma raised $4.6 million led by Accel, with participation from STRIVE and BoldCap. Founded in 2019 by Rukmangada Kandyala, Pratheep Velicherla, Vikram Chaitanya, and Rajesh Reddy, Testsigma is a Gen AI-powered, low-code test automation platform that helps quality engineering teams to automate tests at speed and scale without coding expertise. The platform helps users to rapidly create, organise, and run automated tests for web and mobile applications, as well as APIs, using plain English through to its NLP (Natural Language Programming) engine. Its clientele includes Sage, HPE, Netgear, HDFC Life, IEEE, SignEasy, American Psychological Association, and Mehiläinen.

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