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Icanheal Raises Rs 15 Crore in Seed Funding from IvyCap Ventures to Expand Healthcare Solutions

Garima Bansal
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Icanheal Raises Rs 15 Crore in Seed Funding from IvyCap Ventures to Expand Healthcare Solutions

Healthcare startup Icanheal has secured Rs 15 crore in seed funding from IvyCap Ventures. The funds will be allocated to enhance operations, hire additional staff, invest in technology, and expand into new regions, according to a company press release.

Founded by Girish Poddar and Amit Backliwal, Icanheal provides tailored healthcare financing solutions aimed at helping patients afford timely and effective treatments. Based in Mumbai, Icanheal’s mission is to make advanced medical interventions—such as medications, devices, and surgeries—more accessible.

IvyCap Ventures has a diverse investment portfolio, having backed approximately 50 companies across various sectors including healthtech, consumer tech, deeptech, fintech, edtech, agritech, and spacetech. In April, IvyCap Ventures completed the final close of its third fund at Rs 2,100 crore, with plans to invest in around 25 early-stage startups through this fund.

Boon Raises $5 Million in Series A Funding Led by Roca Group Ventures, Expands AI Water Purification Platform

Garima Bansal
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Boon Raises $5 Million in Series A Funding Led by Roca Group Ventures, Expands AI Water Purification Platform

Watertech startup Boon has successfully raised $5 million in a Series A funding round, comprising a combination of equity and debt financing. The funding was led by Spain-based Roca Group Ventures, marking their inaugural institutional investment in India, alongside participation from other investors. Notably, Roca Group acquired Parryware in India back in 2008.

Previously, Boon secured $1.6 million in funding during its last round in February 2021. The newly raised capital will be utilized to scale Boon’s AI-enabled WaterIo platform, as stated in a press release by the company.

Founded in 2015 by Vibha Tripathy and Advait Kumar, Boon (formerly known as Swajal) harnesses patented technologies for predictive filter maintenance using AI, ensuring enhanced efficiency and reliability in water purification systems. The platform addresses the issue of plastic-packaged water with sustainable alternatives, utilizing technology to monitor water quality and filter health in real-time, purportedly at a lower cost than purchasing bottled water.

Based in Gurugram, Boon’s WaterIo product enables purifiers to monitor the quality of each drop of water, facilitating app-based adjustments for water quality. Boon collaborates with major offices, hospitals, universities, airports, and train stations to offer sustainable hydration solutions. Additionally, the company has introduced WaterATM as a community water purification station in India and provides sustainable glass water solutions for hotels.

Boon has garnered support from institutions such as the Department of Science and Technology (Government of India), the Rajasthan State Government, SIDBI, and international agencies including UNDP and REEEP.

Multipl Raises $1.5 Million to Revolutionize Fintech with Innovative Investment Features

Garima Bansal
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Multipl Raises $1.5 Million to Revolutionize Fintech with Innovative Investment Features

Multipl, a cutting-edge fintech platform, has successfully raised $1.5 million (Rs 12 crore) in an extended seed round, co-led by Blume Ventures and MIXI Global Investments, Inc. This follows a previous funding round in May 2022, where the startup secured $3 million from Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.

The new funds will be used to enhance the platform and introduce innovative features, aiming to help more Indians start their spend vesting journeys. Founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl is a modern fintech platform that offers investment opportunities in mutual funds. The platform partners with brands, allowing consumers to invest in mutual funds for their lifestyle expenditures.

Multipl boasts 500,000 downloads, over 100 valuable brand partnerships, and facilitated goals worth more than Rs 1,000 crore. The Bengaluru-based company recently launched ‘Open Goals,’ enabling users to invest in future expenses through partnerships with leading brands. Additionally, the platform’s window shopper widget enhances consumer savings by integrating financial planning options at the point of purchase on merchant websites and apps.

In the competitive landscape of fintech, Multipl stands alongside major players such as Groww, AngelOne, and PhonePe. With its innovative approach and strategic partnerships, Multipl aims to revolutionize the way consumers invest in mutual funds for their lifestyle needs.

Ninecamp Ventures Secures $2 Million Seed Funding to Revolutionize Premium Dining

Garima Bansal
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Ninecamp Ventures Secures $2 Million Seed Funding to Revolutionize Premium Dining

In a recent development, Ninecamp Ventures, a startup founded by former Zomato executive Chaitanya Mathur, has successfully raised $2 million (approximately INR 16.7 crore) in its seed funding round. This funding initiative garnered participation from notable investors including Zomato cofounders Mohit Gupta and Gaurav Gupta, Honasa cofounders Ghazal and Varun Alagh, as well as several others like Cars24 cofounders Vikram Chopra, Ruchit Agarwal, Mehul Agrawal, Gajendra Jangid, and PharmEasy cofounder Dharmil Sheth.

Established in October of the previous year, Ninecamp positions itself as a next-generation food and beverage startup with a primary focus on premium dining experiences and consumer products. Chaitanya Mathur, founder and CEO of Ninecamp, brings over 17 years of industry expertise, having played a pivotal role in Zomato’s live business through initiatives like creating Zomaland.

The freshly secured capital will be utilized by Ninecamp to expand its brand portfolio and augment its team size. The startup aims to introduce a new wave of premium dining experiences that adhere to global standards in terms of product quality, service excellence, innovative design, and superior ingredients. In April this year, Ninecamp inaugurated its debut restaurant, Marièta, in Gurugram, marking its initial foray into the premium dining segment.

Mathur expressed optimism about Ninecamp’s potential impact on India’s food and beverage sector, emphasizing their commitment to introducing innovative products that resonate with discerning consumers across dining and broader market segments. The startup plans to diversify its offerings beyond premium dining, exploring opportunities in quick-service restaurants, casual dining outlets, and potentially delivery-only brands.

Looking ahead, Ninecamp is also eyeing entry into the fast-moving consumer goods (FMCG) market, aiming to leverage its expertise and market insights to capitalize on emerging consumer trends. This strategic expansion aligns with projections indicating a robust 27% compound annual growth rate (CAGR) for India’s food and beverage industry through 2030, underscoring significant opportunities for both established players and newcomers in the market.

The launch of Ninecamp comes amidst a trend where senior executives from top Indian startups are increasingly venturing into entrepreneurship. Earlier this year, former Times Internet CEO Gautam Sinha launched SimpleO.ai, an AI startup, while former Swiggy executive Karthik Gurumurthy also embarked on a new startup endeavor, reflecting a dynamic shift in India’s startup ecosystem.

Klub to Disburse Rs 200 Crore for SMEs During Festive Season Surge

Garima Bansal
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Klub to Disburse Rs 200 Crore for SMEs During Festive Season Surge

Revenue-based financing platform Klub is gearing up to disburse Rs 200 crore for this year’s festive season. Last year, the platform disbursed Rs 100 crore, aiming to boost sales on major e-commerce platforms like Amazon, Flipkart, and Myntra. This significant increase reflects Klub’s commitment to supporting small and medium-sized enterprises (SMEs) during one of the busiest shopping periods in India.

The funds will help SMEs manage their inventory and plan marketing strategies to meet the high demand of the festive season. This will ensure that businesses are well-prepared to capitalize on the surge in consumer spending. Klub has emphasized that these efforts are crucial for maintaining a steady supply of products and effective marketing campaigns during this peak period.

Klub’s strategy includes investing in direct-to-consumer (D2C) brands across over 45 sectors. In the previous year, Klub invested in areas such as beauty and personal care, fashion and apparel, and cloud kitchens and restaurants. Notable brands that received investments include Monrow Shoes, BRB Chips, Berrylush, and Potful, showcasing the platform’s diverse investment portfolio.

Based in Bengaluru, Klub offers funding up to Rs 30 crore in a single tranche and employs various capital structures tailored to the needs of brands and founders. These structures include term loans, credit lines, and revenue financing. The initiative is supported by partnerships with leading non-banking financial companies (NBFCs), such as U GRO Capital, enhancing its ability to provide flexible funding solutions.

Founded in 2019 by Anurakt Jain and Ishita Verma, Klub has established itself as a key player in the revenue-based financing sector. The platform collaborates with NBFCs, high-net-worth individuals (HNIs), financial institutions, and its own SEBI-registered fund to provide growth capital. Klub’s flexible funding options cater to businesses at various stages, supporting recurring marketing, inventory, and capital expenditure needs. To date, Klub has facilitated over 1,700 investment rounds, benefiting more than 650 brands, and raised $20 million in seed funding from investors like Peak XV’s growth program Surge, Alter Global, GMO Venture Partners, and 9Unicorns. Klub competes directly with companies like GetVantage, Velocity, Clearco, CRED Mint, Wayflyer, and KredX.

Ola Electric’s IPO Valuation Expected at $4.5 Billion:A Strategic Move Amid Global Market Recalibration

Garima Bansal
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Ola Electric’s IPO Valuation Expected at $4.5 Billion:A Strategic Move Amid Global Market Recalibration

Ola Electric is preparing for its initial public offering (IPO) with an expected valuation of around $4.5 billion, a notable decrease from its previous valuation of $5.4 billion during the last funding round. This decline of approximately 16-20% is attributed to a global recalibration of tech stock valuations. In October of the previous year, the company raised $384 million in a funding round led by Singapore’s investment firm Temasek.

Although the final valuation for the IPO is still being determined, sources suggest that it is unlikely to meet the $6 billion target set by Bhavish Aggarwal, Ola Electric’s founder. The ongoing book-building process aims to price the IPO attractively to offer value to investors, indicating a strategic approach to the market conditions.

In December of the previous year, Ola Electric submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for an INR 5,500+ crore IPO, receiving regulatory approval last month. The company, founded by Aggarwal, is a leading player in the two-wheeler electric vehicle market in India, offering five scooter models and operating an extensive omnichannel distribution network with numerous experience and service centers.

Earlier this year, Ola Electric secured additional funding of INR 410 crore (around $50 million) through non-convertible debentures issued to EvolutionX Debt Capital. As part of its preparations for the IPO, the company has been restructuring to reduce costs and streamline operations, which included plans to lay off approximately 400-500 employees.

Financially, Ola Electric reported a net loss of INR 1,471.6 crore for the financial year 2022-23, an 88% increase from the previous year. Despite this, the company’s operating revenue saw a significant year-on-year growth of 605%, reaching INR 2,630.9 crore in the same period. As Ola Electric moves towards its IPO, it aims to balance its growth aspirations with market realities, seeking to attract investors with a well-priced public offering.

Tekion Secures $200 Million to Propel Automotive Retail Innovation

Garima Bansal
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Tekion Secures $200 Million to Propel Automotive Retail Innovation

Tekion, the innovative SaaS unicorn specializing in the automotive retail industry, has recently raised $200 million in growth equity capital from Dragoneer Investment Group, bringing its valuation to over $4 billion. This strategic funding round will fuel Tekion’s expansion efforts as it aims to enhance its reach among automotive retailers and OEMs globally.

Founded in 2016 by Jay Vijayan and headquartered in California, Tekion also has a strong presence in Bengaluru and Chennai. With this latest investment, the company has accumulated a total of $640 million in funding, following a $250 million round in October 2021. Tekion’s rapid growth and market influence are underscored by its ability to attract significant investment from renowned firms.

Tekion plans to utilize the new capital to drive market expansion and extend its comprehensive and fully integrated platform’s reach within the automotive retail sector. With nearly 3,000 employees worldwide, the company is poised to continue its trajectory of impressive growth and industry transformation. Key investors in Tekion include Index Ventures, Advent International, Durable Capital Partners, Alkeon Capital Management, Storm Ventures, GM, BMW I Ventures, Exor, Hyundai, AME Cloud Ventures, and Airbus Ventures.

In 2023, Tekion achieved an annual revenue run rate exceeding $100 million, reflecting a remarkable 97% growth. The company has established partnerships with over 2,000 automotive retailers and OEMs, as well as 250 technology partners. Its customer base spans the US, Canada, and the UK, featuring notable brands such as Penske Motor Group, American Motors Group, Walt Massey Automotive, California Automotive Retailing Group, Rohrman Automotive Group, Rairdon Automotive Dealerships, Sandy Sansing Automotive, and Longo Toyota and Lexus of Penske Motor Group.

Christian Jensen, Partner at Dragoneer, highlighted Tekion’s market-defining platform and its scalability in one of the most complex industry verticals. Jensen emphasized the immense opportunities ahead as automotive customers increasingly demand seamless, digital-first experiences and automotive retailers seek competitive advantages, business efficiencies, and insights from advanced technologies. This investment underscores Tekion’s potential to continue revolutionizing the automotive retail industry.

Frendy Raises Rs 2 Crore in Debt Financing to Expand Rural Grocery Network in Gujarat

Garima Bansal
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Frendy Raises Rs 2 Crore in Debt Financing to Expand Rural Grocery Network in Gujarat

Retail tech small format grocery chain Frendy has successfully raised Rs 2 crore (approximately $239,000) in a debt financing round spearheaded by UC Inclusive Credit. This latest round brings Frendy’s total fundraising to Rs 42 crore, including previous debt and equity investments.

Frendy’s roster of existing investors boasts prominent names such as Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore). The newly acquired funds are earmarked for bolstering the company’s central inventory to support its network of Frendy Marts and Micro Kiranas in tier III towns across Gujarat.

Established in 2019 by Sameer Gandotra, Frendy is dedicated to creating a network of contemporary neighborhood grocery mini marts catering to consumers in India’s small towns and villages. Based in Ahmedabad, Frendy currently operates 25 marts and collaborates with 2,000 micro kiranas throughout rural Gujarat. The company has set its sights on expanding to 100 marts and 3,000 micro kiranas within the next 12 months.

Frendy’s marts are digitally integrated with a cluster of micro-kiranas (mom-and-pop stores) and their end customers. This digital connection allows Frendy to establish a last-mile digital commerce bridge, serving a broader spectrum of rural consumers effectively.

Moving Tech Secures $11 Million in Funding to Revolutionize Community-Led Mobility Apps

Garima Bansal
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Moving Tech Secures $11 Million in Funding to Revolutionize Community-Led Mobility Apps

Moving Tech, the operator of community-focused mobility apps including Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, has raised $11 million (approximately Rs 92 crore) in a pre-Series A funding round. The investment was led by Blume Ventures and Antler, with participation from Google and other investors.

This funding marks the first venture investment for the Bengaluru-based company.

According to the company, Namma Yatri intends to utilize the funds to advance its technology, research and development, and product innovation efforts. The goal is to empower drivers, integrate public transportation, and enhance customer convenience. By employing direct-to-driver and multimodal transportation models, the company aims to increase driver earnings while providing reliable, affordable, seamless, and sustainable mobility solutions.

In April, Juspay, a payments firm, spun off its ride-hailing subsidiary, Namma Yatri, into a separate entity named Moving Tech Innovations Limited. This new entity is led by Juspay’s Chief Growth Officer Shan M S and Chief Product Officer Magizhan Selvan.

Moving Tech launched Namma Yatri in Bengaluru in 2022. The suite of apps is fully open-source, features open data metrics, and is part of the ONDC Network.

The company’s mission is to develop empathetic products and technologies that are significantly better. By collaborating with the community (Samaaj), government (Sarkar), and business (Bazaar), Moving Tech aspires to create an impact similar to UPI in India and Linux worldwide. This funding is expected to drive further innovation and growth.

Moving Tech currently has a user base of 7 million and 400,000 drivers. The company operates in 8 cities and towns and has facilitated 46 million trips.

Recently, Namma Yatri introduced zero-commission auto and cab rentals in Bengaluru and Chennai, with plans to extend this service to Delhi-NCR. This initiative is aimed at challenging competitors and market leaders such as Ola, Rapido, and Uber, which have also introduced zero-commission models for auto drivers.

A.O. Smith to Acquire HUL’s Pureit for ₹601 Crore, Expanding Presence in Indian Water Purification Market

Garima Bansal
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A.O. Smith to Acquire HUL’s Pureit for ₹601 Crore, Expanding Presence in Indian Water Purification Market

A.O. Smith Corp., a leading global manufacturer of water heating equipment, has finalized an agreement to acquire Hindustan Unilever Ltd’s (HUL) Pureit water purification business in India for ₹601 crore. This transaction, expected to conclude by the end of 2024 pending customary closing conditions, is part of a broader deal where A.O. Smith is purchasing Pureit’s operations across South Asia from HUL’s parent company, Unilever, for approximately $120 million.

Pureit, launched in Chennai in 2004, specializes in providing a diverse range of residential water purification solutions, primarily catering to the Indian market. HUL confirmed that the sale aligns with its strategic focus, with Pureit contributing less than 1% of its turnover in FY24. The business is categorized under HUL’s homecare segment, and its financials are integrated within that division rather than being separately tracked.

According to HUL’s filing with the exchanges, the acquisition will be executed through a slump sale facilitated by a business transfer agreement between HUL and A.O. Smith India Water Products Pvt. Ltd., a subsidiary of A.O. Smith Corp., USA. HUL will continue managing the Pureit business until the transaction’s completion.

The acquisition marks A.O. Smith’s strategic expansion in the South Asian water purification market, leveraging Pureit’s established brand presence and product portfolio. Both companies anticipate synergies that will enhance their market positions and strengthen their offerings in the region.

For A.O. Smith, known for its expertise in water treatment technologies, the acquisition represents a significant step towards bolstering its presence in India’s rapidly growing water purification sector. The company aims to capitalize on Pureit’s customer base and distribution network to drive growth and innovation in the region.

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