Funding Rundown: Geniemode raises $28 million in Series B round, Ayu Health Hospitals receives $27 mn, ideaForge bags $20 mn & Finbots.AI raises $3 mn in Series A round led by Accel

Ayu Health Hospitals, a healthcare startup has received $27 million in a Series B funding round led by The Fundamentum Partnership, an early growth stage fund founded by Nandan Nilekani and Sanjeev Aggarwal.

The round also saw participation from US-based fund 57 Stars and Capier Investments. Existing investors Stellaris Venture Partners, Vertex Ventures, and Alteria Capital, along with angel investors like Ashish Gupta, Khadim Batti, and Vara Kumar, also pitched in.

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With this fundraise, Prateek Jain of Fundamentum Partnership will join the Ayu Health Board, the firm said in a statement. The fresh capital will be used to expand Ayu Health's hospital network and develop innovative technological solutions for patient experience, insurance processing, efficient procurement, and clinical quality management at network hospitals.

With the addition of 4,000 plus beds in multiple locations across India, the company aims to become the largest hospital chain in the country by the end of 2022. "Over the last 2 years, we have achieved phenomenal success in Chandigarh and Bengaluru, two markets at different ends of the spectrum.

With the support from new and existing investors, we are now well-positioned to take this model to more geographies, and are targeting a network of 200+ hospitals and 10000+ beds by December 22 ensuring high-quality healthcare for all," said Himesh Joshi, co-founder, and CEO at Ayu Health.

Drone manufacturer ideaForge has raised $20 million in its Series B funding round led by Florintree, which is helmed by the former Blackstone India private equity co-head, Mathew Cyriac.

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The round also saw participation from its existing investors such as Celesta, which is a prominent deep tech investment fund, Infosys, Qualcomm, and Infina, along with the Exim Bank of India.

“ideaForge has grown 10X in the last two years and we will use this funding to invest in R&D, international expansion, and building a world-class team.,” said Ankit Mehta, co-founder, and CEO, ideaForge.

ideaForge boasts of being the first Indian OEM to bag repeat contracts from the Indian Army for its SWITCH UAVs. Its customers include the Indian Navy, Air Force, State Police Forces, BSF, NSG, CRPF, Adani, L&T, Indian Oil, Survey of India, and Indian Railways, among others.

Rural vehicle marketplace Tractor Junction has bagged $5.7 million in a seed funding round co-led by Info Edge Ventures and Omnivore. Existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund also participated in the round, alongside angels including Vikram Chopra & Mehul Agrawal - the co-founders of Cars24, Vellayan Subbiah & Arun Venkatachalam from the Murugappa Group, and Sanjiv Rangrass.

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The startup plans to use this funding for talent acquisition, development of financial services, and launching physical stores for used tractor transactions across northern India, it said in a statement. Over the last two years, Tractor Junction claims to have clocked 7X growth in annual revenues and has remained operationally profitable.

Fintech startup Finbots AI has raised $3 million in a Series A round from Accel. The investment by Accel comes from its Fund VII and this is the first external investment for the AI-led firm.

The funds will be used towards accelerating product enhancement, marketing and sales, and customer support besides recruiting senior talent and expanding its team across its offices, the company said in a statement.

India drives all of the global development and support for Finbots.AI besides being a key market for the venture which has its corporate HQ in Singapore and a regional head office in Dubai, the firm added.

Property tech startup Terra Economics & Analytics Lab (TEAL) has closed its Pre-Series A round of Rs 14.8 crore ($2 million) led by Omidyar Network India, with participation from existing investor, Info Edge.

With this fundraising, the Bengaluru-based company will work on expanding its data engineering capabilities, increasing geographical coverage, and providing more analytics-driven, actionable insights to its customers, it said.

"We are building India's first digital title verification system, akin to a CIBIL for the property. Just as CIBIL dramatically transformed the process of personal lending in India -- simplifying a series of otherwise manual, messy procedures to do due diligence on an individual before giving a loan -- we are aiming to do the same for property,” said Kshitij Batra, co-founder, and CEO, TEAL.