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PlatinumRx raises $800K funding led by IndiaQuotient

EntrackrEntrackr · 1y ago
PlatinumRx raises $800K funding led by IndiaQuotient
Medial

Healthcare startup PlatinumRx has raised $800,000 in a seed round from India Quotient, along with participation from several prominent angel investors. PlatinumRx plans to utilize the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings, the company said in a press release. Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to redefine the way chronic patients access essential medications by curating and offering substitutes from top brands like Cipla, Abbott, Alkem, etc. PlatinumRx helps consumers find the exact substitute medicine having the same salt, same strength, and same effectiveness. PlatinumRx delivers to more than 20,000 pincodes within 2-3 days and providing same-day delivery in Bengaluru. It has also partnered with multiple old age homes and rehab centers across the electronic city. “With rising diabetes and blood pressure-related ailments, coupled with soaring monthly medicine expenses, cost reduction for all chronic illnesses without compromising efficacy is crucial,” said Gagan Goyal, General Partner at India Quotient. Launched by Anand Lunia and Madhukar Sinha in 2012, India Quotient launched its fourth fund worth $80 million in February 2021. Its portfolio companies include WebEngage, Dhiwise, Vyapar, Pagarbook, Fleetx, Powerplay, Brands.live, and GoComet among others.

Related News

Furnishka raises Rs 27 Cr in pre-Series A round led by IndiaQuotient

EntrackrEntrackr · 10m ago
Furnishka raises Rs 27 Cr in pre-Series A round led by IndiaQuotient
Medial

Furnishka, a furniture retailer founded in 2023 by Ganesh Pawar, has successfully raised Rs 27 crore in a pre-Series A funding round led by IndiaQuotient, bringing its total funding to Rs 45 crore. The round also saw participation from Sparrow Capital and angel investors, including Udaan co-founder Sujeet Kumar and Ramakant Sharma. The new funds will be used to enhance product design and development, bolster manufacturing and supply chain capabilities, and expand to new locations. Furnishka aims to simplify India’s complex home furnishing market by addressing issues such as long delivery times, high costs, and inconsistent service quality. It offers a seamless shopping experience through both online and offline stores in Bengaluru, with over 1,000 SKUs and customizable designs at competitive prices. Market research indicates that the Indian furniture market is projected to grow from $24.47 billion in 2023 to $64.39 billion by 2032, with a CAGR of 11.35% from 2024 to 2032. Furnishka has focused on supply chain innovation, standardization, localization, and cost reduction to deliver premium furniture affordably. Within its first year, the company has served over 10,000 customers and operates four large-format stores in Bangalore, showcasing a wide array of products. Looking ahead, Furnishka plans to expand its product categories, particularly in premium living room, dining room, and bedroom collections, open six additional large-format stores, and create educational content to help customers make informed furnishing decisions. The company offers thousands of customization options to cater to diverse tastes and requirements.

ThinkMetal raises $800K in pre-Series A round

EntrackrEntrackr · 6m ago
ThinkMetal raises $800K in pre-Series A round
Medial

ThinkMetal raises $800K in pre-Series A round Deeptech startup ThinkMetal has raised $800,000 (about Rs 6.7 crore) in a pre-Series A funding round led by YourNest Venture Capital as part of the YourNest-SanchiConnect Velocity Program 2024, along with participation from Concept Communications and Sanchi Connect. Prior to this round, ThinkMetal raised $300,000 in a seed round led by 100X.VC, with participation from Concept Communications, SAT Industries, and investors such as KRS Jamwal and Uday Sodhi. The funds will be utilized to finalize production readiness, launch the first-generation product, enhance its software capabilities, refine its processes, and expand its team in key areas such as sales, operations, design, and software development, ThinkMetal said in a press release. Co-founded in 2021 by Sabyasachi Ghosh and Arushi Sharma, ThinkMetal is a deeptech startup enabling manufacturers to produce metal parts, claiming to be 10 times faster and at half the cost with their compact metal 3D printer, SistemT1, which leverages patented materials and processes. The company's FuseX material technology drastically cuts production time while reducing operational costs, making it the quickest and most efficient solution. According to the Chennai-based company, it addresses longstanding challenges in traditional tool manufacturing and low-volume production. SistemT1 helps manufacturers deliver parts such as moulds, dies, jigs, and fixtures in mere hours at half the cost. As per market research, the total tooling market in India is estimated at $5 billion, growing at a CAGR of 9%. ThinkMetal’s existing customers include Ants Ceramics, ZeQube Technologies, and Hosur CNC. The company’s go-to-market strategy focuses on urban medium-scale and small-scale manufacturers, leveraging paid pilots, experience centers, and on-demand services to drive adoption. Globally, Markforged, Desktop Metal, and EOS are prominent players in this industry.

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