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Funding Rundown: HealthQuad's pre-final close of second fund at Rs 1,134.5 crore, raises Rs 137 crore & RIPPLR secures $12 million

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Funding Rundown: HealthQuad's pre-final close of second fund at Rs 1,134.5 crore, raises Rs 137 crore & RIPPLR secures $12 million


Here’s a lowdown of top deals from the startup space.

Funding Rundown: HealthQuad's pre-final close of second fund at Rs 1,134.5 crore, raises Rs 137 crore & RIPPLR secures $12 million
HealthQuad secures Rs 1,134.5 crore towards pre-final close of its second fund
Healthcare venture capital fund HealthQuad has announced the pre final close of its second fund with a total subscription of Rs 1,134.5 crore ($150 million). This amount is more than twice the fund’s target size of Rs 550 crore ($75 million). The firm will exercise its green-shoe option and intends to achieve a final close by March 2022.
"The Indian health-tech sector is expected to grow at a CAGR of more than 25 percent to reach a market size of $21 billion over the next 5 years. HealthQuad is committed to creating an ecosystem of category defining companies that improve accessibility and affordability and elevate the overall healthcare standards in India," said Charles-Antoine Janssen, co-founder and chief investment officer of HealthQuad.
The platform is backed by sponsors of Asian healthcare-focused private equity fund Quadria Capital and impact investing fund KOIS, who will also provide startups with sector knowledge, networks and market access. The fund has so far invested in Medikabazaar, HealthifyMe and Impactguru. raises about Rs 137 crore in funding led by Akash Bhanshali, Mohandas Pai
Business services provider Quess Corp on Wednesday said group firm, an online talent platform, has raised up to Rs 137.5 crore in a funding round led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments. Quess Corp also participated in the funding round. After the funding round, is valued at close to $100 million (around Rs 755 crore).
The current close has been done at Rs 112.5 crore with an option built-in to expand the round to Rs 137.5 crore, Quess Corp said in a regulatory filing. The funds raised will be used for enhancing investments in product development and marketing in India, South East Asia and Middle East markets and help evolve from a job-board into a talent platform, delivering a full-stack experience for both candidates and companies, it added.
Last year, the company achieved very healthy growth across all metrics, CEO the Asia Pacific and the Middle East, Sekhar Garisa said, adding "we have an exciting product and business road map in line with our view on how hiring will evolve in the next few years." Pai said the platform is poised to "redefine the jobs market by building tech workflows that put the candidate at the centre of the universe of innovation and possibilities”.
Quess Corp had acquired’s businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and Saudi Arabia in 2018, as a strategic investment to strengthen its HR services portfolio by establishing end-to-end offerings across the employee lifecycle management space.
Digital distribution platform RIPPLR secures $ 12 million in Pre- Series B funding
RIPPLR, a tech-enabled distribution and logistics platform has raised $12 million in Pre-Series B funding led by Japanese conglomerate Sojitz Corporation and Stride Ventures. This Equity and Debt funding round saw participation from existing investors 3one4 Capital, Zephyr Peacock India Growth Fund & Chand Family Office – Yukti, supported by eminent early-stage angel investors Vivek & Abhay (Licious founders), Aniketh & Ashish (Solution Infini (now Kaleyra) founders).
The firm plans deploy the fresh funds towards amplifying the company’s tech capabilities, product development, attracting new talent, expansion to new markets, and scaling of operations, it said in a statement. The company will continue to focus on providing sophisticated distribution solutions and stretching boundaries. The company had earlier closed its Series A at $3 Million in January 2021.
Veefin gets $3 million in Series A funding round
Supply Chain Finance (SCF) technology provider Veefin has raised $3 million in Series A funding led by Dubai-based entrepreneur Rajesh Rajendran. The fresh funds will be used to build product and engineering teams to enhance SCF technology based on the market’s evolving dynamics, the firm said in a statement.
"With this funding, we will further amplify Veefin’s feature rich platform, add further product lines, and ensure seamless customer servicing for our global clients,” said Raja Debnath, co-founder and chief executive officer of Veefin. Veefin provides financiers with the shortest implementation timelines for SCF.
Gobillion bags $2.9 million in seed round from YCombinator and others
B2C social commerce platform Gobillion has bagged $2.9 million in a seed funding round led by YCombinator, Justin Mateen (Founder of Tinder, through the JAM Fund), and Pioneer Fund. The funding round also saw participation of Soma Capital, Goodwater Capital, Olive Tree Capital, Chris Golda Investments, Oliver Jung, Venture Souq, Shanti Mohan (Founder, LetsVenture), Vikas Choudhury (President, Reliance Jio), Acacia Venture Capital Partners, Soma Ventures, Asymmetry Ventures, Dileep Thazhmon (Founder, Jeeves), Vikalp Sahni (co-founder, Goibibo), and Harsh Pokharna (Founder, OkCredit), among others.
The fresh funds will be used for business expansion, launching more categories, and strengthening the operations, product development and technology teams, the firm said in a statement. The startup aims to build extensive social and gamified e-commerce experiences for customers in small towns in India and Southeast Asia, it added. Gobillion plans to launch its services across 12 cities in the next 18 months, and in 100 more cities in four to five years.
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