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ClaimBuddy bags new investment from Bharat Innovation Fund

EntrackrEntrackr · 1y ago
ClaimBuddy bags new investment from Bharat Innovation Fund
Medial

Health insurance startup ClaimBuddy has raised Rs 24.8 crore ($3 million) from Bharat Innovation Fund. This is the second notable investment for the Gurgaon-based company since its incorporation. The board at ClaimBuddy has passed a special resolution to allot 10 equity and 2,980 compulsory cumulative preference shares at an issue price of Rs 83,284 each to raise Rs 24.8 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. ClaimBuddy streamlines the health insurance claim process for both patients and hospitals by utilizing technology and efficient operations to guarantee smooth and hassle-free claims. According to its website, the company has managed over 500 crore claims, partnered with 250 plus hospitals, helped more than 35,000 patients, and currently operates in 6 cities. As per startup data intelligence platform TheKredible, the company has been valued at $22 million (post-allotment). ClaimBuddy has been backed by Chiratae Ventures, Redbright Partners, Lets Ventures, and individuals like Rohit Bansal and Kunal Bhal. The company raised around Rs 50 crore to date including a $3 million round in February 2022. Before the fresh proceeds, Chiratae Ventures was the largest external stakeholder with 9.77% followed by Rebright Partners and LetsVenture. Its co-founders Ajit Patel and Khet Singh owned 55.62% of the company. When it comes to scale, the four-year-old company recorded 1.8X growth in revenue to Rs 6.14 crore in FY23 from Rs 3.36 crore in FY22. It posted Rs 71 lakhs in the fiscal year ending March 2023.

Hindustan Unilever acquires remaining 49% stake in OZiva for Rs 824 Cr

EntrackrEntrackr · 12d ago
Hindustan Unilever acquires remaining 49% stake in OZiva for Rs 824 Cr
Medial

Hindustan Unilever acquires remaining 49% stake in OZiva for Rs 824 Cr Mumbai-based FMCG major Hindustan Unilever Limited has completed the acquisition of the remaining 49% stake in OZiva, operated through Zywie Ventures Private Limited, for a total consideration of Rs 824 crore. The transaction makes OZiva a wholly owned subsidiary of HUL. The deal shows a sharp jump in OZiva’s valuation. In December 2022, HUL had acquired a 51% stake in OZiva for a cash consideration of Rs 264.28 crore, which implied a valuation of around Rs 518 crore at the time. The latest transaction values the company at nearly Rs 1,682 crore and represents a more than threefold increase over a little more than three years. Founded in 2019, the six-year-old direct-to-consumer firm sells plant-based nutrition products across health, skin, hair, and general wellness categories. Prior to the HUL transaction, OZiva had raised around $17 million from investors such as Matrix Partners, Eight Road Ventures, and Stride Ventures. The company also reported a sharp improvement in operating performance. Its revenue from operations jumped 148% to Rs 258 crore in FY25 from Rs 104 crore in FY24 while losses declined 90% to Rs 4.5 crore in FY25 compared to Rs 43.5 crore in the previous fiscal. The deal follows a series of acquisitions in India’s D2C space this year. On Thursday, pharmaceutical major USV acquired a 79% stake in Wellbeing Nutrition. Earlier this month, Mumbai-based consumer goods major Marico acquired a 60% stake in plant-based protein startup Cosmix at an equity valuation of Rs 375 crore. The trend builds on last year’s consolidation, which included HUL’s acquisition of skincare brand Minimalist at a pre-money valuation of Rs 2,955 crore.

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