Startup news and updates: Daily roundup (November 5, 2024)

Funding news

QubeHealth secures pre-Series A funding from Unicorn India Ventures, CanBank VC

Healthcare payments company QubeHealth has raised an undisclosed pre-Series A investment led by Unicorn India Ventures and CanBank Venture Capital.

QubeHealth, founded in Mumbai, enables healthcare payments by integrating financing, insurance, and payments infrastructure, and aims to use the funds to enhance its technology and introduce new features like embedded insurance and a generative AI recommendation engine.

The company serves employees and their families from over 300 Indian corporates, including Flipkart and Tata-Teleservices.

"We are seeing massive growth, even though we are limited to the B2B-2C channel, for now," said Chris George, Co-founder and CEO of QubeHealth, adding "Employees of our corporate clients, are adding their family members, and are paying for their healthcare multiple times in a month, giving us deep insights about out-of-pocket healthcare spending in India."

The startup said it is on track to process over Rs 100 crore in healthcare payments by the end of this fiscal year.

With a current valuation of Rs 270 crore, QubeHealth is also preparing for a Series A round to raise $9 million, George stated.

Sushain Wellness raises Rs 2 Cr in seed funding

Healthtech platform Sushain Wellness and Wholeness Private Limited has raised Rs 2 crore in seed funding from venture capital firm Prajay Advisors LLP.

The funding aims to support Sushain’s expansion of its technology-driven healthcare platform, which combines traditional healing practices like Ayurveda, homoeopathy, and Unani with advanced technology.

Sushain provides a comprehensive platform with over 1,000 Ayurvedic and homeopathic doctors, a range of natural healthcare products, and support from yoga coaches and diet specialists.

The company plans to enhance its AI-driven healthcare solutions to expand holistic care offerings.

Induz raises $780,000 from YourNest Venture Capital

Induz has raised $780,000 in its first venture capital funding round led by YourNest Venture Capital.

YourNest contributed $750,000, while SanchiConnect—a deeptech acclerator—provided an additional $30,000 as part of the YourNest-SanchiConnect Velocity Programme 2024.

Founded in 2023 in Hyderabad by Tirumalesh Chalamarla and Sreerama Mohan Gadam, Induz focuses on data security and confidential computing solutions.

The funding will be used to obtain key certifications and develop proprietary hardware, alongside hiring specialist engineers, the company said. Induz also plans to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution.

"Induz's turnkey solution for Confidential Compute and Secure Storage includes foundational zero-trust and hardware-level protections, and is reshaping the cloud landscape. This enables companies to retain full control over sensitive information with assurance. We believe that Induz has set the gold standard for confidential compute and secure storage...," said Ranjeet Shetye, venture partner at YourNest.

The new offerings target industries such as insurance, fintech, banking, and government, addressing the need for secure AI model training with sensitive data.

“The new investment will help the business expedite product development, obtain several paid proofs of concept (POCs) from clients, and obtain important security certifications," said Tirumalesh Chalamarla, Induz's co-founder and CEO.

Induz was founded in response to the 2019 Capital One security breach, which revealed significant market demand for reliable infrastructure solutions.

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Other news

UST expands India presence with second Bengaluru office

UST has opened a second delivery centre in Bengaluru, Karnataka, as part of its ongoing expansion in India to enhance digital transformation services. The 17,000-square-foot facility, located in Helios Business Park, accommodates over 300 seats and includes a design experience centre.

UST, a California-based digital solutions firm with 25 years in operation, has over 20,000 employees in India, delivering tech services across sectors like healthcare, retail, and financial services.

"Driven by the city’s best IT and technology talent, Bengaluru has always remained a key location for UST’s technological and digital capabilities. We are confident that this expansion will further strengthen our capabilities...," said Kirankumar Doreswamy, Vice President and Center Head, Bengaluru.

The company’s Bengaluru operations, UST’s second-largest global delivery centre, will leverage local talent to meet growing demand in India’s tech sector.

Pepperfry appoints Shubbam Sharrma as chief growth officer

Pepperfry has appointed Shubbam Sharrma as its new Chief Growth Officer, aiming to strengthen its market presence in the ecommerce furniture and home decor space.

Sharma, who brings 17 years of experience in retail and ecommerce, will lead Pepperfry’s growth strategy, focusing on expanding market share, enhancing customer acquisition, and optimising operational efficiency.

"For anyone looking to buy furniture, Pepperfry has become the go-to destination. Our aim would be to further enhance this segment with tech-driven innovation and omnichannel integration to complete more and more customer journeys and make the business funnel more efficient," Sharrma said in a press release.

"By fostering content and community engagement, we will democratise access for D2C entrepreneurs, helping to bring the best-curated collections to our customers," he added.

Sharrma's new responsibilities at Pepperfry will include expanding home categories, launching new ones, and growing the B2B segment through programmes like the Multi-tiered Channel Partner Program.

Before joining Pepperfry, Sharrma served as Chief Business Officer at ImpactGuru and held leadership roles at CarDekho, KSA Technopak, and RedSeer, with experience in driving growth and digital transformation across sectors.

Veefin acquires Singapore-based genAI startup Walnut

Veefin Group has bought a 50% stake in Singapore-based GenAI startup Walnut in an all-cash deal, its fourth acquisition in 2024.

With this acquisition, Walnut’s GenAI capabilities will enable Veefin to assist clients in transforming complex unstructured data into actionable insights for improved credit decision-making, the companies said.

Walnut will continue to operate independently following the acquisition.

Founded in 2020 by Bala Iyer and Lalit Kumar, Walnut leverages AI, machine learning, and natural language processing to deliver innovative solutions primarily within the financial services sector. Its flagship product, Vegaspread, simplifies intricate financial data into digestible insights, facilitating faster and more informed decision-making for clients, which include DBS and the Bank of Singapore.

Raja Debnath, Chairman and Co-founder of Veefin, stated that the acquisition aligns with the group’s strategic goal of becoming the number one global working capital finance platform.

Monash University, Apollo Hospitals partner on digital health research

Monash University’s Faculty of Information Technology has entered into a partnership with Apollo Hospitals to collaborate on digital health research and technology sharing in India and Australia.

The partnership, formalised through a Memorandum of Understanding, will enable the sharing of data and resources to drive research in clinical AI and digital health solutions.

Monash students will gain practical experience through projects at Apollo, and the university will conduct educational sessions for Apollo's healthcare professionals.

This collaboration will allow Monash to access de-identified health data from Apollo’s extensive patient database, supporting the training of AI algorithms for disease diagnosis and treatment, particularly for conditions like cancer, heart disease, and diabetes.

Wakefit.co reports 50% growth in festive sale revenues

Wakefit.co, a leading D2C sleep and home brand in India, said it recorded a 50% increase in festive sale revenue this year compared to last year’s season, with a notable 100% rise in offline sales.

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The sale, which started on September 26, saw a 5X increase in website traffic over usual levels and a 35% growth in new visitors, the startup said.

Key products driving sales included the Ortho ShapeSense mattress, mattress protectors, and pillows, with demand spikes noted in the north and east regions.

"Our robust growth during this time comes on the back of the strategic investments we’ve made in expanding our product range and omnichannel presence. As we continue to build on this momentum, our focus will remain on scaling efficiently and driving sustained growth in the year ahead," said Ankit Garg, Co-founder and CEO of Wakefit.co.

PhonePe partners with Bharat Connect for NPS contributions

PhonePe has introduced a new feature for National Pension System (NPS) contributions on its platform through Bharat Connect, previously known as BBPS.

This addition enables users to make easy, secure contributions to their NPS accounts directly from the PhonePe app, expanding access to retirement savings tools for users across India.

NPS contributions were previously only possible through various financial websites, but now users can manage their retirement planning conveniently within the PhonePe app.

The initiative, a partnership between PhonePe and Bharat Connect, aims to simplify financial services and increase accessibility for Indian citizens.

Fedo.ai partners with Canara HSBC Life Insurance for AI-enabled non-invasive health assessments

Canara HSBC Life Insurance (CHLI) has partnered with Fedo.ai to develop AI-enabled non-invasive health assessments.

Customers will be able to perform health assessments from home using Fedo’s 14-second facial scan, which provides essential health information without invasive procedures or hospital visits.

The approach aims to improve accessibility, particularly in remote areas, and offers detailed insights into individual health parameters.

Dr Ashish Kapoor, VP and Chief Underwriter of Canara HSBC Life Insurance, noted that this partnership enhances the efficiency of health assessments, allowing for a more accessible experience for customers.

Fedo.ai aims to expand its solutions in healthcare, fitness, and mental health, focusing on a B2B2C and developer-centric distribution strategy to integrate its health infrastructure across various industries.

Garuda Aerospace inks deal with CYOL Ltd

Garuda Aerospace and CYOL (Pvt) Ltd have signed a Memorandum of Understanding (MOU) to enhance agricultural practices across Australia, Africa, and Asia. The agreement was formalised in Colombo, Sri Lanka, and aims to combine Garuda's drone technology with CYOL’s agricultural software solutions.

Garuda Aerospace has launched its operations in Sri Lanka as part of this strategic partnership.

The collaboration is designed to advance precision farming, providing farmers with real-time insights and improved resource management. The partnership will create a comprehensive platform for data-driven analytics, enhancing crop monitoring capabilities. 

Both companies expect mutual benefits by integrating aerial expertise with advanced technology in agriculture.

The initiative aims to promote sustainable practices and support economic growth in the agricultural sector globally.

(This article will be updated with the latest news throughout the day.)