pi Ventures raises $ 8M from British International Investment
Early-stage venture fund pi Ventures has raised $8 million from British International Investment (BII), the UK’s development finance institution and impact investor.
With the BII investment, the fund is currently tracking confirmed investments of over Rs 530 crore and plans to do its final close in the first quarter of CY 2023 in the range of Rs 565 crore to Rs 750 crore, the firm said in a statement.
The fund will invest in startups focused on AI and other forms of deeptech across sectors including, but not limited to Blockchain, Spacetech, Biotech, and Material Science among others. pi Ventures said it will continue to focus on early-stage investments through this fund.
It has so far invested in five startups - ImmunitoAI, Ottonomy.IO, Silence Laboratories, and Preimage. The fund plans to invest in 20-25 such startups in the coming two to three years.
InPrime FinServ raises $1.45M in seed funding round
Tech-enabled financial services startup InPrime has raised $1.45 million in seed funding round led by InfoEdge Ventures, Titan Capital, Kettleborough VC and other marquee investors.
As a new entrant into the financial sector, InPrime will strategically focus on the emerging financial needs of the prime layer of customers within an informal segment.
The firm intends to use the fresh capital to ramp up hiring, conclude product development and initiate the process to apply for an NBFC license from the Reserve Bank of India.
Zerodha’s investment arm Rainmatter backs home appliances startup Up
Zerodha Co-founder and CEO Nithin Kamath-led fintech fund and incubator Rainmatter has invested $500,000 in home appliances startup Up.
The round also saw participation from co-founders of Ather Energy, Unacademy, Stanford Angels & Entrepreneurs India, and early Tesla investor Tim Draper.
As per the company, the fresh capital will be used to enhance its flagship product- delishUp- which performs chopping, stirring and other culinary functions. The startup claims that its appliance has been tested in more than 250 Indian kitchens during its pilot project.
“Nithin & the whole Zerodha-Rainmatter family are the flag bearers of health and nutrition in the Indian startup sector. Them discovering and using delishUp and following that with an investment is a massive vote of confidence,” said Mahek Mody, Co-founder and CEO, Up.
CureBay secures Rs 50 Cr in Series A round from Elevar
Rural-India focused health-tech startup CureBay has raised Rs 50 crore in a Series A funding round led by Elevar Equity.
The firm plans to launch 100 eClinics in the next 12 months and said that the capital will be invested into acquiring skilled talent, expanding to new locations, and further strengthening the tech platform and care delivery model.
Currently, CureBay has 15 eClinics across multiple remote districts and villages of Odisha and claims to have helped over 10,000 patients.
“With CureBay, we intend to empower the healthcare system and make it accessible to patients who lack information and proper medical resources. Our hybrid model helps in overcoming the challenges of skewed patient-provider ratios and the concentration of providers in a few urban pockets,” said Priyadarshi Mohapatra, Founder and CEO, CureBay.
Automovill gets Rs 2.15 Cr in Pre-Series A round from Inflection Point Ventures
Full-stack mobility solution provider Automovill has secured Rs 2.15 crore in a Pre-Series A funding round led by Inflection Point Ventures.
The funds raised will primarily be used to expand the current scope of capital expenditure. The firm said it will strategically channel and smoothen operations, and broaden their marketing scope. This will include carrying out ongoing research on potential abilities to fix the challenges of car servicing by introducing a hassle-free, open, and affordable solution via a technological platform as well as assisting in the accumulation of orders and creating direct and indirect jobs within the ecosystem, a statement added.
Following a hybrid and flexible business model, Automovill claims to have the third largest presence across India, while catering to over 0.15 million customers.
First Published: Nov 10, 2022 10:05 PM IST
