The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Startup: Docplix
Sector: Healthtech
Amount: INR 1.7 Crore
Led by: Inflection Point Ventures
Healthtech company Docplix has raised INR 1.7 Crore in a Bridge Round led by Inflection Point Ventures. The funds raised will be utilized for product development, AI integration, and market expansion. This will involve enhancing their EHR system, incorporating advanced AI capabilities to improve decision support and patient care, and expanding their market reach to bring their innovative healthcare solutions to bigger clinics and hospitals.
DocPlix’s ABDM-compliant Electronic Health Record (EHR) system ensures secure and interoperable management of patient data.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “The govt’s initiative Ayushman Bharat Digital Mission to build a heath ID repository of all citizens for easy exchange of information between the doctors and patients is not a small feat. DocPlix is on a high mission to help citizens and healthcare providers to integrate into a tech enabled healthcare system which can substantially improve patient diagnosis and treatment. At IPV, we have always invested in companies that are using tech for good to bring a real-life change in the lives of the users. DocPlix’s powerful platform, wellness programmes and addressing access to healthcare in tier 2 and 3 towns drove our decision to invest in the company.”
The company is experiencing rapid growth with its ever growing customer base and an impressive renewal rate of 93%. DocPlix plans to expand globally, starting with the USA in late 2024, aiming to enter lucrative and technologically advanced markets to further amplify its impact in the healthcare sector.
Dr. Varun Garg: Co-Founder & CEO, Docplix, says, “Our goal is to become the leading EHR provider in India, leveraging advanced technologies like AI and data analytics to transform healthcare delivery. With a strong foundation and the support of IPV, we are poised to scale globally, starting with the USA, while continuously innovating to meet the evolving needs of healthcare professionals and patients.”
Startup: Maino.ai
Sector: Digital marketing technology
Amount: US$1.8 Million
Led by: India Quotient Advisers LLP
Maino.ai, a digital marketing technology startup raised INR15 Crore (approximately US$1.8 Million). This investment round was led by India Quotient Advisers LLP, complemented by contributions from notable angel investors Karan Bedi, Janhavi Parikh, and other marquee investors.
Abhijeet, Rishabh, and Vikas, the co-founders of Maino.ai, commented, “We are immensely grateful to our investors for their confidence in our vision, and we are committed to judiciously leveraging this investment. A substantial portion will be allocated to building and scaling our teams in key domains such as technology, product development, design, and strategy. This approach is not just about expanding our team; it’s a strategic move to enhance our capabilities and reach. Additionally, we are focusing on expanding our footprint into new geographies, a strategic decision aligning with our vision to serve a broader audience and tap into new markets, thus creating additional avenues for success.”
India Quotient’s Partner Gagan Goyal, added, “Very excited to back Rishabh, Vikas & Abhijeet on their mission to democratize digital marketing tech for companies by providing an intelligent easy-to-use product that cuts down reliance on slow & largely manual third party agencies. Marketing operations and optimizations even today are heavily reliant on manual processes limiting growth, scalability & leading to a subpar ROI. The founders bring exceptional expertise and some very nuanced insights about the problem. The pain is deep & poses a huge Total Addressable Market (TAM) waiting to be unlocked.”
Startup: Vikram Solar Limited
Sector: Solar energy
Amount: INR 715 crore
Led by: Viney Equity Market LLP
The VC Viney Equity Market LLP, announced a significant investment in Vikram Solar Limited, India’s leading solar panel manufacturers and power companies. Viney Equity Market co-led an INR 715 crore investment in Vikram Solar Ltd, and contributed INR 12 crore to the funding round, alongside participation from multiple investors to support Vikram Solar Limited’s continued growth.
The funds injected by Viney Equity Market LLP will provide Vikram Solar with the resources to strengthen its capital base, improve its ability to borrow money for working capital and finance the expansion of its solar PV module manufacturing facility. These initiatives will allow Vikram Solar to meet other general corporate purposes and solidify its position as a leader in India’s clean energy sector.
“Vikram Solar’s dedication to sustainability and their position as a leader in the Indian solar industry make them a compelling investment opportunity,” said Anant Aggarwal, Founder of Viney Equity Market LLP. “We are impressed by their commitment to innovation and their track record of success. This investment aligns perfectly with our philosophy of supporting companies that are driving positive change in the world.”
Startup: Finsall
Sector: Fintech Insurtech
Amount: INR 15 crore
Led by: Unicorn India Ventures & Seafund
Insurance-First BNPL startup, Finsall raised INR 15 crore in a bridge round led by Unicorn India Ventures and Seafund with additional involvement from other institutional investors.
The funds raised will be used for setting up an NBFC to scale lending operations and deliver more value to its customers in insurance premium financing. The funds will also be allocated for tech enhancement with an aim to develop intuitive, user-friendly interfaces to provide seamless digital experiences for key stakeholders including insurance companies, brokers, agents and lending partners (Banks and NBFCs). The Company also aims to utilise the current capital infusion for developing more strategic partnerships with the insurers, intermediaries, and lenders to broaden service offerings and enhance distribution channels.
Tim Mathews, Co-Founder and CEO, Finsall says, “This interim bridge round will help us focus on scaling our books and taking a huge leap forward in creating an NBFC in the insurance premium financing industry. Building a category is no easy task, especially in the lending and insurance space. We are glad that we have a great core team and long-term investors in Unicorn India Ventures and Seafund who believe in the vision that we are building at Finsall. We have several financial inclusion and lending solutions that will make a difference for those who wish to protect themselves, their assets, and their loved ones. We aim to build on domestic success stories and examine if our products make global sense.”
Anil Joshi, Managing Partner, Unicorn India Ventures, says, “Insurance premium financing remains a nascent sector but in the last 2 years, specially post covid, there is a strong customer acceptance of this model. Insurance providers to the end users are now comfortable with an option to use credit for financing insurance premiums. Given that insurance penetration in the country is still at 1%, the market opportunity is huge and we believe Finsall has built the right momentum to capitalise on this segment.”
Startup: Alyve Health
Sector: Healthtech
Amount: US$$5.5 million
Led by: Axilor Ventures
Alyve Health, health tech platform, announced a Series A funding round of $5.5 million. The investment round was led by Axilor Ventures and saw participation from 1Crowd Fund, an existing investor, as well as Inhealth Ventures, a healthcare-focused fund. The company also raised venture debt fund from Trifecta Capital as part of this round. The health tech company plans to use the new funds for strategic growth initiatives across key areas like platform enhancement, talent acquisition, expansion of operations, amplification of services, and higher member engagement.
“We are thrilled to secure more fuel for our growth,” said Shashank Avadhani, Co-founder & CEO at Alyve Health. “This investment empowers us to continue innovating on our product and technology. We are privileged to play a significant role in shaping the future of health plans.”
Sushant Roy, Co-founder, CBO & COO said, “Securing this funding marks a pivotal moment for our company. We thank our members, clients, partners, and investors, for backing us through this amazing journey”.
Vineet Mehta, Co-founder, and CTO at Alyve Health said “This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities.”
Prachi Sinha, Principal at Axilor, who led this investment, said, “Even for a mature product like IPD insurance, India struggles with not just poor coverage but also under coverage. With rising incomes and awareness, consumers are asking for offerings beyond just hospitalization benefits. In a market fraught with noise, Alyve’s customer-centric approach to enhancing the healthcare experience while offering tailor-made, high-utilization OPD services, gives the company the right to win. We have been early partners with Alyve and are proud to support them in their next stage of growth.”
Startup: POP
Sector: Fintech
Amount: US$2.4 million
Led by: India Quotient
POP, a Bengaluru-based startup, has announced that it has closed a $2.4 million seed funding round led by India Quotient and a few prominent angel investors recently.
The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app.
The funding will help expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins, a shopping currency already used by 200+ online merchants, with every UPI transaction made through the POPclub app.
Bhargav Errangi, Founder of POP, said, “POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”
Madhukar, General Partner at India Quotient, said, “Acquisition and retention are two most challenging problems for D2C and consumer brands. Very excited to partner with Bhargav and team to solve this very hard problem and enable thousands of consumer brands to acquire and retain customers at a fraction of current costs.”
Startup: Metis Intellisystems Pvt Ltd
Sector: Fintech
Amount: INR1.3 Crores
Led by: Inflection Point Ventures
Metis Intellisystems Pvt Ltd, which stands for Intelligent Decisioning using AI & ML for BFSI, has raised INR1.3 Crores in a round led by Inflection Point Ventures. The funds will be allocated to further develop the pioneering solutions, optimize strategic use, and expand local and global outreach avenues to expand their market presence and drive growth.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “As credit availability increases, boosting economic growth, credit decision-making must become more robust. With a wealth of qualitative and quantitative information available today, data science is essential for improving credit decisions. Analytics not only assist lenders before lending but also act as early warning systems during the credit term, ensuring credit quality is maintained. While existing applications help lenders with credit decisions, they often fail to adapt to the evolving credit landscape and fully leverage data science. Metis addresses this with more accurate and agile data analytics and early warning systems. Led by Khusru and Amit, who bring deep and complementary expertise, Metis is well-positioned to thrive in this market.”
Khushru F. Doctor, CEO of Metis Intellisystems, says, “Metis Intellisystems aims to transform the fintech industry using its cutting-edge AI/ML technologies. There is a lack of high-tech, intelligent decision-making processes, even in large fintechs. Metis aims to spearhead the adoption of intelligent systems for decision-making to replace outdated technologies or manual methods. Leveraging our expertise in advanced technologies, experience in Fintech, and passion for problem-solving, Metis seeks to harness and interweave abundant, diverse data sources via cross-referencing and triangulation to champion a paradigm shift to automated intelligence.”
Startup: Indian Renewable Energy Development Agency (IREDA)
Sector: Renewable Energy
Amount: INR1500 crore
Led by: bond issuance
Indian Renewable Energy Development Agency (IREDA) successfully raised Rs. 1500 crore today through issuance of bonds.
The bond issuance, which consisted of base issue of Rs. 500 crore and Green shoe option of Rs. 1,000 crore, received an overwhelming response from investors and was oversubscribed 2.65 times. The funds have been raised at an annual interest rate of 7.44% for a tenure of 10 years and 2 months.
Pradip Kumar Das, Chairman & Managing Director, said, “We are happy with the overwhelming response to our bond issuance. The oversubscription by 2.65 times underscores the trust and confidence that investors have in IREDA’s vision and its crucial role in driving the renewable energy growth in the country. This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030.”
Startup: LDU
Sector: Fashion-tech
Amount: INR 11 crore
Led by: GVFLLimited, Indian Angel Network (IAN), & The Chennai Angels
LetsDressUp (LDU), a fashion-tech company, has successfully raised ~INR11Cr in its Pre Series-A funding round, securing fresh capital from GVFLLimited, Indian Angel Network (IAN), and The Chennai Angels. Existing investors, including Titan Capital, also participated in this round.
The funds will be invested to push the growth momentum, further enhance the AI-driven design technology, and expand the A+ team across verticals.
Kamal Bansal, Managing Director at GVFL Limited says “We see immense potential in LDUs approach to transform the fashion industry with their zero dead-inventory model and nimble supply chain. The investment aligns with our commitment to sustainability and efficiency.”
Drishti Anand, Co-Founder of LetsDressUp shares, “We are creating a win-win model at LDU. Our agile supply chain, helps us cater to the growing need of consumers by providing them with fresh designs every week, without them being out of stock. This also empowers the manufacturers to earn more and better their lives. The zero dead inventory model helps us contribute in reducing the pollution caused by the fashion industry.”
Startup: Dice
Sector: Spend management solution
Amount: INR42 crores
Led by: Dallas Venture Capital
Cross-border VC firm Dallas Venture Capital (DVC) leads INR42 Crores ($5 M) Series A round in “enterprise spend management” platform ‘Dice’. The round also saw significant participation from GVFL (formerly Gujarat Venture Finance Limited).
Dice is a unique “spend management solution” that leverages AI to streamline and improve how enterprises consume B2B goods and services and manage enterprise spending.
Gokul Dixit, Partner, Dallas Venture Capital, stated, “Dice offers a distinctive value proposition which uniquely leverages GenAI to enable enterprise spend process automation, easy workflow configuration, and consequent cycle time reduction freeing up significant working capital for an impressive array of partners and clientele.”
The funds raised will be strategically channeled towards a range of Go-To-Market (GTM) initiatives. These initiatives are designed to enhance market penetration, broaden customer outreach, optimize sales and marketing strategies, and enhance AI capabilities to improve user experience showcasing Dice’s unwavering commitment to growth and value creation.
“We were highly impressed by Dice’s founding team which has ensured high capital efficiency through razor-sharp execution. DVC is thrilled to collaborate with Dice, and we look forward to helping them accelerate their growth in India and the USA through the DVC Advantage program which leverages an extensive network of advisors and partners,” added Dayakar Puskoor, Managing Partner, Dallas Venture Capital.
