Electric vehicle (EV) logistics firm Zyngo, medtech startup GenWorks Health and social media platform Slick have raised early-stage funding, the companies said on Tuesday.
Zyngo EV Mobility Pvt. Ltd, which operates EV logistics firm Zyngo, has raised $5 million (Rs 41 crore) in a pre-Series A funding round led by Delta Corp Holdings. The round also saw participation from existing investors LC Nueva Investment Partners LLP.
The funds will be used for increasing fleet size, geographical expansion and developing technology stack.
Founded in 2020 by Prateek Rao, Zyngo is a Gurugram-based third-party logistics service provider which offers last-mile delivery solutions through a fleet of electric vehicles. The company caters to business-to-business (B2B) and business-to-consumer (B2C) customers, focusing on intra-city logistics to fulfill their daily logistics and transportation needs.
The company claims to have completed approximately 3 lakh deliveries per month with a fleet size of 1150 vehicles and aims to deploy over 3000 logistics EVs across India by the end of FY23.
Medtech distribution platform Genworks Health Pvt Ltd has raised $4 million (Rs 32.7 crore) in a funding round from its existing investor BlackSoil Capital.
The investment will help GenWorks Health in its growth and development of new healthcare solutions.
Founded by S Ganesh Prasad, GenWorks Health helps distribute medical devices and consumables throughout India. The company claims to have served over 40,000 customers in 700 districts across the country. The company’s offerings capture the entire care cycle of patients, including screening, diagnosis, treatment, and monitoring.
Earlier in 2021, Genworks raised $2 million in debt funding from Blacksoil Capital.
In 2022, the company raised Rs 135 crore in funding from Somerset Indus Capital Partners, Morgan Stanley, through its funding arm Grand Vista, Evolvence and Wipro GE.
Meanwhile, BlackSoil Capital raised $25 million last month via bank debt, non-convertible debentures, AIF commitments and direct co-investments from banks, family offices, corporate treasuries and high-net-worth individuals.
Social media platform Slick has secured $1.6 million (Rs 13 crore) in a seed funding round led by WEH Ventures. The round also saw participation from iSeed, All In VC and existing investor Titan Capital along with angel investors such as Sumit Gupta (CoinDCX) amongst others.
The funding will be used for adding new features to its platform as well as improving its user experience.
Founded by Archit Nanda and Rachit Bansal, Slick is a social networking platform targeted toward GenZ age group users. The platform claims to have 1 million users spread across 5000 schools and colleges in India to date.
In 2022, Slick raised $500k in a pre-seed round led by Unacademy's founders (Gaurav Munjal, Roman Saini, and Hemesh Singh) and saw participation from early-stage VCs such as Titan Capital, Blume Founders Fund and angel investors – Kunal Shah (Cred) amongst others.