Axilor bets on healthtech platform Alvye; five others raise early-stage funds
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Axilor bets on healthtech platform Alvye; five others raise early-stage funds

By K Amoghavarsha

  • 18 Jun 2024
Axilor bets on healthtech platform Alvye; five others raise early-stage funds
(L-R): Vineet Mehta, Sushant Roy and Shashank Avadhani co-founders, Alyve Health

Healthtech startup Alyve Health, generative AI startup Ayna, consumer brand Rockit, drinking water brand Wahter, proptech startup Landeed and fintech startup LEO1 secured early-stage funding, the companies said on Tuesday.

Alyve Health has raised $5.5 million in a Series A funding round in a mix of equity and debt funding.

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The round was led by Axilor Ventures and saw participation from existing investor 1Crowd Fund along with Inhealth Ventures, a healthcare-focused fund. The company also raised venture debt from Trifecta Capital as part of this round.

The company plans to use the new funds for growth initiatives across areas like platform development, talent acquisition, expansion of operations, improvement of services and higher member engagement.

Founded by Shashank Avadhani, Sushant Roy, and Vineet Mehta in May 2020, Alyve's health plans cover multiple healthcare aspects like doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships and well being.

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Ayna has raised $1.5 million (Rs 12.5 crore) in a seed funding round led by early-stage venture capital firm Inflexor Ventures.

The Bengaluru-bassed startup will use the funding to expand Ayna's AI capabilities, develop its platform and team.

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Founded by Aastha Rajpal and Yash Bansal, Ayna helps brands such as Reliance Retail’s Clovia, Wakefit, WomanLikeU, among others to create studio-quality product photoshoots without the need for physical photoshoots.

Its generative AI eliminates overheads, turnaround times and creative limitations, allowing brands to optimize product visuals for maximum conversion. The platform uses proprietary compound foundational models (CFMs) and works in diffusion models to give brands control and realism in their product imagery.

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Homegrown beverage brand Rockit has raised $719,299 (Rs 6 crore) in a pre-seed funding round led by consumer-focused early-stage VC firm Sauce.VC and saw participation from actor Rannvijay Singha.

Founded by Vedant Garg, Rockit is a beverage brand that provides a range of energy drinks. It also plans on launching fruit-flavored drinks and hydration products in the short to medium term.

Currently, the brand has launched in Haryana and it aims to build an omnichannel presence across India starting with North Indian states like Uttar Pradesh, Punjab, Rajasthan and Madhya Pradesh.

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“A sizable opportunity exists in India with the selective presence of MNCs that too in metro cities. We are focusing on an omni-channel presence starting with major states like UP, Punjab, Rajasthan and MP and gradually expanding across India.

The expansion in product basket from energy drinks to various offerings will also offer value to Indian consumers,” said Garg, founder, Rockit.

Wahter has secured $599,359 (Rs 5 crore) in a pre-seed funding round from undisclosed investors.

The startup, in a statement, said that it has raised the funding at a valuation of Rs 52 crore.

With this funding, Wahter aims to expand its distribution network, improve its production processes, and develop its advertising-driven revenue model. Additionally, the startup will invest in technology to streamline operations and improve logistics. Wahter also intends to strengthen its team by increasing its headcount.

Wahter was founded in December 2023 and it provides clean and affordable drinking water while offering an advertising platform for brands. It integrates brand advertisements onto water bottle labels.

The startup has partnered with brands like boAt, Vijay Sales, and ACE Capitals.

John Salt Pvt. Ltd, which runs proptech startup Landeed has raised an undisclosed amount in a strategic funding round from existing investor Paradigm Shift VC.

The new capital will be utilised to increase Landeed's product line and improve its expansion of the workforce to support its growing expansion both domestically and internationally.

Founded by Sanjay Mandava, ZJ Lin and Jonathan Richards last year, Landeed is a property title search engine, which allows owners, agents and buyers to conduct necessary due diligence with respect to a property by allowing them to check and verify the necessary documents about a property.

In January 2023, the startup raised $8.3 million in a funding round co-led by Draper Associates, Y Combinator and Bayhouse Capital. The round also saw participation from Paradigm Shift VC, Salarpuria Sattva, 10x founders fund, Capital X, Olive Tree and Stonks fund. 

Education sector-focused fintech startup LEO1 has raised an undisclosed amount in a funding round from cricketing icon and Team India captain Rohit Sharma.

Founded in 2018 by Rohit Gajbhiye,  LEO1, which was formerly known as Financepeer is a Mumbai-based fintech startup. The startup helps resolve cashflow issues for educational institutions through its financial software-as-a-service (SaaS) platform.

The company has partnered with over 31 institutions like Narayana, Jain Group, SAGE University, among others.

In 2022, the startup raised $31 million in a funding round co-led by QED Investors and Aavishkaar Capital.

The round also saw participation from a host of marquee investors including Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorns, LC Nueva AIF and Maxar VC.

Dvara Kshetriya Gramin Financial Services Pvt. Ltd (Dvara KGFS) has raised $7 million (Rs 58.3 crore) in a debt funding round from Zurich-based impact investor Enabling Qapital, through External Commercial Borrowings (ECBs).  

This is the second debt round raised by Dvara KGFS from Enabling Qapital in the span of four months.  

In February, the non banking financial company had raised $7 million from Enabling Qapital.

Founded in 2008, Dvara KGFS provides financial services in rural India, offering a variety of loans and third-party distribution products. The company had recently achieved a milestone, crossing the Rs 2,000 crore mark in assets under management (AUM). 

It has a network of 400 branches across 110 districts in 10 states including Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Odisha and Jharkhand.   

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