Mumbai-based healthtech startup Zeno Health said Tuesday it has secured $25 million (Rs 207 crore) in a Series C funding round led by South Korean private equity firm STIC Investments, along with participation from existing venture capital investor Lightbox.
The company will use the funds for expanding its consumer outreach, extending its geographical footprint, and enhancing its technological infrastructure, it said in a statement.
Zeno Health was founded in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal. The startup operates more than 175 omnichannel stores and maintains a network of 200 micro-franchises.
Mumbai-based venture capital firm Lightbox, which counts Rebel Foods, Dunzo, and Furlenco in its portfolio, manages assets totaling $450 million.
The transaction comes soon after the VC firm saw a substantial change in its top leadership just last year. VCCircle reported last year that three senior executives at the firm were stepping down due to internal differences over the fund’s strategy and exit plans particularly in relation to the troubled portfolio company Dunzo.
STIC Investments, established in 1999 and initially operating as a venture capital firm, is now one of Korea's largest PE firms. With $6.3 billion in assets under management, STIC Investments has invested in over 95 companies across various sectors, including industrials and business services, bio and healthcare, consumer and consumer technology, and games and entertainment. Notably, STIC Investments made an investment in Dunzo in 2019 as part of its India portfolio.
STIC's global investor base includes sovereign wealth funds, public pension funds, insurance companies, financial institutions, family offices, endowments, foundations, and fund of funds from Korea, Southeast Asia, the Middle East, and Europe.
