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Sunfox Raises an Additional ₹15 Crore in Pre-Series Funding to Expand Global Cardiac Innovation Efforts

By
Garima Bansal
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0

Sunfox Technologies, a health tech startup known for its innovative products and appearance on Shark Tank India, has successfully raised an additional ₹15 crore in a pre-series funding round. The round was led by existing investor Venture Catalyst, with new participants including Finvolve through the IA Growth Opportunities Fund I, Brew Opportunities Fund, Universal Group, KP Singhvi Group, and several high-net-worth individuals (HNIs). This follows a prior investment of ₹5 crore from USAID through SAMRIDH Health and LetsVenture, bringing the total funds raised in this round to ₹20 crore.

Sunfox Technologies plans to utilize this new capital to accelerate its expansion both in India and globally, with a particular focus on scaling its flagship product, Spandan. Spandan is a smartphone-based portable ECG device that offers clinically accurate 12-lead ECG readings, enabling real-time heart attack detection and cardiac health monitoring. Already in use by over 30,000 people across 20 countries, Spandan has played a crucial role in saving more than 10,000 lives through early detection of heart conditions. This technology is especially vital as India faces a rise in heart attack cases post-COVID-19.

CEO Rajat Jain highlighted the significance of this funding, stating that it will drive the rapid growth of Spandan, aiming to make it as commonplace as a household thermometer. The company envisions a future where heart attacks become as preventable as common illnesses, with Spandan widely used in homes and clinics worldwide.

Sunfox, based in Dehradun, a Tier 2 city, challenges the notion that impactful health tech innovations only emerge from metro cities. The company has established an advanced R&D and manufacturing facility in the region, garnering attention from prestigious institutions like Oxford and Wharton. Sunfox first gained widespread recognition when all five investors on Shark Tank India—Namita Thapar, Peyush Bansal, Anupam Mittal, Vineeta Singh, and Ghazal Alagh—invested in the company during its debut on the show.

Venture Catalyst co-founder Dr. Apoorva Ranjan praised Sunfox’s mission to make heart health accessible globally, expressing excitement about the company’s potential to revolutionize the healthcare landscape with Spandan.

Founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola, and Sabit Rawat, Sunfox Technologies is rapidly transforming the cardiac diagnostics space with the portability, affordability, and user-friendliness of Spandan.

Indian Phosphate IPO Closes with 82.07 Times Subscription, Grey Market Premium Suggests 136% Listing Gain

By
Garima Bansal
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0

The initial public offering (IPO) of Indian Phosphate took place from August 26 to August 29, with shares priced between ₹94 and ₹99 each. The company, primarily focused on producing Linear Alkylbenzene Sulphonic Acid (LABSA) at 90% purity for various detergent forms, also manufactures “Single Super Phosphate” (SSP) and “Granules Single Super Phosphate” (GSSP) fertilizers. These fertilizers meet the standards set by the Fertilizer Control Order of India and are available in different forms, including fortified varieties.

Indian Phosphate’s manufacturing facility is strategically located in Udaipur, Rajasthan, close to raw material sources. The company has established a strong presence in several key states, including Punjab, Bihar, Gujarat, and Maharashtra, among others. Despite its regional strength, Indian Phosphate saw a decline in its financial performance, with a 27% drop in profit after tax and a 7% decrease in revenue between March 31, 2023, and March 31, 2024.

The IPO was well-received, with the subscription reaching 82.07 times on the third day. The retail portion was oversubscribed by 132.55 times, while the non-institutional investor (NII) portion was booked 61.84 times, and the Qualified Institutional Buyers (QIB) portion 8.90 times. The company received bids for 36,95,02,800 shares against the 45,02,400 shares on offer.

The IPO aims to raise ₹67.36 crore through the issuance of 6,804,000 equity shares, with no “offer for sale” component. The funds will be used for working capital, establishing a new manufacturing plant in Tamil Nadu for producing sulfuric acid, LABSA 90%, and magnesium sulfate, and for general corporate purposes.

The grey market premium (GMP) for Indian Phosphate shares is currently +₹135, indicating a strong demand. Based on this premium and the upper end of the IPO price band, the estimated listing price is ₹234 per share, representing a 136.36% increase over the IPO price of ₹99.

Beeline Capital Advisors Pvt Ltd is the book-running lead manager for the IPO, with Bigshare Services Pvt Ltd as the registrar and Spread X Securities as the market maker.

OpenAI Close to Securing Funding Round Led by Thrive Capital, Valuing the Company at Over $100 Billion

By
Garima Bansal
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0

OpenAI is nearing a significant funding round, potentially raising its valuation to over $100 billion. Thrive Capital is expected to lead this round with an investment of approximately $1 billion, according to sources familiar with the matter. OpenAI’s Chief Financial Officer, Sarah Friar, informed employees in a recent memo that the company is actively seeking new capital to support its operational needs, including computing power, although specific details were not disclosed.

Since late 2022, OpenAI has been in discussions to raise funds at this high valuation, reflecting the growing demand for generative AI technology, especially after the widespread success of its chatbot, ChatGPT. This financing round could position OpenAI among the most valuable venture-backed startups globally, highlighting its influence in the AI industry. The success of OpenAI, backed by Microsoft, has also intensified competition among major tech companies to integrate AI technologies into their products.

Additionally, Friar mentioned that OpenAI is considering a tender offer later this year, allowing employees to sell a portion of their shares. However, these plans are still in the early stages and are yet to be finalized.

ODA Class Raises $500K in Series B Funding to Boost EdTech Growth

By
Garima Bansal
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0

Bengaluru-based edtech startup ODA Class has secured $500,000 in its Series B funding round from Skywalker Education Technology Co. Ltd. (Singapore), Daituzi Education Technology Corporation Limited, and Matrix Partners China. This latest funding brings the total capital raised by ODA Class to $12.75 million.

Since its inception in 2019, ODA Class has garnered significant investment, including an undisclosed amount in a pre-Series A round from Yuanfudao in 2020, $9 million in 2021, $3 million in 2022, and an additional $250,000 in 2023.

The newly raised funds will be directed towards enhancing digital marketing efforts to boost brand visibility and expand reach. ODA Class offers live online courses for students from grades 1 to 10, leveraging AI technologies and innovative marketing strategies to provide affordable, high-quality education. The startup employs educators from prestigious institutions such as IITs and NITs, and has served over 25,000 long-term students. ODA Class aims to enroll 100,000 students in 2024 while continuously improving its learning platform.

ODA Class has reported significant revenue growth, with earnings rising from ₹26.90 crore in FY22 to ₹63.76 crore in FY23 and further to ₹65.81 crore in FY24. The company has also optimized its expenses, reducing costs from ₹79.20 crore in FY22 to ₹107.81 crore in FY23, and further to ₹85.20 crore in FY24.

This funding will enable ODA Class to continue its mission of making quality education accessible and affordable, while scaling its platform to meet growing demand in the Indian edtech sector.

InsurancePadosi Raises ₹4.19 Crore in Pre-Seed Funding Led by Antler to Revolutionize Insurtech

By
Garima Bansal
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0

InsurancePadosi, a rising insurtech platform, has successfully raised ₹4.19 crore (approximately $500,000) in its pre-seed funding round. The round was led by Antler, a prominent early-stage venture capital firm, with additional investments from notable industry experts such as Hemant Kaul, former CEO and MD of Bajaj Allianz, and Satish Pillai, former CEO and MD of TransUnion CIBIL, who participated as angel investors.

The newly raised capital will be utilized to enhance InsurancePadosi’s technology infrastructure, broaden its insurance product offerings, and boost sales and marketing initiatives. The platform also plans to explore underwriting and claims management to deliver a fully integrated customer experience.

The Indian insurance market, which generates over $20 billion in gross premiums and sells 50 million new policies annually, remains largely underpenetrated. InsurancePadosi aims to leverage data analytics to offer personalized and data-driven policy recommendations, addressing market challenges such as affordability and comprehension.

InsurancePadosi’s innovative approach aims to transform the insurance landscape in India by providing tailored solutions, making insurance more accessible and understandable for consumers. The company’s focus on technology and customer-centric services positions it well to capitalize on the growing demand for insurtech solutions in the Indian market.

Servify Secures ₹84 Crore in Series D Funding from Bajaj Holdings, Trifecta, and Innoven Capital

By
Garima Bansal
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0

Servify, a leading post-sales service platform, has raised ₹84 crore (approximately $10 million) in a new tranche of its Series D funding round. The investment, which combines equity and debt, was led by Bajaj Holdings, Trifecta, and Innoven Capital. As per regulatory filings, Servify’s board approved the issuance of 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) for the total amount raised.

Bajaj Holdings contributed ₹34 crore through equity investment, while Trifecta and Innoven Capital provided the remaining amount through debt financing. The company’s valuation stands at approximately ₹7,074 crore ($852 million) following this funding round.

Since its inception, the Mumbai-based company has raised about $125 million, including $65 million from the ongoing Series D round led by Singularity Growth Opportunity Fund in 2022. Prior to this latest funding, Iron Pillar was Servify’s largest external stakeholder with a 28.8% stake, followed by Beenext and Blume Ventures, holding 9.87% and 8.20% respectively.

Financially, Servify has demonstrated significant growth, achieving over 95% year-on-year revenue growth to ₹611 crore during the fiscal year ending March 2023. However, the company reported net losses of ₹229 crore for the same period. The firm has yet to file its annual financial results for FY24.

Servify’s latest funding round underscores its commitment to enhancing after-sales service experiences and expanding its market presence in the tech support and device management sectors.

Karnataka-Backed Startups Drive Semiconductor Innovations with SFAL Support, Says IT/BT Minister Priyank Kharge

By
Garima Bansal
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0

Karnataka’s IT/BT Minister Priyank Kharge announced that three Bengaluru-based startups have developed groundbreaking technologies with the backing of the Semiconductor Fabless Accelerator Lab (SFAL), a state-funded center of excellence for fabless semiconductors.

Calligo Technologies has created a POSIT-enabled semiconductor chip aimed at enhancing performance and accuracy in critical mathematical computations. This technology, which promises improved accuracy, network bandwidth, and storage utilization while reducing power consumption, is expected to set new standards in computing. It has potential applications in stock exchange computations, medical drug research, and artificial intelligence. Calligo Technologies plans to showcase an accelerator card based on this chip at the Supercomputing Conference (SC’24) in the US later this year.

Morphing Machines, another startup supported by SFAL, has developed “Redefine,” a reconfigurable processor designed to handle emerging workloads in sectors such as telecom, AI/ML, healthcare, and high-performance computing. Redefine is India’s first processor of its kind and has received $2.76 million in seed funding from Speciale Invest.

AB Circuits and Research Labs (ABCRL) has introduced “TireSynapse,” the industry’s first tire monitoring ASIC with integrated Bluetooth, which offers advanced features such as tire wear prediction, road condition detection, load monitoring, and wheel alignment measurement. ABCRL is close to achieving a major milestone with plans to release its first chip soon, marking a significant step towards becoming a leading provider of smart automotive electronics.

SFAL has been instrumental in fostering the growth of fabless semiconductor startups in Karnataka, incubating 43 startups and supporting over 200 innovations, while creating 800 high-skill jobs. Kharge emphasized that Karnataka leads in semiconductor innovation due to its significant pool of design talent, with 70% of India’s semiconductor design talent based in the state.

In addition, SFAL-supported companies have raised Rs 114 crore, achieving a combined valuation of Rs 500 crore. Kharge highlighted that India’s electronics market is expected to reach $400 billion within a year, with semiconductors alone accounting for $64 billion. Jitendra Chaddah, India head of GlobalFoundries, added that many SFAL-backed firms are successfully developing products for global and local markets and are attracting venture capital investments.

Medikabazaar Appoints Dinesh Lodha as Group CEO Amid Leadership Reshuffle and Financial Audit Findings

By
Garima Bansal
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0

Medikabazaar, a business-to-business medical supplies startup, has appointed Dinesh Lodha as its new Group Chief Executive Officer. Lodha, who previously served with TI Medical, replaces co-founder Vivek Tiwari, who stepped down amid allegations of financial discrepancies within the company. Tiwari will now take on a board role following a financial audit conducted by PwC, which revealed issues such as discrepancies in revenue recognition processes.

Founded in 2014 by Vivek Tiwari and Ketan Malkan, Medikabazaar has undergone several management changes recently. In July 2023, Malkan, who served as the Chief Financial Officer, transitioned to a board role and was replaced by Raman Chawla, a former finance executive from companies like Campus Activewear and Reckitt Benckiser. Additionally, Ravishankar Gopalakrishnan, former CFO of Jet Airways, was appointed as the Group Chief Operating Officer and a whole-time director in April.

Lodha brings experience in managing B2B and B2C operations across the FMCG and healthcare sectors, including roles at Healthium, TI Medical, GE Healthcare, and Samsung. He aims to strengthen Medikabazaar’s global collaborations with leading hospitals and healthcare professionals, positioning the company as a key partner for medical procurement. The board also includes representatives from key investors such as Creaegis, Ackermans & van Haaren, and HealthQuad.

TI Medical, Lodha’s previous employer, is a joint venture between Tube Investments and Premji Invest, the family office of Wipro founder Azim Premji.

DPI-Focused Indian Startups Reach $100 Billion Valuation: Nandan Nilekani

By
Garima Bansal
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0

Infosys co-founder and chairman Nandan Nilekani said that startups using DPI platform are worth $100 billion in aggregate. At the Global Fintech Fest in Mumbai, Nilekani said the aim of putting together platform as Aadhaar and UPI was to lay a basic form of ‘tracks’ or rails on which the private sector and entrepreneurs can run.

Mobile Mahence Nilekani, who was instrumental in the making of Aadhaar and UPI, has predicted the world of finance to be in Finternet. As per him, Finternet will be more human centric and integrated where all forms of assets are interconnected through a similar structure. He said that the existing financial systems are not able to address user need for number of choices and control.

Finternet, in its turn, is designed to unite all the forms of assets, such as land and properties, bonds and financial investment, art and paintings under one tokenized platform. Relative to the traditional approaches, this approach will allow for increased participation and will give the users control over a diverse range of the asset classes. Nilekani called it as a place to own and control assets, content and non-fungibles, and to register and authenticate assets such as land and financial instruments.

However, with the help of his co-authors Pramod Varma, Siddharth Shetty, Agustin Carstens the paper on the Finternet concept with the participation of Nilekani and the team of the Bank for International Settlements was released in April 2024.

Laiqa Wellness Raises Rs 15 Crore from IvyCap Ventures to Expand Tech-Driven Femtech Solutions

By
Garima Bansal
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0

Laiqa Wellness, a femtech startup based in Gurugram, has secured Rs 15 crore in funding from IvyCap Ventures, an early-stage venture capital firm. This investment will be used to enhance the company’s technology-driven solutions focused on personalized hormonal health monitoring, point-of-care assessments, and AI-powered recommendations.

Founded in August 2023 by Monica Bindra, Harmeet Bindra, and Meenakshi Singh, Laiqa Wellness aims to address women’s wellness by offering personalized care to manage hormonal imbalances. The company’s platform helps users tackle a range of conditions such as PCOS, thyroid disorders, insulin resistance, sleep issues, and other lifestyle-related health concerns. The Laiqa app provides tools like cycle-synced diets, fitness routines, and herbal remedies, enhancing the wellness journey for women.

The cofounders emphasized that this funding supports their vision of creating accessible tools and care for women, enabling them to prioritize their health. They plan to expand their community reach and continue innovating sustainable products and services that significantly impact women’s lives.

Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, highlighted Laiqa’s unique approach of integrating modern science with Ayurveda, which distinguishes it in the market. IvyCap Ventures, founded in 2011, has invested in various sectors, including healthtech, consumer tech, fintech, and edtech. The firm recently announced the final close of its third fund at Rs 2,100 crore, with plans to support around 25 early-stage startups, including Laiqa Wellness and healthcare financing startup Icanheal.

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