Tomorrow Capital Exits ZenoHealth, Earmarks Rs 100-150 Crore For Startup Deals

Tomorrow Capital has exited generic drugs startup ZenoHealth but earmarked another Rs 100-150 crore for more early-stage deals.

“We invested in the very early stage of ZenoHealth, and, in the last two years, it has grown 15x, and exceeded both in terms of top line and valuation. We realised there is opportunity to exit at the right valuation,” Rohini Prakash, chief executive officer at the Mumbai-based venture capital fund, told BloombergQuint over the phone. “Our return in the startup is upward of 7x.”

Tomorrow Capital in March 2018 had invested Rs 13 crore in ZenoHealth in the form of equity and debt. The startup, Prakash said, has grown from five to 60 stores in the last 24 months, and is now catering to more than 8 lakh customers across Mumbai.

But the $100-million venture capital fund has separately earmarked Rs 100-150 crore to focus on other early-stage investment opportunities in the consumer tech space over the next 12 months. The firm, Prakash said, is looking to close two more investments by the end of the year.

Backed by Abhinandan Lodha, son of Prabhat Lodha, founder of Lodha Group, the fund has invested more than Rs 100 crore in the last three years in startups including, Bonito Designs, Multiliving Technologies, and ZenoHealth.

It’s now looking at investments in startups engaged in healthcare and wellness, education, retail, and financial services for the next round of early-stage investments.