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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.

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

EntrackrEntrackr · 9m 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 · 5m 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.

Valyx bags $800K in pre-seed round

EntrackrEntrackr · 10m ago
Valyx bags $800K in pre-seed round
Medial

B2B financial management platform Valyx has raised $800K in its pre-seed funding round co-led by Huddle Ventures and Waveform Ventures. The round also saw participation from notable investors including Bharat Founders Fund and Propell Fund (LetsVenture’s in-house VC fund led by Shanti Mohan). The proceeds will be used towards attracting and onboarding new talent for its sales team, as well as expanding its engineering team to accelerate its product roadmap. Founded in late 2023, Valyx automates billing and receivables thus accelerating payments, expediting financial close, and improving cash flow for businesses. Its offerings include rate card management, usage-based billing, collections, cash application, reconciliation, dispute management and collaborative receivables tracking. Valyx helps finance and sales teams to concentrate on strengthening their relationships with buyers by automating these crucial but repetitive revenue and receivables operations. The startup claims to have processed more than Rs 200 crore in accounts receivable. Over the next two years, Valyx plans to build a full-stack AI-powered revenue management platform that includes B2B payments and financing.

Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext

EntrackrEntrackr · 1m ago
Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext
Medial

Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext. Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore ($13.2 million) in its Series C round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The round includes both primary and secondary transactions. Fleetx had raised $19.4 million in its Series B round led by IndiaMart with participation from IndiaQuotient and BEENEXT in February 2022. The fresh proceeds will be used to expand product capabilities and scale its go-to-market engine across mid-market and enterprise segments in India, Fleetx said in a press release. Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx operates at the intersection of AI and IoT, offering fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions. The company plans to strengthen its product stack and profitability metrics to meet IPO-readiness targets within the next two years. It also aims to double its annual recurring revenue (ARR) while achieving profitability in the near term. “As we sit on the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers,” said Vineet Sharma, CEO of Fleetx. Fleetx claims to have grown 4x since its last funding round in 2022. It claims to have crossed Rs 100 crore in ARR and currently serves over 2,000 clients, including more than 100 large enterprise accounts. Its customers span industries such as cement, FMCG, mining, transportation, and manufacturing. Notable clients include Ultratech Cement, Adani Group, Unilever, Godrej, Shree Cement, Maersk, and Panasonic. For the fiscal year ending March 2024, Fleetx recorded operating revenue of Rs 56.58 crore from Rs 41.63 crore in FY23. The company also reduced its losses by over 55% to Rs 24.21 crore in FY24.

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