Deal Street: TVS Motor Checks Into A Supply Chain Startup
Deal Street: CureFit Valuation Touches Half A billion, Indian Angel Network Checks out with 3X return
Six Indian startups raised nearly Rs 1,000 crore in angel or venture capital funding last week across sectors such as logistics, fitness, and healthcare, among others.
CureFit Raises $75 Million, Valuation Soars To Half A Billion
Health and fitness startup CureFit raised $75 million in a round led by existing investor Accel Growth, filings made with Registrar of Companies showed.
Anand Piramal Trust and Pratithi Investment Trust also participated in the growth round, the filings showed. Existing investors Kalaari Capital and IDG Ventures India, too, pumped in funds.
The latest investment values the company at over $500 million, one of the persons privy to the development told BloombergQuint requesting anonymity.
Founded in 2016 by Mukesh Bansal, co-founder of fashion retailer Myntra, and Ankit Nagori, former chief business officer at Flipkart, the firm owns gyms under the CultFit brand, offers a range of healthy food options under EatFit, mental wellness programmes through MindFit and diagnostic centres through CareFit.
With the fresh round the overall fundraise by the startup has touched $250 million, as per Crunchbase, which tracks investment by startups.
Sequoia-Backed HealthKart Gets Fresh Dose From Sofina
Omnichannel health product store HealthKart raised $25 million (around Rs 174 crore) from Belgium-based investment company Sofina.
The company in a statement said that it will use the funds to expand its offline store network, develop consumer nutrition brands and boost its vertical integration.
The Gurugram-based company's omnichannel platform currently has an online portal and more than 110 offline stores in 40 cities.
The company said that it also plans to set up a manufacturing plant to ensure tighter quality control and quicker product development.
“With a strong focus on product development, manufacturing and distribution, our mission is to make health and nutrition mainstream and bring best-in-class nutrition solutions to customers," Sameer Maheshwari, co-founder of HealthKart, said.
Locus Bags $22 million From Falcon Edge Capital & Tiger Global Management
Logistics optimisation startup Locus raised $22 million (around Rs 152 crore ) in a growth round led by New York-based hedge fund Falcon Edge and Tiger Global.
Existing investors, including Exfinity Ventures and Blume Ventures, participated in the round, the company said in a statement.
The company said the fresh funds will help it penetrate deeper into new markets by enhancing product and solutions and expanding local teams. The firm expanded to North America and Southeast Asia last September.
Locus allows enterprises to perform algorithm-based route optimisation, real-time fleet tracking and provide analytics and insights, as well as automated shipment sorting and rider allocation.
It counts Indian startups such as UrbanLadder, BigBasket, Licious, 1mg, Quikr, Lenskart among others as its clients.
TVS Motor Backs Supply Chain Startup Tagbox
Bengaluru-based supply chain startup TagBox raised $3.85 million (around Rs 26.5 crore) in a growth funding round led by auto manufacturer TVS Motor Company Ltd. and its Singapore based subsidiary, TVS Motor (Singapore) Pte. Ltd., the company said in a statement.
TVS Motor said in an exchange filing that it invested $1.61 million (Rs 11.1 crore) while its Singapore unit put in $2.25 million (around Rs 15.5 crore) in the startup.
Tagbox said that it aims to use the proceeds to strengthen product innovation and research and development. A part of investment will be used to expand its global footprint.
Bengaluru-based Tagbox offers supply chain solutions catering to firms operating in sectors such as retail, e-commerce, pharmaceuticals, food and beverages among others, in India and Asia Pacific.
With the investment, Indian Angel Network and the IAN Fund, which had invested Rs 3.5 crore is set to exit the company with 3X return in about 18 months of its investment, the company statement said.
Others
Mumbai-based fitness discovery and booking startup Fitternity raised $4 million in a fresh funding round from Sixth Sense Venture, the company said in a statement.
Saahas Zero Waste raised around $870,000 in funding led by Capital 4 Development. Indian Angels Network, Lesing-Artha Ventures and Asha Impact, too, participated in the funding round, the company said in a statement.