ETtech Deals Digest: Rapido, Medikabazaar, Itilite raise funds

Bike and auto taxi aggregator Quickbusiness-to-business (B2B) medical supply platform Medikabazaar and travel and expense (T&E) management software-as-a-service (Saas) platform Utility were among the startups that raised funds this week.

Swiggy leads $180 million funding round in Rapido

Bike and auto taxi aggregator Rapido said that it
raised $180 million led by food-delivery major Swiggy and another new investor TVS Motor joining the financing round.

Existing backers Westbridge Capital, Shell Ventures and Nexus Ventures Partners, also participated in the round. ET reported that Swiggy was in talks with the ride-sharing platform on December 22 as a part of a $150-200 million funding round.

According to regulatory filings accessed through Tofler, Swiggy has invested about $124 million, its largest single cheque in a startup along with it being its maiden bet on the mobility sector.

Sources in the know said that Rapido will be valued at $830 million post-investment and that Swiggy will own around 15% stake in the firm.

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Medikabazaar raises $65 million in funding led by Lighthouse India Fund

raised $65 million in a new funding round led by Lighthouse India Fund, valuing the business-to-business (B2B) medical supply platform at $700 million.

Lighthouse, an investor in Nykaa, Bikaji Foods and Duroflex, has brought in $30 million, with the rest coming from existing investors such as Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC) and KOIS Holdings.

In September 2021, the company raised $75 million in its Series C round led by Creaegis, along with CDC Group.

The company said it will use the funds to strengthen its technological capabilities, deepen the supply ecosystem and digital-driven distribution channels, bolster digital operating capabilities to help improve efficiency of the healthcare sector in India and expand its global operations.


Itilite raises $29 million from Tiger Global and others

Travel and expense (T&E) management software-as-a-service (Saas) platform Itilite
raised $29 million in a funding round led by New York-based Tiger Global and Dharana Capital, with participation from existing investors Matrix Partners India and Tenacity Ventures.

With the new round, the company plans to continue to invest more in product innovations, brand building and scaling up its go-to-market teams.

Itilite, founded in 2017 by Kukreja and Anish Khadiya, offers a T&E management solutions to companies ranging from Fortune 500 blue-chips to tech unicorns.

PhableCare raises $25 million

PhableCare, a chronic disease management company,
raised $25 million in a funding round led by Kalaari Capital. The company said it would use the funds to further strengthen its ecosystem and accelerate its market expansion, acquire customers (doctors and patients), build its brand, and create new revenue streams.

The round also saw participation from Aflac Ventures, Digital Horizon and Stride Ventures. Existing investors Omron Ventures, SOSV, Social Starts and Fresco Capital also participated in the round.

This funding round marks a 6x jump in the Bengaluru-based company’s valuation, it said in a release. Previously, it had raised Rs 90 crore in a round led by Manipal Hospitals in March 2021.

Medfin raises $15 million in funding from Arka Nxt, Blume, others

Healthcare provider Medfin
raised $15 million in fresh funding from investors including Arka Nxt, HealthXCapital (Singapore), Blume Ventures, Axilor Ventures, Sony and Kotak Investments. The company offers patients access to the latest surgical treatment procedures at affordable prices. It said it will use the funding for geographical expansion, investing in R&D, technology, and hiring people.

Medfin has previously raised $4 million in funding.

Founded in 2017 by Arjun Kumar, Arun Kumar, and Sidharth Gurjar, Medfin offers surgeries across departments like ophthalmology, orthopaedics, among others. It currently operates in some of the major cities and offers more than 250 daycare surgical procedures. “ The company plans to expand to more than 25 cities across the country,” a company statement said.

Mesh raises $11 million funding

Performance management startup Mesh
raised $11 million in a round led by existing investor RTP Global.

Mesh said it plans to use the funding to expand its presence across the US and Asia-Pacific (APAC) regions. It is also looking to increase its headcount across engineering and sales. Mesh currently has around 50 employees in India and the US.

Last year, Mesh raised $ 5.1 million as a part of its seed round led by Sequoia India’s accelerator programme Surge. The round also saw participation from RTP Global, Y Combinator Continuity Fund and Emles Venture Partners.

Tiger Global leads $10.5 million funding round in Securden

IT security startup Securden
raised $10.5-million in a funding round led by US-based private equity investor Tiger Global.

Accel and Together Fund were the other participants in the round. Delaware-headquartered Securden makes products that secure access across IT, DevOps and cloud environments, meaning they can manage passwords for IT teams, govern privilege access in servers and endpoints, and even enable remote access without VPN.

The company has been growing its business 20% month-on-month over the last 18 months and hopes to close the current calendar year at 400% revenue growth.

Other key deals

■ Ethereum Push Notification Service (EPNS)
raised $10.1 million (approximately Rs 76 crore) in a token round, with an average valuation of $131 million. EPNS’s native virtual asset token Push had a fully diluted market capitalisation of $128 million as of writing this article, according to CoinMarketCap.

■ Deep-tech Software-as-a-Service (SaaS) company Spyne
raised $7 million in a round led by US venture capital firm Accel, and participation from existing investors including Storm Ventures, Smile Group, Pentathlon Ventures and Core91.