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Nearbuy co-founder secures funding from Inflection Point for new startup
Photo Credit: VCCircle

Serial entrepreneur Sumeet Kapur, who has set up companies including the Groupon- and Sequoia-backed Nearbuy, has secured seed funding for new venture Wellcure Infotech Pvt Ltd, a health-technology platform.

Wellcure has received $200,000 (Rs 1.5 crore) from Inflection Point (IP) Ventures, the angel investment platform.

The investment in Gurugram-based Wellcure marks the 10th bet on a startup by IP Ventures since March, underscoring the allure that early-stage companies continue to hold for investors despite the coronavirus pandemic.

Other angel and early-stage investment platforms that have made several investments since the nationwide lockdown started in March include Mumbai Angels Network and Venture Catalysts.

Wellcure’s other co-founders include Aanchal Kapur and Ankur Bhatia. The company says it focuses on physical and mental health through curated content as well as offerings including recipes, e-books, and online programmes.

In a statement, Sumeet Kapur said the company will use the funds it has raised to scale its operations with a goal of Rs 5 crore in sales during this financial year. 

It will also look to double its subscriber base. Currently, Wellcure says it has nearly one lakh users on its platform.

Inflection Point Ventures

The investment initiative was floated by a group of chief financial officers and finance professionals working at Indian startups. It was founded in 2017 as a by-invitation-only network. The initiative makes most of its bets at early stage to pre-Series A levels.

It does make some bets beyond the pre-Series A stage as well. Last month, for example, it led a $5.5 million (around Rs 42 crore) funding round in hyperlocal grocery delivery startup Milkbasket. 

Also in June, IP Ventures invested in citizen’s safety technology platform DROR along with the US-based entrepreneur and investor Gopi Latpate. 

It also announced a $150,000 (around Rs 1.14 crore) commitment to Edvizo Media Pvt Ltd, which acts as a marketplace for competitive examination institutes. In April, it invested $400,000 in edtech firm Pedagogy, which helps students buy books while preparing for engineering and medical entrance exams.

IP Ventures’ portfolio also includes NCR-based digital payments platform Escrowffrr, Kolkata-based rural health-focused startup iKure, and Delhi-based virtual assistant provider Wishup.

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