Muse Wearables, a startup that sells hybrid smartwatches with a focus on fitness and payments integration, has raised Rs 22 crore ($2.93 million at current exchange rates) in funding from new and existing investors.
The funding round was led by Bhaskar Rao Bollineni, the founder and managing director of KIMS Hospitals, the Bengaluru-based startup said in a statement.
Other investors that have previously committed to Muse Wearables include Lead Angels, Keiretsu Forum and SS Rajamouli, a film director best known for making the ‘Baahubali’ movies.
Muse Wearables – operated by Conzumex Industries Pvt Ltd – was set up by KLN Sai Prasanth, KA Yathindra Ajay and K Prathyusha. The company says its products are designed and assembled in India.
Its products include watches, trackers and related accessories. Its payment solution – Musepay – provides integration with MasterCard contactless payments, and it also offers a virtual debit card.
It will use the capital it has raised to launch a new wearable that will be able to detect the novel coronavirus in a wearer. It is also looking to increase its production cycles and sales, with a target of 10 lakh by the end of 2022.
“Investors believe in our innovations and believe that we can create a huge difference in the consumer tech space,” Prasanth said. “This funding round helps us to scale faster and establish a strong brand in the market with shorter production cycles.”
Separately, Bollineni said he was confident of his investment in the startup because of its wide reach and execution capabilities. Muse Wearables sells its products across 70 countries through a direct-to-consumer model, and has offices in Chennai, Singapore and London.