Startup Funding Alert: 21st September 2019

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Hyderabad-based Digi-Prex raises $5.5 million in seed funding

The Hyderabad-based health-tech startup Digi-Prex has raised $5.5 million in a seed funding round from Khosla Ventures, Y Combinator, Quiet Capital, SV Angel, and Justin Mateen, co-founder of Tinder. Digi-Prex graduated from Y Combinator’s Summer 2019 Batch recently. The firm said that the funds would assist it in expanding its business to 10 cities in India and find more ways to be useful to their patients.

The company, founded in 2019 by Samarth Sindhi, is an online subscription pharmacy for patients with chronic diseases in the country. The firm claims to use AI to provide customized lifestyle management solutions for its patients with chronic diseases permitting them to have access to a holistic solution at one platform.

According to a report by TechCrunch, Digi-Prex has been working on providing the patients with better access to physicians and offer them more information about their disease, among other services.

Healthcare in India is expected to be a $372 billion industry by 2022. India has seen the rise of 4,800 active health-tech startups in the country.


Rebel Foods raises $25 million in Series D funding from Goldman Sachs & others

Pune headquartered food-tech player Rebel foods has raised a $25 million funding in a Series d funding round from Goldman Sachs amongst others. According to regulatory filings, the company allotted Series D CCPS and equity shares to multiple investors. The CCPS allotment has been done at a nominal value of Rs 1,000 with a premium of Rs 4,94,392.27 per share while the equity allotment has been done at a nominal amount of Rs 10 and premium of Rs 4,94,392.27 per share.

After the investment, Goldman Sachs will hold a stake of 4.75% in the company while Sistema will carry a 1.74% stake. By far, the company has raised a funding of $20.9 million from its ongoing Series D financing round, with participation from existing investors like Lightbox, Sequoia, and Evolvence.

The company plans to utilize its funds to expand its network to 500 and expand geographically to Dubai and Indonesia, prior to expanding to other countries in Southeast Asia. Furthermore, it might as well invest in automation and robotics, which would help reduce manual labor in its kitchens.

Rebel Foods, founded by Jaydeep Barman and Kallol Banerjee, is a multi-brand cloud kitchen operator which sells its products through food delivery aggregators such as Swiggy and Zomato, as well as independently via its app. The company has around 205 delivery cloud kitchens, 1,600 internet restaurants, and is spread over 18 cities in India according to its website. Its in-house brands include Faasos, Oven Story, Firangi Bake, and Mandarin Oak.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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