Healofy returns to Google app store; CitiusTech shortlists investors; BharatPe may raise $75 mn

Maternity and childcare social networking platform Healofy has returned as a fresh app in Google app store after a ban for alleged policy violations.

The new app has clocked around 50,000 dowloads whereas the old, banned app has 900,000 monthly active users.

“Our existing users continue to benefit from and engage meaningfully with the older application and we are actively engaging with Google to work out solutions to reinstate it on the Google app store,” Gaurav Aggarwal, chief executive and cofounder, told The Economic Times.

Healofy, owned by Vivoiz HealthTech Pvt. Ltd, started with a focus on women’s health including pre-conception, pregnancy and early childcare, and has grown to become a digital community for women.

In March, it raised $8 million (around Rs 55 crore) in fresh funding led by Hong Kong-listed BabyTree Group and BAce Capital, a fund anchored by Alibaba affiliate Ant Financial Services. Existing investor Omidyar Network India also participated in the round.

CitiusTech

Healthcare information technology (IT) company CitiusTech has shortlisted for a second round of control-deal talks Bain Capital, Blackstone, KKR, CVC Capital Partners, GIC and ChrysCapital, people in the know told The Economic Times.

The deal, which could value CitiusTech at $900 million (Rs 6,235 crore), will allow General Atlantic to cash out of its five-year investment, according to the report.

GIC is likely to partner with one of the other shortlisted firms, the report said, adding that ChrysCapital may rope in one of its Canadian pension fund partners, like Canada Pension Plan Investment Board (CPPIB).

CitiusTech, founded by IIT-Bombay graduates Rizwan Koita and Jagdish Moorjani in 2005, provides healthcare technology services and solutions such as software development, regulatory compliance, business intelligence and analytics. The firm, which employs about 3,000 people, has offices in India, Singapore, the UAE, UK, and US.

According to the company, CitiusTech achieved over $130 million in revenue in 2017 with a compound annual growth rate of more than 30% over the last five years, through a mix of healthcare technology services and platforms.

Last year in August, the company had invested in FluidEdge Consulting, a Philadelphia-headquartered firm specialising in healthcare IT and operational services.

BharatPe

Digital payments firm BharatPe, which services offline retailers and businesses, is looking to raise at least $75 million (Rs 520 crore at current exchange rate) in a fresh Series B round led by US-based Insight Partners and joined by existing investors as well as a couple of America-headquartered hedge funds, persons in the know told Entrackr.

The fintech startup, owned by Resilient Innovations Pvt. Ltd, in April raised $15.5 million (around Rs 107 crore) in a Series A round of funding. Insight Partners joined existing investors Sequoia Capital and Beenext in the round.

BharatPe was founded in April last year by Ashneer Grover and Shashvat Nakrani. Before setting up BharatPe, Grover led new business at PC Jeweller and was chief financial officer at online grocer Grofers, while Nakrani is an engineering graduate from IIT-Delhi, their LinkedIn profiles show.

Last month, BharatPe partnered Apollo Finvest India Ltd to foray into small-value short-duration loans for merchants.

Udaan

Bengaluru-based Hiveloop Technology Pvt. Ltd, which operates and owns business-to-business e-commerce platform Udaan, has received a non-banking financial company (NBFC) licence, The Economic Times said. With the permit, the platform can offer credit to retailers and sellers, enabling them to buy directly from large manufacturers.

The company was founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar and Vaibhav Gupta.

Last month, according to a report, the firm secured Rs 140 crore from its Singapore-based parent Trustroot Internet.

Last year in September, it raised $225 million in its Series C round of funding from existing investors DST Global, owned by Russian billionaire Yuri Milner, and Lightspeed Venture Partners.