Tech Financing in India this week – Health-tech on top

Our weekly column summarizes tech financing highlights in India.

In tech news this week, health-tech is a highlight in the investment sector in India, attracting huge attention from customers, thereby investors also follow. The genomics and high-end diagnostics segment is at a nascent stage in India and has been attracting private investments for a while now. On March 5th, MedGenome, a genomics-based diagnostics and research company delivering the best in health care by decoding genetic information contained in an individual’s genome, raised USD 40 million from HDFC. It will use the fresh capital to expand to Tier II and Tier III cities and make critical genetic tests and newborn genetic testing accessible in these regions.

1. On March 1st, Buddy4Study landed USD 3 million for Series A from existing investor CBA Capital. Buddy4Study is an ed-tech startup that lists scholarships from school to PhD level, and lets students screen, choose, apply and track their applications through an online scholarship management system. The company aims to raise awareness about and facilitate applications to more scholarships with the intention of reaching a wider range of students in the country.

2. On March 6th, Gramophone secured USD 1 million in funding from Info Edge for Pre Series A. Gramophone is an agri-tech startup which, through its app, provides farmers with doorstep consultancy services in agronomy during the entire crop cycle, as well as information on crop diseases nutrition, pricing and weather. Gramophone will use the money to expand its customer base to one million farmers over the next six to twelve months and build customised tech products to solve their customers’ individual needs.

3. On March 7th, 1Crowd, a crowdfunding platform focused on connecting investors with a host of extremely promising Indian startups and early stage ventures, with an array of capital solutions and co-investment commitment, received USD 3.5 million for angel financing round from SEBI. The company will use the funding to facilitate its financial services.

4. On March 7th, PepperFry, a furniture e-commerce platform that specialises in furniture and home products on its managed marketplace platform, raised USD 38 million in funding from State Street Global Advisors. The capital will be used to expand Pepperfry’s offline stores called “Experience Centers” in smaller tier 2 cities.

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Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

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