Fintech startup InPrime Finserv, health and wellness startup Zingavita and biotech startup Vgenomics have secured early stage funding, the companies said on Tuesday.
Tech-driven NBFC, InPrime Finserv, has secured $3 million in a Series A round led by Matrix Partners India, with participation from existing investors such as InfoEdge Ventures, Titan Capital and Kettleborough VC.
InPrime plans to utilise the funds to expand geographical footprint, augment teams in risk, engineering, analytics, and sales departments. Additionally, the funds will also be used to develop digital channels, credit scoring models and diversification of loan portfolio.
"India's target of achieving a $5 trillion economy by 2030 necessitates the informal economy to grow in tandem with the formal sector,” said Rajat Singh, co-founder and chief executive officer, InPrime.
“We are dedicated to addressing the escalating credit demand within the informal economy, facilitating their contribution to India's growth story,” he added.
The fintech was founded in December 2021 by Rajat Singh, Manish Raj, and Sneh Thakur, former leaders at Ujjivan SFB, a Small Finance Bank in India.
Health and wellness startup Zingavita has secured Rs 10 crore ($1.2 million) in a pre-series A funding round, led by Anicut Capital, signaling a strategic move towards targeted nutrition expansion.
The funding also attracted investors from the pharma FMCG sectors, including Venkat Krishnan (CEO, BionPharma), Puru Gupta (founder, True Elements), Vishesh Chandiok (CEO, Grant Thornton Bharat), Nikhil Bhandarkar (founding partner, Panthera Peak), and other seasoned angel investors.
The capital infusion aims to drive Zingavita's growth, support marketing initiatives, and facilitate entry into the Premium Ayurvedic Supplement segment.
Zingavita specialises in offering a diverse range of natural supplements designed to enhance overall well being.
Biotech startup Vgenomics India Private Ltd. has closed a seed investment round, led by Mumbai Angels and O2 Angel Network, with additional participation from angel investors.
The company plans to utilise the secured capital to advance diagnostics solutions and expand its current operations in collaboration with neonatologists, gynaecologists, paediatricians and clinical geneticists.
The funding will also accelerate the development and deployment of solutions, specifically addressing the needs of the 175 million children worldwide affected by rare diseases.
“This investment validates our approach and will help us focus on using the next-generation sequencing technologies and machine learning, to develop diagnostics and drugs for rare diseases specific for the Indian population,” said Preeti Gupta Lal, co-founder and chief strategy officer at Vgenomics.
