Fin-tech startup InMotion Media Ventures Pvt Ltd has received an undisclosed amount of funding from online drug marketplace 1mg’s founders Prashant Tandon and Gaurav Agarwal. The startup is raising a total of INR1.5 crore ($225,000) as part of the pre-Series A round. The company provides financial services to daily wagers and low-income groups. It transfers money in any bank account in India on real-time basis and converts local grocery shops into a bank with the help of the app.
Child development app ParentLane has received angel funding from Capier Investments, the personal investment firm run by Rohit MA, cofounder of Cloudnine Hospitals. The app focuses on child development from infancy to the age of eight. “We answer queries across 60-70 categories of child development starting from food to different parameters of growth and development.
Singapore-based startup incubator IdeaWaveLabs said it has made three investments in India, including one in Mumbai-based startup First Moms Club, an online community of first time mothers, in which it has picked up a minority stake.The amount invested in First Moms Club was undisclosed, but the Singapore incubator said it usually invests between $25,000 to $100,000.
Dheeraj Jain, director at London-based investment firm Redcliffe Capital, is set to launch a $50 million early-stage fund to invest in technology startups in India and overseas. Christened ‘Redcliffe Capital Early Stage Fund 1’, it will focus on Series A investments in areas such as artificial intelligence, Internet of things (IoT), virtual reality, big data analytics, healthcare and biotechnology.
Pune-based Pharmarack Technologies Pvt Ltd, which provides software-as-a-service applications for automated order processing and inventory management to pharmaceutical retailers and distributors, has raised INR 5 crore ($745,000) in its pre-Series A round of funding. The startup enables supply chain marketing and makes it easier for companies to speak with their stockists or retailers while also helping them with automation of operations of product launches.