Thyrocare, a leading provider of diagnostic and preventive healthcare services, has recently acquired Polo Labs’ pathology diagnostic business. This move is set to broaden Thyrocare’s presence in Northern India.
Thyrocare, which was acquired by API Holdings on June 25, 2021, for $613 million, has raised a total of $63.6 million to date. Polo Labs, based in Northern India, operates 14 laboratories across Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir, offering affordable and accessible diagnostic services. The lab utilizes advanced technology and equipment to meet high-quality standards.
Thyrocare has stated that this acquisition aligns with its strategic goal of enhancing diagnostic services and expanding its reach throughout India.
Founded by Arokiaswamy Velumani, Thyrocare is a fully automated diagnostic laboratory known for delivering quality reports at cost-effective prices to various laboratories and hospitals in India and abroad. The company is based in Mumbai and claims to serve over 2,000 cities both domestically and internationally.
CRED, the reward-based payments platform, has introduced CRED Money, a new financial management tool designed to consolidate balances and transactions from various bank accounts, wallets, and UPI IDs into a single view. This feature not only facilitates recurring payments but also offers detailed insights into spending habits.
CRED Money enables users to analyze their financial patterns without needing to disclose their bank account details. Instead, the app retrieves information from account aggregators like banks, mutual funds, and insurance providers.
The platform’s services include capabilities such as tracking forgotten investments, tax refunds, and managing recurring payments like SIPs and insurance policies. Additionally, it helps users monitor transactions across banks, UPI IDs, and credit cards.
Built on the account aggregator (AA) framework, CRED Money ensures secure and encrypted sharing of financial data between authorized entities. Experts view this launch as a strategic move by CRED to enhance daily and weekly user engagement, following its April 2023 UPI payment service launch and the September introduction of the vehicle management platform, Garage. The company is also expanding its wealth management offerings, bolstered by the acquisition of Kuvera in February.
This new service provides CRED with valuable insights into user financial statuses, habits, and investments, improving its ability to tailor offerings from both its own services and third-party partners. CRED’s loan products and CRED Mint have significantly contributed to its growth, showing low default rates and high user satisfaction.
On the UPI front, CRED UPI is now the fourth largest UPI payment processor, according to NPCI data. While it trails behind major players like PhonePe, Google Pay, and Paytm, it has outpaced competitors such as Amazon Pay, WhatsApp, and BHIM in transaction volume, processing over a third of Paytm’s transaction value in June.
In FY23, CRED’s primary revenue sources included rental transactions, peer-to-peer loan interest, processing fees, advertising, and listing fees on CRED Marketplace. The company’s operating revenue increased 3.5 times to ₹1,400.6 crore from ₹393.5 crore in FY22, although losses grew slightly by 5.3% to ₹1,347 crore.
Nasher Miles, a prominent digital-first luggage brand, has secured $4 million in a bridge round to Series A funding. The investment came from the Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (CVC Capital Partners), among others.
The company reported that this funding was raised at a post-money valuation of $30 million. Earlier in February, Nasher Miles received investment from all five judges on Shark Tank India-3, achieving a valuation of Rs 200 crore ($23.8 million).
The new funds will support Nasher Miles’ plans for omnichannel expansion. The company aims to increase its offline presence to 1,000 multi-brand outlets across India by the end of this year and open 3-5 exclusive brand outlets within this financial year.
Additionally, Nasher Miles intends to enhance its quick commerce presence in select cities and boost its production capacity within India, aiming for 70-75% domestic manufacturing by December 2024.
Founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles specializes in travel bags and luggage. Its product range includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and various accessories such as luggage covers, neck pillows, masks, and backpack rain covers, all available in different customized prints and colors.
Nasher Miles claims to have appointed over 20 distributors nationwide and established a presence in 150 stores within just two and a half months. The company projects that its offline channel will generate $12 million in revenue in the next financial year.
Fintech unicorn Yubi (formerly CredAvenue), known for providing business loans, has expanded its employee stock option (ESOP) offerings under both its existing and new ESOP plans. According to a special resolution approved by Yubi’s board, the company has added 2.2 million stock options to its ESOP pool, increasing the total number to 6,008,920 options, as per regulatory filings from the Registrar of Companies (RoC).
Specifically, Yubi has allocated 1.1 million new stock options to its 2022 ESOP plan, raising the total to 4,908,920 options. Additionally, the company has introduced a new 2024 ESOP plan, adding another 1.1 million options, detailed in a separate RoC filing.
The expansion of the ESOP pool is aimed at attracting and retaining top talent within the company. According to estimates by TheKredible, the newly added ESOP options are valued at approximately $26 million, bringing the total value of Yubi’s ESOP plan to $70 million.
Yubi achieved unicorn status in March 2022 following a $135 million Series B funding round led by Insight Partners, Dragoneer Investment Group, and B Capital Group. The company’s valuation reached $1.5 billion after a secondary sale last year.
Yubi’s platform connects businesses seeking loans with financial institutions and investors. Its services include vendor and dealer financing, as well as a marketplace for primary and secondary bonds. In July, Yubi led a ₹150 crore debt round for Infra Market and participated in a debt round for Auxilo.
Backed by Vivriti, Yubi nearly doubled its revenue to ₹328 crore in FY23. However, in its drive for growth, the company’s losses increased more than eight-fold to ₹482 crore during the same period. The Bengaluru-based firm has yet to file its annual financial statements for FY24.
Emami, a leading fast-moving consumer goods (FMCG) company, is preparing to acquire a full 100% stake in the men’s grooming brand The Man Company, according to sources familiar with the matter, as reported by Entrackr. This acquisition marks Emami’s first complete purchase in the direct-to-consumer (D2C) sector, despite its previous investments in various D2C companies.
As of July 2022, Emami already held just over a 50% stake in The Man Company. Data from startup intelligence platform TheKredible reveals that co-founders Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja collectively own around 35% of the company. Emami’s acquisition of a 33.09% stake occurred in two phases, in December 2017 and February 2019.
For the fiscal year ending March 2024, The Man Company reported revenues of Rs 185 crore, with 70% derived from e-commerce channels, including major marketplaces and its own website. The company reported EBITDA profitability with Rs 14 crore in FY24.
To date, The Man Company has raised a total of Rs 75 crore ($9 million). The Gurugram-based company competes primarily with Beardo, which Marico acquired in July 2020 for around Rs 350 crore. Beardo has not yet released its FY24 financials but achieved over Rs 100 crore in revenue for FY23. Another competitor, Ustraa, reported similar revenue figures for FY23.
Wealth and asset management firm Neo has secured ₹32 crore (approximately $4 million) through a private placement. This marks the company’s initial investment round of 2024. The board of Neo has authorized the issuance of 1,226 equity shares at ₹2,60,799 each, aimed at raising ₹32 crore (around $3.85 million), as detailed in their regulatory filing with the Registrar of Companies (RoC).
Morde Foods contributed ₹20 crore, while SN Damani Developers and Bridgemonte Advisors invested ₹10 crore and ₹2 crore, respectively. The raised funds are designated for business expansion and operational needs. Post-investment, Morde Foods will own a 1.48% stake, with SN Damani Developers and Bridgemonte Advisors holding 0.74% and 0.15%, respectively.
To date, Neo has raised approximately $78 million, including a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October of the previous year.
Founded by Nitin Jain, Neo offers advisory and yield-based investment solutions to some of India’s top billionaires, focusing on transparency and cost-effectiveness. The company reports managing over $3 billion (about ₹25,000 crore) in assets under advisement (AUA), with $360 million (around ₹3,000 crore) in assets under management (AUM).
For the fiscal year ending March 2023, Neo achieved a 9X revenue growth to ₹65.1 crore, with a modest loss of ₹3.6 crore. The company has yet to file its annual report for FY24.
FAAD Capital, an early-stage venture capital fund, has strategically invested $121,000 in four agritech startups through their AgriManch accelerator program.
The startups receiving this pre-seed funding include Godaam Innovations, VedaFit Foods, Aqin Biotech, and Mkelly Biotech. Notably, Godaam Innovations had previously secured external funding amounting to $180,000.
In addition to the pre-seed funding, FAAD Capital will provide post-funding support, which includes connecting the startups with key stakeholders to drive revenue and building networks within the agriculture sector to enhance their go-to-market strategies.
Godaam Innovations focuses on delivering smart storage solutions aimed at reducing post-harvest losses and improving supply chain efficiency. Aqin Biotech offers formulations for aquaculture and livestock feed that boost animal survival rates by 20-25% and cut mortality rates by 60-70%.
Mkelly Biotech has created a premix powder made from millets and mushrooms to enhance the nutritional value of flour and related products, suitable for all age groups. Based in Delhi, VedaFit Foods produces genuinely healthy and natural products by using ingredients fortified with essential nutrients, steering clear of artificial additives.
FAAD Capital, headquartered in Gurugram, collaborates with various industry stakeholders to fund agritech startups. The firm invests across multiple sectors, providing checks ranging from $100k to $500k from Pre-Seed to Series A rounds. Managing a portfolio of over 100 startups, FAAD Capital boasts more than ten successful exits.
Insurtech company Acko has announced the acquisition of OneCare, a digital chronic care management company, in an all-cash transaction. This strategic acquisition aligns with Acko’s vision of expanding beyond traditional insurance services to become a comprehensive healthcare provider, the company stated in a press release.
As part of this acquisition, OneCare co-founders Rakesh Shivran and Sagar Bhat will join Acko’s leadership team, bringing their extensive experience in large-scale health-tech services.
OneCare is known for its innovative omnichannel care model, which integrates advanced wearables, data-driven insights, and the accessibility of both physical clinics and virtual care teams.
With this acquisition, Acko aims to create a healthcare ecosystem that supports every aspect of a customer’s health insurance needs, including protection, prevention, care, and recovery.
Acko holds a significant market share in embedded insurance products such as mobility and gadget insurance, partnering with over 50 prominent companies in the internet ecosystem, including Oyo, redBus, Zomato, HDB Financial Services, and Urban Company. The company reports having provided insurance to over 78 million customers and issuing more than 1 billion insurance policies.
Unimech Aerospace has secured Rs 250 crore ($30 million) in a private placement round, drawing investments from Steadview Capital Mauritius Limited, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This marks the first funding round for the Bengaluru-based firm since its establishment in 2016.
The company announced that the funds were raised at a post-money valuation of Rs 3,250 crore ($390 million). The capital will be allocated towards both organic and inorganic growth initiatives and product enhancement, according to a company press release. Founded by Anil Puthan, Unimech Aerospace is known for producing high-precision tooling for aero-engines and airframes, as well as complex components and assemblies for the aerospace, defense, energy, and semiconductor industries.
The company’s clientele includes leading OEMs in aerospace, energy, defense, and semiconductors. Unimech has also established a significant export presence in the USA, Europe, and the United Kingdom. For the fiscal year ending March 2023 (FY23), Unimech’s revenue increased to Rs 28 crore from Rs 16 crore, with profits rising to Rs 2.81 crore from Rs 1.69 crore in FY22.
The company projects its revenue to surpass Rs 200 crore ($24 million) by FY24 and is preparing to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. Since January 2021, 26 tech startups have gone public, and Unimech aims to be the first venture-funded aerospace manufacturing company to do so in India.
Recently, several other startups and companies have also secured their first rounds of external or venture capital funding. This includes workspace solution provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
Captain Fresh, a seafood supply chain company based in Bengaluru, has announced its acquisition of Koral, a prominent Poland-based producer and distributor of branded salmon products. The deal was finalized with Abris Capital Partners, a specialist in ESG transformation private equity investment, and Koral’s founder, Boguslaw Kowalski.
The acquisition is pending approval from the Polish antimonopoly office and other regulatory bodies. This move follows Captain Fresh’s previous acquisitions of CenSea, a U.S. importer of frozen seafood, and Senecrus, a French shrimp cooking and distribution company. In the new strategic direction, Boguslaw Kowalski and Justyna Frankowska will spearhead Captain Fresh’s global salmon strategy. Market research indicates that the salmon market is projected to reach $33.5 billion in 2024.
Koral is renowned for its smoked salmon products, marketed internationally under the SuperFish brand. With 26 production lines, the company processes 120 tons of fish daily.
Founded in 2020 by Utham Gowda, Captain Fresh operates an online B2B platform specializing in seafood products, including shrimp, salmon, tuna, crab, and lobsters. The platform handles procurement, processing, and distribution for retailers and is accessible via a mobile app on both Android and iOS.
Captain Fresh has attracted significant investment from notable firms such as Tiger Global Management, Prosus Ventures, British International Investment, Matrix Partners India, Accel, SBI Holdings, Evolvence Group, Ankur Capital, and Incubate Fund. To date, it has secured $165 million in funding and is anticipated to end the current fiscal year with a revenue run rate of $650 to $700 million.
