Naspers, Temasek get CCI nod to buy stakes in PharmEasy API Holdings, through its subsidiaries, is in the business of providing healthcare services through the online e-commerce marketplace PharmEasy New Delhi: Fair trade regulator CCI on Tuesday said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, including South Africa-based Naspers Group and Singapore’s sovereign wealth fund Temasek. API Holdings, through its subsidiaries, is in the business of providing healthcare services through the online e-commerce marketplace PharmEasy. Naspers Ventures BV proposed the acquisition of “additional shares of API Holdings Ltd by way of participation in the proposed rights issue, subject to the terms of the term sheet executed amongst the parties”, CCI said in a release. Naspers Ventures BV is a wholly-owned subsidiary of Prosus, which in turn is a direct subsidiary of Naspers Ltd. The Competition Commission of India (CCI) said it has approved the proposed deal. The regulator has also approved Temasek Holdings, CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust to acquire stakes in API Holdings Ltd. The proposed transactions entail the subscription of compulsorily convertible preference shares (CCPS) of API Holdings by MacRitchie Investments Pte, EvolutionX Debt Capital Master Fund 1 Pte, Goldman Sachs India AIF Scheme-1, Goldman Sachs India Alternative Investment Trust AIF Scheme-2, and CDPQ Private Equity Asia Pte. MacRitchie is a wholly-owned subsidiary of Temasek Holdings, while EvolutionX is a growth-stage debt financing platform jointly set up by DBS Group Holdings and Temasek. CDPQ Private Equity Asia is a wholly-owned subsidiary of Canadian institutional fund CDPQ. It is an existing investor in PharmEasy. Goldman Sachs India AIF Scheme 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme 2 are schemes launched by Goldman Sachs India Alternative Investment Trust.
Exclusive: Dairy Tech Startup Stellapps In Talks To Raise $20 Mn To Fuel Expansion
Exclusive: Dairy Tech Startup Stellapps In Talks To Raise $20 Mn To Fuel Expansion Bengaluru-based dairy tech startup Stellapps is in advanced discussions to raise around $20 Mn in its Series C funding round, Inc42 has learnt. Almost 70% of the funding will be raised from existing investors, including Celesta Capital, Omnivore, Gates Foundation, IDH Farmfit Fund, Blume Ventures, and Qualcomm Ventures. Confirming the development, Stellapps cofounder and CEO Ranjith Mukundan told Inc42 that a couple of new investors are also likely to participate in the funding round. However, he didn’t disclose the name of the new investors and the valuation at which the startup is looking to raise the funding. The startup intends to utilise the fresh capital for further expansion, with a special focus on value-added dairy products. Founded by IIT alumni and ex-Wipro employees Mukundan, Ravi Shiroor, Ramakrishna Adukuri, Praveen Nale and Venkatesh Seshasayee in 2011, Stellapps provides a full-stack Internet of Things (IoT) platform to digitise and optimise the entire milk supply chain, right from production to procurement and storage. The platform also connects farmers with financial & insurance institutions, cattle nutrition providers, agro-input providers. Around July last year, the startup also began processing milk to supply value-added dairy products to B2B companies. The startup currently provides curd, ghee, paneer, buttermilk, double-toned milk, among others, to FMCG brands. It has two processing plants, one in Uttar Pradesh and another in Bengaluru, and is looking to add two more plants. “We are also considering making ice-cream and selling it under a private label to other businesses,” Mukundan added. Responding to a question about choosing the B2B route for its dairy products, Mukundan said that B2C businesses require a lot of capital to create a brand and to acquire customers. Stellapps’ IPO Dreams The dairy tech startup is eyeing an initial public offering in the next 36-48 months, as per the CEO. “…we’re building our brand towards IPO and (want to) provide our investors a 5X return. We are working towards listing our company at around $450 Mn-$500 Mn valuation during the IPO,” Mukundan added. The startup is on track to close the ongoing financial year with revenue of INR 400 Cr and is eyeing a revenue of INR 2,000 Cr in the next three to four years. Stellapps last raised an undisclosed amount of funding from IDH FarmFit in 2022, a few months after it raised $18 Mn in its Pre-Series C funding round from global animal nutrition and aquaculture company Nutreco.
Hospital-based optical retail chain Optimizers raises seed funding for expansion
Hospital-based optical retail chain Optimizers raises seed funding for expansion Optimizers, a hospital-based optical retail chain, has raised an undisclosed amount in a seed funding round led by Finvolve. The round also saw participation from other investors, including Brew Opportunities Fund and Recyclean Infotech Private Limited. Focused on expansionOptimizers will use the raised capital for expansion across India, aiming to increase its presence in key regions. Additionally, a portion of the capital will be utilized to enhance the LitHous Training Academy, improve ERP systems, and acquire necessary inventories to support the expansion, as per the company’s statement. Partnering with corporate hospitals, institutes Founded in 2020, Optimizers partners with top corporate hospitals and institutes like EyeQ Superspeciality Eye Hospitals, Institutes like CL Gupta Eye Institute, and renowned private and charitable hospitals across Haryana, Punjab, Delhi, UP and Rajasthan. The startup’s revenue-sharing model ensures both superior lens dispensing solutions for patients and increased profitability for partnering doctors. It is focused on providing quality eyewear and customized services, particularly in tier I, II, and III cities. It is also addressing curable blindness and early myopia to improve the quality of life for the next half billion people. Optimizers express concerns over issue of curable blindness Saurabh Bhatia, Co-founder and Director of Optimizers, expressed concern over the escalating issue of curable blindness, characterizing it as an emerging epidemic in India. Bhatia pointed out that a staggering 10 crore citizens in the country lack the necessary awareness and access to prescription spectacles. He emphasized Optimizers’ commitment to making a widespread impact by forging partnerships with both private and public entities. Bhatia said the company’s goal is to provide specialized spectacle services to each and every citizen in India, aiming to bridge the gap in eyecare accessibility across the nation.
AI security startup P0 raises $6.5 Mn in seed round
AI security startup P0 raises $6.5 Mn in seed round Amidst challenging market conditions, PharmEasy was reportedly planning to raise Rs 3,500 crore through the right issue from existing backers. Temasek, TPG Growth, Prosus Ventures, CDPQ, Eight Roads Ventures, LGT Lightstone, ADQ (Abu Dhabi’s sovereign wealth fund), Amansa, OrbiMed, and Sunil Kant Munjal’s family office, expressed their interest to invest up to Rs 2,000 crore. In May 2023, PharmEasy’s investor and global asset management company Janus Henderson reduced the unicorn’s valuation by nearly 50%. Prior to this, Neuberger Berman reduced PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023. PharmEasy has raised over a billion dollars to date and turned unicorn in April 2021 after raising a $350 million round led by Prosus and TPG Growth. On the other hand, its competitor Tata 1mg’s revenue from operations spiked 2.5X to Rs 1,627 crore while its losses jumped 2.2X to Rs 1,254 crore in FY23.
Aquaconnect raises $4 million in pre-series B funding round led by S2G Ventures
Aquaconnect raises $4 million in pre-series B funding round led by S2G Ventures Aquaconnect to scale up operations and expand geographically Aquaconnect, a full-stack aquaculture platform, has raised $4 million (₹33 crore) through pre-Series B funding, led by US-based S2G Ventures, to expand its operations and activities.
Ex-Swiggy Exec Kedar Gokhale Launches Agritech Startup Orbit Farming
Ex-Swiggy Exec Kedar Gokhale Launches Agritech Startup Orbit Farming The former vice-president of operations at Swiggy, Kedar Gokhale, has announced the launch of his new agritech venture, Orbit Farming. With this move, Gokhale aims to build a platform that provides farm solutions to mid-sized Indian farmers holding 2 to 10 hectares of farmland. The Swiggy executive has joined forces with Aishwarya Ramakrishnan, Krish-e’s former head of strategy, growth and operations, to launch the initiative. Launched in 2020, Krish-e is an omnichannel marketplace for all agricultural needs. Taking to LinkedIn, the erstwhile Swiggy executive announced, “…After an enriching 6 year journey at Swiggy, I am starting up again in a sector that has always fascinated me -> agriculture! Happy to partner with Aishwarya Ramakrishnan in this journey as we zero in on an idea and launch Orbit Farming.” With the new venture, the duo aims to help mid-sized farmers increase their farm income. “We are building India’s largest farming mechanisation solutions platform enabling mid-sized farms to achieve higher profitability,” Gokhale added in his post. Meanwhile, according to Orbit Farming’s LinkedIn page, the startup aims to bridge the gap between traditional farming practices and modern, technology-driven solutions. As of now, both Gokhale and Ramakrishnan are actively hiring to build a founding team that could relate to their mission of empowering mid-sized farms. At Swiggy, Gokhale led hiring, retention, engagement and fleet (delivery partners) sufficiency at the hyperlocal level for Swiggy food and Instamart. Before joining Swiggy in 2017, the IIT Bombay alumnus had founded Truce-True Price, an agritech startup, in 2015. Ramakrishnan, on the other hand, was engaged with Mahindra’s agritech business, Krish-e, for three and a half years before finally calling it quits in 2022. With this, the cofounders have joined a growing number of Indian executives leaving their existing company roles to float new ventures. Last week, former chief executive of Times Internet Gautam Sinha launched a new artificial intelligence (AI) venture SimpleO.ai. More lately, Karthik Gurumurthy, the architect behind Swiggy Instamart, secured $3 Mn (around INR 25 Cr) for his new offline retail venture, Convenio. His new platform will operate in the offline space and will mirror Swiggy.
India’s Ugro Capital gets $30m from ADB to bolster SME business loans
India’s Ugro Capital gets $30m from ADB to bolster SME business loans Ugro Capital, an India-based nonbank financial institution (NBFI) providing SME business loans, has received US$30 million through non-convertible debentures from the Asian Development Bank. This is Ugro Capital’s second funding from a global development finance institution. It did a similar deal with FMO, a Dutch entrepreneurial development bank, in December 2023. Among Ugro Capital’s initiatives is a scoring model called Gro Score, which uses AI and machine learning to assess customers and offer financing. The company has also introduced a “lending-as-a-service” model in India, partnering with over 10 public sector banks and large NBFIs for co-lending. “Impact investors are critical funding partners in enabling us to bridge India’s massive credit gap in the MSME sector,” said Shachindra Nath, the firm’s founder and managing director. Ugro Capital said that it had assets under management of about US$1 billion as of December 2023. It added that it has raised a total of US$1.1 billion in equity and debt over the last five years. According to the firm, it has reached about 90,000 small businesses across eight sectors.
Faad Network event at otters club
Faad Network Event at Otters Club Absolutely thrilled to have recently hosted the FAAD Investor Meet – Mumbai Edition 2.0 at Otters Club, Bandra on the 13th of January! 🚀 A glimpse into the event with some fantastic moments captured. 😊 The turnout exceeded expectations with over 70 investors in attendance, making it a resounding success. 🌐 The evening showcased the dynamism of our startup ecosystem, featuring presentations from 3 exciting startups. 🌟 Additionally, we had the privilege of hearing firsthand from a startup sharing their journey on Mission AB – truly inspiring! 🚀 A big thank you to everyone who attended and contributed to making this event a memorable one. Looking forward to more opportunities for collaboration and growth in the thriving world of innovation! 🌐💼 #FAADInvestorMeet #StartupEcosystem #NetworkingSuccess #InnovationJourney link: https://www.linkedin.com/feed/update/urn:li:activity:7161705327619518464/
On-demand spiritual tech startup Astrotalk raises $20M led by New York’s Left Lane Capital
On-demand spiritual tech startup Astrotalk raises $20M led by New York’s Left Lane Capital On-demand spiritual tech startup Astrotalk has raised $20 million in a Series A funding round led by Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies. Connecting consumers with astrologers Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk is a globally managed marketplace that connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The startup claims to have over 15,000 active astrologers and has served more than 4 crore users till date, making it the category leader in the online astrology segment. Eyeing international expansion “Astrotalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,” said Puneet Gupta, Founder and CEO of Astrotalk. “Our aim is to take India’s ancient Vedic sciences across the globe, and our partnership with Left Lane marks the beginning of this journey,” he said. What is the purpose of fundraising? With this round of funding, Astrotalk will utilize the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, as per the company’s statement. The startup will also use the raised amount to further develop its devotion offerings, as well as expand to and localize its operations in South India, which presents a large market opportunity in and of itself. What do investors say about Astrotalk? “Left Lane’s investment in Astrotalk is emblematic of our core DNA in backing category-defining consumer internet companies with global ambitions. We believe that Puneet and Anmol are perfectly positioned to capture the massive astrology and devotion market, which is a common practice in India and deeply embedded into the culture. Astrotalk grew, in a bootstrapped fashion, to the undisputed local market leader for digital astrology practice in India, the birthplace of the practice; we are highly confident in their abilities to achieve similar success on a global playing field,” said Harley Miller, CEO and Managing Partner of Left Lane Capital. Building a leadership team Currently, Astrotalk is building a strong leadership team to head new business verticals and is actively hiring. The startup expects to scale its employee base with the new funding round. Astrotalk has an ESOP in place to allow all employees, irrespective of their tenure and designation, to participate in the future success of the business. Additionally, the company is planning an ESOP buyback to create wealth for its employees. “The team has continued to relentlessly execute with minimal external funding. By hiring top-tier talent, launching new initiatives and doubling down on global expansion, Astrotalk can become a household brand,” said Arjun Kapur, investor at Left Lane Capital. Elluminate Capital acted as the exclusive financial advisor to Astrotalk for this funding round.
Student accommodation platform Amber raises $21 million led by Gaja Capital
Student accommodation platform Amber raises $21 million led by Gaja Capital Student accommodation platform Amber has raised $21 million in its first round of institutional funding, led by Mumbai-based private equity firm Gaja Capital. The round comprises $18.5 million in fresh equity and the remaining in venture debt from Lighthouse Canton and Stride Ventures. The funds will be used for global expansion and to enhance its offerings for property managers and students. The company plans to grow its operations by enlisting more suppliers and property managers, while also focusing on scaling the demand from both international and domestic students. It will invest in innovation on the product development front. “We are looking at scaling aggressively in the markets that we are currently already into. The UK, Australia and Ireland is the market that we started with, and we are the largest operator and platform in these markets, but at the same time, a lot of fund allocation would go into expanding into new markets like the US, Canada, and Europe as well,” cofounder and chief executive Saurabh Goel told ET. Founded in 2017 by Goel and Madhur Gujar, the Pune-headquartered company primarily focuses on Indians studying in the US, the UK, Ireland, Australia and Canada, as the student accommodation market in these countries is worth $60 billion, Goel said. “This market size is growing as more supply is coming into the picture,” he added. Amber is a long-term accommodation platform that provides students from over 50 countries services for discovery of rental properties with user ratings, reviews and pricing. It enables the transaction between a property manager and customers but does not play a role operationally in maintenance of the property. It also assists students with loan services, discounts on flight bookings and guarantor services. The company has partnered with study-abroad consultancies and loan providers to attract student demands. Talking about the challenges of house hunting, Goel said, “When it comes to ordering food, you have Zomato and Swiggy. When it comes to shopping online, you have Flipkart and Amazon, but when it comes to renting a house, the experience is still very broken…So that’s where we saw a huge gap that there is no better customer experience when it comes to renting a house.” The company is present in seven countries and over 250 cities. It aims to add 100-200 more cities over the next two years while also increasing coverage in existing cities, said Goel. “We are essentially building from India for the world. Being present in India, we can build this in a very capital efficient way, but at the same time have the lucrative revenue potential of a market which is based in the US or the UK,” Goel added. Commenting on the investment, Gopal Jain, managing partner, Gaja Capital said, “Global increase in student enrolments underpinned by a long-term study-abroad trend is fuelling the organised student housing market. We are deeply impressed by the team’s ability to solve a critical pain point for both students and property managers.”