Karma Healthcare, a Rajasthan-based startup in the technology-led healthcare space, has raised INR 3 crore [~USD 500,000] in equity funding from early stage investment firm 1Crowd, existing investors Ankur Capital, Ennovent Capital and Beyond Capital, and angel investors including Mr Anil Chatta [an experienced healthcare professional based in the Middle East].

Image Source – Fund Raising

Founded by ISB Hyderabad alumnus Jagdeep Gambhir, Karma Healthcare aims to provide high quality, affordable, equitable and reliable healthcare to India’s underserved population via a differentiated business model.The company has combined the human touch of a nurse with the scalability of shared doctor services via real-time online video consultations, and delivers healthcare to consumer via its e-Doctor clinics. Karma Healthcare’s overarching vision is to disrupt the healthcare landscape, by establishing a pan India network of healthcare clinics.The company thus seeks to make definitive large scale impact and in-turn take significant steps towards ‘healthcare for all’.

Karma has completed over 50,000 consultations, and currently operates 10 e-Doctor clinics in the states of Rajasthan and Haryana which deliver a comprehensive ecosystem of clinical treatment, quality medicines and diagnostics at competitive rates. With the new funding, more than 10 Lakh patients in the underserved communities of India will be able to access quality healthcare services through Karma’s network of e-Doctor clinics.

The company has developed an in-house technology suite that helps it deliver standardized care, including a bespoke Clinical Decision Support System, and is extending its capabilities to deep learning driven diagnosis, treatment and monitoring. Karma is supported by marquee organizations such as the Tata Trusts, UBS Optimus Foundation and WISH Foundation.

Jagdeep Gambhir, CEO of Karma Healthcare, said

We are grateful to all our investors for reposing faith and commitment in our work. This new funding will help us scale our operations as well as enhance our technology offering to improve quality of care and provide great patient experience.

Anil Gudibande, Co-founder of 1Crowd, said

Karma has vividly demonstrated that a viable business model, with enormous socio-economic impact can indeed be targeted at the lower half of the pyramid. The simplicity with which they combine knowledge and technology, makes for a unique venture. We look forward to working with them as they enter a very exciting phase of growth.

Ritu Verma, Co-founder and Managing Partner at Ankur Capital, said

Karma’s deep engagement and understanding of healthcare delivery has allowed it to develop an impressive healthcare analytics and decision support system. We look forward to working with Karma in rolling this out to a much wider set of consumers in the next phase of their growth.

About 1Crowd

1Crowd is an early stage investor and has made over 15 investments in areas such as FinTech, healthcare, education, enterprise technology and deep technology [including BioTech, NanoTech and CleanTech]. 1Crowd recently announced the first close of its maiden venture capital fund. Ankur Capital is an early stage venture capital fund investing in opportunities created by rising aspirations and digital access for the next billion Indians. Ankur Capital looks for innovative business models that can address core challenges in agritech, food, healthcare, skill development and education among others. For more information, please visit 1Crowd

ofo, the world first and largest station-free bike-sharing platform, announced a new $866 million round of funding led by Alibaba Group, with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital. The strategic financing presents the highest funding record in the bike-sharing industry and marks a new era for operational efficiency of the bike-sharing system.

Image Source – ofo

As a precedent of asset mobilization in the bike-sharing industry, ofo uses a combination of debt and equity financing for this round. ofo will drive long-term success independently with the continuing support of leading investors.

Dai Wei, Founder & CEO of ofo said

As the global leader in the bike-sharing sector, ofo has been transitioning from a phase of rapid growth to a stage of high-quality development. ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations.

According to the recent industry report, ofo has already achieved dominant market place globally. The service improves the urban transport environment by reducing traffic congestion, saving energy and promoting better living. It is expected that the global number of shared bike users will increase to 1 billion in the next two years.

ofo bikes in India

To date, ofo has operations in over 250 cities across 21 countries alongside widespread usage by over 200 million global users with more than 6 billion efficient, convenient and green rides, totaling to 32 million rides per day.

About ofo

Founded in 2014, ofo is the world’s first and largest ‘station-free’ bike-sharing platform operated via an online mobile application. The development of ofo platform was inspired by the concept of sharing economy and facilitated by smartphone technology, aiming to tackle ‘the last mile’ challenge in urban areas.

As of today, ofo is ramping up operations in over 250 cities across 21 countries. It generates 32 million transactions daily and has provided over 200 million global users with 6 billion efficient, convenient and green rides, which have reduced carbon emissions by over 3.24 million tons in total, the equivalent of saving more than 920 million liters of gasoline or reducing 1.55 million tons of PM2.5 emissions. For more information, please visit ofo

1Crowd, an India based early stage investment firm and startup ecosystem, has announced the first close of its debut venture capital fund at INR 23 crore [USD 3.5 million]. The firm’s interests span across investments from the seed to Pre-series A spectrum, incubation programs and virtual acceleration programs.

Image Source – 1Crowd

1Crowd began its journey by setting up an equity crowd funding platform in September 2015, bringing to market a differentiated investment model where it leads every investment and invites investor members on the platform to participate in the investment on the same terms.

The firm has completed over 15 investments, including participation in 3 follow-on rounds for its portfolio companies. These investments are in areas such as FinTech, healthcare, education, enterprise technology and deep technology [including BioTech, NanoTech and CleanTech].

The fund has a target corpus of INR 75 crore, including a greenshoe option of INR 25 crore. It is uniquely positioned to co-invest with the equity crowd funding platform, effectively anchoring each investment with 30-50% of the total funding round. The fund is largely sector agnostic and plans to invest in approximately 20 companies.

While 1Crowd seeks to invest roughly USD 500,000 in first round investments, it will look to increase its stakes in subsequent rounds for some of its investee companies. The firm’s investor base includes prolific angel investors such as Ganesh Natarajan [Chairman, 5F World], Dr Aniruddha Malpani [leading IVF specialist], Krishnakumar Natarajan [Co-founder & Executive Chairman, Mindtree], MA Ravi Kumar [former CEO, American India Foundation], Dr Venkat Srinivasan [serial entrepreneur based in Boston who founded EnglishHelper, eCredit and Rage Frameworks], and Vivek Sharma [CEO of a global pharma services company based in Boston]. Several captains and accomplished professionals across the spectrum of banking, private equity, information technology, healthcare, consumer and academia are backers of 1Crowd.

Anil Gudibande, Co-founder of 1Crowd, said

We are delighted with the positive reception from investors. The fund offers investors a unique strategy to optimize capital invested and maximize returns. The fund would invest in tandem with 1Crowd’s equity crowdfunding platform, building a diversified portfolio. Fund investors may co-invest via the platform at inception and in subsequent rounds, growing positions in portfolio companies that are successful.

Anup Kuruvilla, Co-founder of 1Crowd, said

The 1Crowd fund is one of the few funds approved under SEBI’s revised Angel Fund guidelines and we would like to congratulate SEBI on this initiative. This is one more tool in our toolkit to support India’s nascent startup ecosystem and is targeted not at the super wealthy but at the growing affluent middle class which is seeking to make returns from startup investing and diversifying away from traditional investment classes like real estate or the public equity markets.

We are now beginning to establish ourselves as a serious player in the startup ecosystem with an outstanding team of investment professionals backed by committed accredited investors in both the 1Crowd platform and 1Crowd fund,who have demonstrated their belief in us and Indian startups by consistently supporting our initiatives with their capital.

1Crowd’s investment framework seeks to identify promising early stage ventures at the cusp of knowledge and technology, backed by high quality founding teams, regardless of the sector or industry they operate in.

The firm has a sharp focus on actively supporting its portfolio companies in the areas of overall strategy, business development, sales & marketing, organization building and financial management. 1Crowd’s portfolio companies include Creditas Solutions [FinTech], Idea Bubbles [Healthcare], Nanosniff Technologies [Nanotechnology], Nuvepro [Enterprise technology] and Zipgrid [tech-led managed services].

Mumbai based Wellthy Therapeutics, a digital therapeutics company for chronic disease management announced that it has raised USD 2.1 million in seed funding. Dr. Ranjan Pai through his family office, along with Beenext Ventures, GrowX Ventures, Currae Healthcare and other strategic HNIs like Ashutosh Taparia & Karan Bhagat participated in the round.

Image Source – Wellthy

Self-funded until this seed round, Wellthy Therapeutics has spent the last 2 years in clinical pilots and gathering real world evidence of its solution capability, and in the process has graduated from the Merck Global Digital Health accelerator, Swiss Re’ Global and ICICI Lombard’s Nova InsurTech accelerators.

The company plans to use this funding to enhance the efficacy of its type II diabetes digital therapeutic while developing solutions for other disease areas, build deeper integrations with healthcare stakeholders in South Asia and Asia, and expand its team.

Commenting on the development, Abhishek Shah, Co-founder & CEO, Wellthy Therapeutics said

Digital health interventions are a necessity to enhance the effectiveness of current chronic disease care. Our product suite directly boosts outcome efficacy in incredibly significant ways, well beyond what current healthcare is able to do. This fund raise will help us continue to pioneer a new category of medicine that will revolutionize chronic disease care across Asia.

Dr. Ranjan Pai, CEO & Managing Director, Manipal Education and Medical Group added

Globally and in India, chronic diseases have become the largest burden on healthcare. Wellthy Therapeutics’ product suite has the potential to be the glue that binds healthcare providers, insurers, pharma and diagnostics one step closer to better patient outcomes. We were impressed with the early data of Wellthy’s type II diabetes digital therapeutic, and can see the opportunity for their solution suite to elevate the standard of care for multiple therapy areas.

As a part of this round, Siddharth Dhondhiyal will join the board as the investor representative.

About Wellthy Therapeutics

Wellthy Therapeutics is a digital therapeutics company that uses a hybrid of artificial intelligence and human paramedical coaches to improve health literacy and facilitate behavior change for better outcomes in patients. It’s first digital therapeutic for type II diabetes has been endorsed by Asia’s largest diabetes association [RSSDI]. For more information, please visit Wellthy Therapeutics

Doodhwala, a micro delivery service for fresh groceries has received a seed investment of $2.2 million by Omnivore, a venture capitalist firm, for a minority stake in the company. The hyper-local delivery platform, Doodhwala, is a subscription-based, early-morning delivery platform for all farm fresh groceries sourced directly from local farms and dairies.

Aakash Agarwal, Co–Founder, Doodhwala, said

Doodhwala with it’s unique model has had a tremendous momentum, becoming a well-known brand for fresh milk and grocery delivery in Bengaluru & Pune. We are evolving into the finest delivery service option for customers seeking freshness, convenience and specialty products.

Doodhwala’s unique business structure benefits customers, dairies and supermarkets. It makes farm-to-fork viable by taking over sales, marketing, logistics, and fulfillment for producers. Additionally, we are expected to scale easily due to our capital effective model, paired with the high demand for milk, and a need for regulated milk supply.

Commenting on the transaction, Jinesh Shah, Founding Partner, Omnivore said

The lean operating model, and the direct sourcing relationships that have been built, made this company stand out amongst competitors.

Doodhwala offers users a wide selection of ad-hoc everything from fresh dairy milk, meat, vegetables, fruits to shelf stable items delivered to their door before 7 AM every day. Users get the convenience of ordering on subscription basis which helps in frequent and easy purchases.

Founders of Doodhwala : Ebrahim Akbari[L], Aakash Agarwal[R]

Ebrahim Akbari, Co–Founder, Doodhwala, said

Our unit economics are exceptionally strong. By lowering our delivery cost to Rs 3, Doodhwala is uniquely positioned in a market where other players are struggling. We have done a great job of maintaining a steady month-on-month growth rate while scoring a 85% plus customer retention.

Currently operating in Bangalore and Pune, Doodhwala has over 4 lakh month deliveries. The new financing will go towards expanding Doodhwala’s service into new markets, funding talent acquisition and upgrading technology. Reihem Roy, Principal, Omnivore will join the board.

The new funding comes less than a year after the company raised an undisclosed amount in another Pre-Series A funding from Thomas Varkey, a partner at Stonehill Capital, USA.

About Doodhwala

Doodhwala is a Bengaluru-based online grocer that is digitizing the traditional doodhwalas.  Doodhwala is the only app in Bengaluru and Pune to deliver fresh farm milk directly to houses. Besides milk the start up offers a variety of groceries, fresh poultry, veggies, fruits and household essentials at MRP. Founded in 2015 by Aakash Agarwal and Ebrahim Akbari, Doodhwala, is present in Bengaluru and Pune. For more details, please visit Doodhwala

Eduvanz Financing Pvt Ltd, a skill development loan provider, has announced that it has been granted the NBFC Licence by the RBI to start providing Loans in the multi-billion skill development sector.  The Firm has raised $500,000 investment led by Blinc Advisors.  Eduvanz will utilize the funds for strengthening it AI based Lending technology for loan appraisal and expands its operation pan India.

Eduvanz is a pioneer in using proprietary AI-based algorithms and complex predictive analytics to collate financial & socio-economic data from conventional and non-conventional sources to make lending easier for skill development. A successful pilot phase where over 12000 leads worth over $8 Million were assessed to fund over  hundreds of students, Eduvanz has validated its concept.

With the non-banking financial company [NBFC] status approval from the Reserve Bank of India [RBI], Eduvanz is bringing much needed financial support in the Skill development ecosystem using analytical tools and advanced risk management capabilities to extend loans without any paperwork in a matter of minutes.

Varun Chopra, Co-founder, Eduvanz Financing Pvt Ltd, said

We are solving problems that are directly linked with nation building and growth of Indian Industry. Over the next four years, more than 200 million Indians will undergo some form of skill training before they enter the work force. At Eduvanz, our mission is to financially empower every individual to chose the vocation, skills and career of their choice.

With this approval from RBI, Eduvanz has moved one step closer to becoming India’s leading lender for vocational courses, on-job training programs and certifications programs.

??Eduvanz works with Training Partners, Top Corporates and Certification Providers spanning more than 16 Industry Sectors to increase their enrollments by providing innovative financial solutions to students and skill-seekers looking to skill up for their careers.

About Eduvanz Financing Private Limited

Eduvanz is a innovative finance company, which is completely revolutionizing the educational loan market. Eduvanz has won the the Judges Award at the Wharton Indian Economic Forum’s Startup Challenge where it competed with over 500 other start-ups. For more information, please visit here

India’s leading mobile health and fitness platform, HealthifyMe, have raised $12M Series B round of funding led by Sistema Asia Fund, the India focused fund of Russia’s largest Conglomerate. Silicon Valley based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator are the other participants in the latest round of funding alongside existing investors IDG Ventures India, Inventus Capital, Blume Ventures and Dubai based NB Ventures. The Rainmaker Group was the advisor to the company on the transaction for which the term sheet was signed in October 2017.HealthifyMe has grown 3.5 times in 2017 to 4 million users, spread to 200+ cities, and is booking US$ 4.5M in ARR [Annualized Run Rate] revenue. With more than a million monthly active users, HealthifyMe enjoys about 10% of the Indian market share in the health/fitness category as per AppAnnie. HealthifyMe users have tracked 200 million foods, workouts and exchanged 10 million messages with their nutritionists and trainers.

Learning from this, HealthifyMe launched the world’s first AI nutritionist ‘Ria’ in late 2017, which is now guiding its paying consumers alongside human nutritionists and trainers. The HealthifyMe app itself has also become the highest rated app on Google Play in India achieving a rating of 4.6 and Google’s Best app of 2017 recognition – third year running.

HealthifyMe intends to use this fresh round of funding to deepen its presence in India by offering health foods, diagnostics and insurance products beyond its digital nutrition/fitness services portfolio. HealthifyMe also hopes to enter other emerging markets. The company recently launched in the GCC [Gulf Cooperation Countries] market and is already in the top 3 on Google Play, UAE. Additionally the company intends to use the funds to further its AI and Data Science capabilities.

Tushar Vashisht, CEO, HealthifyMe, said

Our vision is to build the world’s largest online health and fitness service. We want to help millions of consumers achieve their goals by engaging with nutritionists and other health experts empowered with Artificial Intelligence. ‘Ria’, our AI nutritionist that we introduced last quarter will have a game changing effect on fitness/nutrition access to Indians. We are already India’s go-to health app, this funding will help us to launch in other emerging markets where obesity and lifestyle diseases are growing exponentially. It will also help us expand our offerings portfolio to affiliated products and services that our customers need.

Kirill Kozhevnikov, MD and Partner, Sistema Asia Fund Advisory, said

We are strong believers in preventive healthcare. People all over the world associate healthcare mostly with disease treatment, but ideally healthcare should prevent diseases. HealthifyMe team is disrupting this vitally important sector with its technology platform, transforming everyday behavior of people, and measurably making them healthier. We are happy to back the company in its mission.

Amit Garg, Principal at Samsung NEXT Ventures, said

HealthifyMe is the leading digital health app in India, and a very compelling mix of both human and machine intelligence. Its network of coaches helps users stick to their diet and fitness plans, the AI they have developed helps the coaches be more efficient. We were also impressed with the sheer amount of data the company has gathered, including the database of Indian foods.

HealthifyMe was co-founded by Tushar Vashisht and Sachin Shenoy who worked previously at UIDAI [Aadhar, Govt of India], Deutsche Bank and Google across India and Silicon Valley. The HealthifyMe app is available to download for free and enables users to keep a track of their calories, set personal fitness goals and measure progress. It boasts of the world’s largest database of Indian foods and syncs with all leading wearables, Google Fit and Apple Health. As part of its subscription services, HealthifyMe connects users with qualified nutritionists and trainers who review their progress, provide diet and exercise plans and work with the users to help them achieve their fitness goals.

HealthifyMe also has curated a digital workplace wellness program and has worked with clients such as P&G, Unilever, Accenture, Cognizant, Shell, Philips amongst others. The Company also works as a digital/preventive partner for top healthcare providers in India like Medanta, Manipal, Apollo ACODE etc. In early 2016, HealthifyMe had setup its global headquarter in Singapore and received Series A funding of US$6 Million led by IDG Ventures India, Inventus Capital, Blume Ventures and NB Ventures.

Swiggy, India’s leading food ordering and delivery platform, has raised USD 100 million in Series F funding, its largest round yet. Led by Naspers, a global internet and entertainment group, and one of the world’s largest technology investors, the Series also includes new investor Meituan-Dianping, China’s largest service e-commerce platform.With this new funding, Swiggy will further strengthen its market leadership position by introducing a host of unique and advanced products and services. As part of its long-term strategy of solving for existing supply gaps in the marketplace, Swiggy will also make investments in its New Supply business line.

After the successful launch of its first New Supply initiative, ‘Swiggy Access’ last November, the new capital will be used for further expansion. Swiggy will also continue innovating its core technology platform, especially in the areas of data-driven self-learning systems that leverage machine learning and artificial intelligence. The company will build on its adaptive, real-time prediction and optimization systems to further improve consumer choice and personalization, along with speed, volume and efficiency of deliveries.

Sriharsha Majety, CEO, Swiggy, said

As India’s leading food ordering and delivery platform with a network of thousands of restaurants and millions of users, Swiggy has become part of consumers’ everyday lives. We want to continue to bring convenience, choice and reliability to our users as we fulfill our mission of ‘Changing the Way India Eats’.

With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core.

Since the last round of funding, Swiggy has introduced a slew of new initiatives like Swiggy Access, long-distance deliveries and Capital Assist to help restaurants serve consumers in new and more powerful ways.

The company also strengthened its senior leadership with several additions to the team including those from the recent acqui-hire of gourmet food startup 48East. The top-rated food app also underwent a revamp, making it more intuitive and personalized to each consumer, enabling a great food ordering experience. Swiggy has posted a record increase of 500 percent in revenues in the last financial year and saw order volumes nearly double since its previous funding in May 2017.

Larry Illg, CEO, Naspers Ventures, said

Swiggy has continued strong growth through 2017 and now has a clear lead in the market. The company’s performance is all the more impressive given the intense competition we see in the food ordering and delivery business in India. Swiggy has shown it has the ability to rise above the competition and create long-term relationships with its users.

Over the last three years, Swiggy has steadily leveraged its understanding of the Indian consumer to identify market gaps and introduce disruptive and differentiated service offerings. The fastest food delivery service in the country, Swiggy’s average delivery time is an industry benchmark of under 35 minutes. It has also unlocked the business potential of partner restaurants across eleven locations in India, including Delhi, NCR, Mumbai, Pune, Hyderabad, Kolkata, Bengaluru, Chennai, Ahmedabad, Jaipur and Chandigarh.