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QuickSell, F5, Reevoy, MediBuddy raise early stage capital

QuickSell, F5, Reevoy, MediBuddy raise early stage capital
Photo Credit: VCCircle
8 Jun, 2021

Mumbai-based Quicksell, a mobile-first commerce suite operated by Apport Software Solutions Private Limited , has raised $2 million (Rs 14.5 crore) as a part of its pre-Series A round from InfoEdge Venture Fund and BEENEXT.  

The investment will primarily be used for scaling the business, team expansion, and product enhancements, the startup said in a statement. 

QuickSell was founded in 2017 by Deepak Bhagchandani. It primarily caters to SMEs selling different types of products like jewellery, clothing, handicrafts, home decor, etc. enabling owners to sell via their mobile. The company claims to have more than 600,000 organic users across 100-plus countries. 

“As omnichannel becomes a norm, we expect trade partners like wholesalers, stockists and resellers to embrace digital platforms and continue to play a vital part in supply chains. QuickSell’s mobile-first platform focuses on specific requirements of this target segment and as these B2 B merchants start using digital tools to manage their day to day business, they become an attractive market opportunity for DIY platforms like Quicksell to pursue,”  Amit Behl, partner, InfoEdge Venture Fund said. 

F5

D2C brand servicing daily workplace consumption F5 has raised $350,00,000 (Rs 2.5 crore) as the first tranche of its pre-Series A round while it is in the final stages of closing the second tranche in next couple of weeks. 

The current raise saw participation from angel investors including Mohit Satyanand, Chairman Teamwork Arts who led through LetsVenture Platform, Gurgaon based accelerator Huddle, AngelList, Venture Catalysts, Rohit Chanana, Jeevak Gupta- VP, private equity, InvAscent, the company said in a statement. 

The company raised $400,00,000 (Rs 3 crore) as part of its seed round in May last year. 

F5 was founded by two IIM Lucknow alumni -- Raghav Arora, who previously worked with Avendus Capital and Hindustan Unilever and Lalit Aggarwal who has done his graduation from IIT Ropar and worked previously with ONGC. The company will use the proceedings for R&D, customer acquisition and tech development.  

Reevoy

Invoice factoring startup Reevoy has raised an undisclosed amount in a seed funding round led by Stellaris Venture Partners along with Better Capital and Startup Angel Network (SAN). 

According to a statement released by the company, the round also saw the participation from the likes of Ashish Sharma (InnoVen Capital), Atul Mehta (ex-World Bank Group officer), Kunal Shah (CRED), Ramakant Sharma (Livspace) and Vinod Murali (Alteria Capital), among others. 

The capital raised will be used to scale Reevoy’s technology and sales capabilities.    

Operated by Reevoy Capital Ltd., the company was founded by IIT Delhi alumni and trade finance professionals Ankur Khetan, Ishan Dadhich and Mohit Agarwal in 2020. The London-based company previously raised private debt in the UK, the US and the EU capital markets to further finance Indian SME exporters.  

MediBuddy

Digital healthcare platform MediBuddy, formerly DocsApp, has raised a debt of Rs 25 crore from venture debt fund Stride Ventures. MediBuddy will use the funds to further strengthen its technology, operations and marketing, it said in a statement. 

The startup previously closed its Series B funding round of $40 million (Rs 292 crore) in February this year.

The startup was founded in 2015 by Kannan and Enbasekar Dinadayalane, both IIT Madras alumni. 

MediBuddy helps its users consult specialist doctors, order medicines and book lab tests from the comfort of their homes.  

Stride Ventures recently launched its second venture debt fund with a target corpus of over Rs 1,000 crore. It will continue to invest in early to late-stage startups across sectors through its alternative financing solutions within venture debt, it said.