IVY Growth Launches ₹250 Crore VC Fund ‘Arigato Capital’
Micro VC firm IVY Growth Associates has unveiled Arigato Capital, a SEBI-registered Category I AIF VC fund, with a target corpus of ₹250 crore. This sector-agnostic fund will invest in startups across various emerging sectors, including agritech, cleantech, generative AI, fintech, consumer brands, and SaaS companies. Arigato Capital aims to start raising capital in June 2024, targeting a first close at ₹100 crore. The fund will focus on startups beyond the seed stage or in pre-Series A stages, offering an average ticket size of $500,000. Additionally, IVY Growth Associates will host the third edition of its startup summit, 21BY72, from June 15 to June 16 in Surat. This summit is expected to attract over 20,000 participants, including more than 200 startup founders, 200 venture capitalists, and over 500 investors.
Singapore-Based VC ThinKuvate Launches ₹100 Crore Maiden India Fund
ThinKuvate, an early-stage startup investment firm based in Singapore, has launched its first India-focused fund, “ThinKuvate India Fund – I,” with a total corpus of ₹100 crore. The fund will invest in tech startups across sectors with initial amounts up to ₹3 crore, aiming to support 12 to 15 startups annually. ThinKuvate has received SEBI approval to launch this AIF CAT 1 Fund in India, and expects to reach its first close within this quarter, supported by nearly 200 investors.
Arpwood Partners Infuses ₹680 Crore in Low-Cost Home Financer Sitara
Arpwood Partners, a buyout-focused private equity fund, has acquired a majority stake in SEWA Grih Rin (Sitara) with an equity commitment of ₹680 crore. Sitara, an affordable housing finance company under the Self-Employed Women’s Association (SEWA) Group, plans to use the capital to enhance its capacity to support women in achieving homeownership. Renana Jhabvala, Chairwoman at SEWA Grih Rin, stated that the capital infusion would enable the company to impact over 500,000 lives in the next five years.
KKR Invests in AI-Powered Healthcare Revenue Solutions Provider Infinx
KKR has acquired a minority stake in Infinx, an AI-driven healthcare revenue cycle solutions provider. Although the deal size remains undisclosed, reports suggest it could be around $150 million. Norwest Venture Partners, an existing shareholder, also participated in the transaction. KKR’s investment aims to leverage its experience in global healthcare and technology sectors to accelerate Infinx’s growth and expand its network, which currently supports 172,000 healthcare professionals across 4,000 facilities.
Venture Catalysts Leads ₹2 Crore Pre-Seed Round for Humors Tech
Healthtech firm Humors Tech has secured ₹2 crore in a Pre-Seed funding round led by Venture Catalysts. The funds will be used to launch Respyr, a breath-based health screening device for early detection and routine monitoring of critical lifestyle disorders. The company aims to reach a Total Addressable Market (TAM) of 612 million individuals in India, focusing initially on a Serviceable Available Market (SAM) of 163 million health-conscious individuals. Humors Tech’s dual B2B and B2B2C model targets corporates, insurers, government hospitals, remote healthcare facilities, and consumers.
KonProz Raises $700,000 to Build GenAI Intellectual Property for the Legal Domain
KonProz, a startup leveraging GenAI to build SaaS solutions for the legal, tax, and regulatory space, has secured $700,000 in a fresh funding round led by Dr. Ruchi Parekh, RDB Group, and angel investors. The investment will be used to develop world-class Generative AI intellectual property for the legal domain, expand the team, and scale operations. Co-founders Shiladitya Dash and Piyush Chopra expressed their aim to set new standards for excellence in the legal and tax technology landscape.
Deeptech Startup 8chili Receives Fresh Capital to Expand Workforce Training Modules
8chili, a deeptech startup, has raised an undisclosed amount from strategic investor and mentor Karna D Shinde. The funds will be used to explore strategic partnerships and expand its library of workforce training modules. 8chili’s VR platform, HintVR, delivers training across various disciplines, helping organizations adopt a comprehensive immersive training platform with a focus on ROI. The platform is noted for its efficiency, creating content 80% faster, thereby saving time and money for clients.
Select 18 Startups for Final Phase of Social Impact Program
NSRCEL, the startup hub at IIM Bangalore, has selected 18 ventures for the final phase of its social impact program with Capgemini. The program supports tech-enabled social ventures in education, employability, and environmental areas. The incubation phase will provide workshops on building value propositions, impact measurement, leadership capacity, legal and compliance support, and strategic scaling, along with grants. Selected ventures include CoolCoach, Samata Center, TinkerQubits, Barefoot Edu Foundation, Tare Zameen Par, Launch Girls, Involve, Prishni, Shakti, Sunbots, Vi INNOVATIONS, Conceptou, Digital Labour Chowk, SparkyAI, Khetee, Farmer near me, Joywing Foundation, and Aarodaas.
Flipkart Grocery Records 1.6x YoY Growth
E-commerce giant Flipkart has reported a 1.6x YoY growth in its grocery business, with over 50% of deliveries now covered by EVs, marking a 140% YoY increase. High-performing categories include essential staples like oil, ghee, atta, and FMCG favorites such as tea, coffee, and detergents. Premium categories like liquid detergents, dry fruits, and energy drinks also saw significant growth, reflecting Flipkart’s expanding market presence.
Easy Trip Planners Signs Letter of Intent to Join ONDC
Travel tech platform Easy Trip Planners has signed a letter of intent to join the Open Network for Digital Commerce (ONDC). The move aligns with the company’s vision of supporting India’s digital economy transformation. By joining the ONDC Network, Easy Trip Planners aims to contribute to the democratization of digital commerce in India, providing seamless and efficient travel services.
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