This Week in LetsVenture brought good news from our portfolio companies. The startups, especially the ones in fintech and healthtech, had a lot of attention from investors this week.
Both the sectors are poised for promising growth in India. With four unicorns and $2.2 billion in investments, healthtech funding is shooting up. Meanwhile, fintech remains the star among sectors with the sun shining upon it as always. As we all know the startup that became the 100th unicorn recently joining the coveted billion dollar club is none other than neobank Open.
This week got special for us at LetsVenture with four of our portfolio companies raising funds from the biggest VCs to the best known angels in the industry.
Here’s a quick recap:
BharatX raises $4.5M from YCombinator & others
Snapshot
Startup Name: BharatX
Sector: Fintech
Founders: Mehul Jindal, Eeshan Sharma, and Shyam Murugan
Growth Factor: BharatX works with more than 50 brands in India and it has grown more than 10X by volume in the last four months.
BharatX has raised $4.5 million in a seed round from Y Combinator, 8i Ventures, Multiply Ventures, Soma Capital, and other investors to expand its embedded credit product that integrates financial services into traditional businesses. BharatX is on a mission to enable technology to empower the Indian middle class with credit. Approximately 110 million households whose income is more than Rs 5 lakh per annum do not get access to formal credit. BharatX wants to change that by enabling credit-as-a-feature on consumer-facing apps.
CityMall closes Series C with $110M led by Northwest Venture Partners
Snapshot
Startup Name: CityMall
Founders: Angad Kikla, Ashish Garg, and Divij Goyal
Sector: Ecommerce
Founders: Angad Kikla, Ashish Garg and Divij Goyal
Growth Factor: CityMall has created a network of 25,000+ CLs in 25 urban centers across Haryana, NCR, & and UP. It has grown at 30% m-o-m over the past 18 months, and entered categories like grocery, FMCG, fashion, and general merchandise.
CityMall has raised a total of ~$110 million in its recent Series C round led by Norwest Venture Partners. CityMall is a social ecommerce venture aiming to help the 300 million new to internet users realize the power of internet and ecommerce.
The startup aims to create India’s largest chain of virtual stores on WhatsApp. Through a network of neighborhood community leaders, CityMall enables Indians to experience the convenience of online commerce. Founded by IIT Delhi and IIT Roorkee alumni with eight plus years of entrepreneurial experience, Angad Kikla, Ashish Garg, and Divij Goyal, CityMall aims to create several thousands of such micro-entrepreneurs.
Redcliffe Labs raises $61M in a round led by LeapFrog Investments
Snapshot
Startup Name: Redcliffe Labs
Sector: Healthtech
Founders: Dheeraj Jain
Growth Factor: Redcliffe has a network of 22 labs across 14 cities. The company’s current annualised revenue run rate stands at around $55- $60 million and the company plans to hit $100 million by September 2022.
Preventive medicine is the future of health in India. LetsVenture is glad to have backed Redcliffe Labs, which has raised $61 million recently. Redcliffe Diagnostic Labs provides diagnostics both with routine and specialized test options through more than 400 offline collection centers.
The funding round was led by LeapFrog Investments and participated by HealthQuad, Schroders, LC Nueva, Spark Growth Ventures, Chiratae Ventures, and Alkemi Venture Partners.
Dheeraj Jain, Founder and CEO, is promoting the culture of preventive medicine with Redcliffe Labs in India. The company will be using funds to scale products in radiology, disease data profiling, and lifestyle management.
NutriTap
Snapshot
Startup Name: NutriTap
Sector: Commerce
Founders: Rajesh Kumar and Priyank Tewari
Growth Factor: NutriTap aims to enable these smart retail structures across 800 locations by next year and in more than 2,500 locations in the tier-1 cities of India in the next two years.
LetsVenture, along with IK Partners, Elysian Fintech, and a few marquee HNIs from the retail industry, have invested $1.5 million in NutriTap Technologies. NutriTap helps build alternative retail channels for brands to go D2C through retail kiosks which deploy patented technology for enabling multi-category retail. The company has developed and owns the entire tech stack required for building these kiosks.
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