Overseas education service provider Adventum Student Living, co-working space player DevX, electric vehicle charging solutions provider Mobec and healthcare marketplace Genefitletics have secured early-stage investments, the companies said on Monday.
Adventum Student Living
Adventum Student Living Pvt Ltd, which operates student accommodation platform UniAcco, has raised $5 million (around Rs 40 crore) in a bridge funding round led by Cornerstone Venture Partners Fund (CSVP), an investment firm set up by former Reliance Industries executives Abhishek Prasad and Rajiv Vaishnav.
Existing investors also took part in the round, which is a bridge to Adventum’s proposed Series B fundraise of $20 million, it said in a statement on Monday.
Adventum will use the fresh capital to expand its product offerings, strengthen position and to fortify its tie-ups in key geographies of the US, UK, EU, Canada and Australia.
Founded in 2019 by Amit Singh and Sayantan Biswas, Adventum helps students to find accommodation and education loans via its online platforms - UniAcco, UniCreds and UniScholars. It also helps students pursuing overseas higher education with various services. The startup aims to reduce the dependency of students on career counsellors, student loan consultants and accommodation providers.
"Despite the economic challenges brought on by Covid-19, when many of our peers were struggling for survival, our business soared through the market turbulence and achieved an impressive 300% y-o-y growth since then,” said Singh.
Last year, Adventum raised $5 million as growth capital in a funding round led by pharma company Idea Cures’ founder Suresh Pareek.
Co-working space startup DevX has raised pre-Series A funding of $3 million (Rs 24.6 crore) from a host of investors including Urmin family office, Bidiwala family office and Navneet Publications, among others.
The Ahmedabad-based startup will use the fresh funds for geographical expansion within India as well as overseas.
Founded in 2017 by Rushit Shah, Parth Shah and Umesh Uttamchandani DevX is a co-working space provider which also runs its startup accelerator program. The startup provides a platform for industry, academia, professionals and companies to hold hackathons, seminars and other such events as well.
“The funds will be deployed for national and global expansion goals,” said Uttamchandani.
In 2019, the startup raised $1 million in a funding round from Ahmedabad-based Parshwanath Land's family office.
Electric vehicle (EV) charging solutions provider Mobec Innovations Pvt Ltd has secured $1 million (Rs 8.2 crore) in a seed funding round from Singapore-based Purple Stone Consulting.
The company will use the funding to launch its services within the first quarter of FY24.
Founded by Harry Bajaj, Mobec is an EV charging solutions that provides fully-integrated charging solutions with no additional fixed infrastructure thus giving its consumers the option of portable charging.
The startup serves customers across all categories, including individual vehicle owners (two and four wheelers), commercial vehicles and fleet owners.
“Our objective is to add value to the larger EV ecosystem with research and development, thereby benefitting the end-user and we look to have our services operational soon,” said Bajaj, founder and chief executive officer, Mobec.
Healthcare startup Genefitletics has mopped up an undisclosed amount in a pre-seed funding round from a host of undisclosed angel investors at a pre-money valuation of Rs 7.5 crore ($0.9 million).
The New Delhi-based company will deploy the fresh proceeds for product development and expansion.
Founded in 2019 by Sushant Kumar, Genefitletics claims to have developed a platform that collects and uses molecular data and analyzes them using machine learning in order to understand the cause of health issues such as chronic diseases, cancer, infertility, preterm births and recurrent infections. Additionally, it also develops drugs to inhibit or suppress such diseases.