Route Mobile, a cloud communications service provider, on Tuesday said it had garnered Rs 180 crore from 15 anchor investors ahead of its initial share-sale offer that opens for public subscription on Wednesday.

Goldman Sachs, Franklin Templeton Mutual Fund, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie, and SBI Mutual Fund are among the anchor investors, according to information available with stock exchanges.

Route Mobile has finalised allocation of 51,42,856 shares at Rs 350 apiece to 15 anchor investors. Based on the price, the total proceeds would be to the tune of Rs 180 crore, it added.

The company proposes to raise Rs 600 crore through the initial public offer (IPO), which comprises fresh issue of shares worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters Y Sandipkumar Gupta and Rajdipkumar Gupta.

A price band of Rs 345-350 apiece per share has been fixed for the IPO that will open on September 9 and conclude on September 11.

The company proposes to utilise the net proceeds towards funding for repayment or pre-payment, in full or part, of certain borrowings of the company; acquisitions and other strategic initiatives; purchase of office premises in Mumbai; and general corporate purposes.IPO

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The company received approval from markets regulator Sebi in December 2019 to float IPO.

The cloud communications service provider had initially filed for its IPO in January 2018. Later it refiled its document in October 2019. According to market sources, the company failed to bring its IPO even after receiving approval in 2018 because of unfavourable market conditions.

ICICI Securities, Axis Capital, Edelweiss Financial Services, and IDBI Capital Markets & Securities are the managers to the issue.

Route Mobile does not have a direct comparable listed peer in India. It will become the second firm in the larger mobile communication services after Affle India.

(Disclaimer: Additional background information has been added to this PTI copy for context)

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Home-grown healthcare venture capital fund HealthQuad on Monday said it had raised Rs 514 crore in an initial funding round for its second fund, aimed at supporting disruptive, technology-based and innovation driven businesses that transform healthcare in India.

The success of the fund at a time of overwhelming negative sentiment due to the COVID-19 pandemic indicates how investors are turning towards funds that support futuristic healthcare startups and organisations creating healthcare solutions for tomorrow, HealthQuad said. FundingAlso Read[Funding alert] Parking spot reservation platform ParkSmart raises Rs 1.5Cr from ah! Ventures, Marwari Angels

The fund has been supported by some leading global investors, including Ackermans & van Haaren (AvH), Teachers Insurance and Annuity Association of America (TIAA), Indian DFI SIDBI, Swedfund, and pharma giant Merck & Co Inc.

"We believe that the recent COVID-19 pandemic has given an impetus to the digital transformation of healthcare. HealthQuad is committed towards creating an ecosystem of such category-defining companies that improve accessibility and affordability, and elevate overall healthcare standards in India," HealthQuad Co-founder and Chief Investment Officer Charles-Antoine Janssen said.

"We are pleased to be supported by like-minded global investors to deliver transformative impact beyond superior financial returns," he added.

HealthQuad taps into opportunities in disruptive technology-based and innovation-driven healthcare models to unlock value and create deep social impact, the statement said.

"The pandemic has further stressed the need to leverage technology to cater to the healthcare needs of such a large population. Disruptive technological solutions have the potential to vault over some of these issues and push India towards a more robust and reliable healthcare system…," HealthQuad said.

(Disclaimer: Additional background information has been added to this PTI copy for context)

(Edited by Teja Lele Desai)

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Mumbai-based Insurtech startup, Riskcovry, on Thursday announced that it has raised an undisclosed amount in its pre-Series A round from Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital.

Saras Agarwal, Principal at Bharat Inclusion Seed Fund, said, 

“Riskcovry brings a fresh approach to digital distribution for the insurance market. Their API-first approach helps enterprise customers get access to highly relevant insurance products through a completely digital process of underwriting, policy issuance, claim settlement, and compliance.”

 

Riskcovry considers itself as a neo-insurer providing "insurance-in-a-box" solution, allowing any business with a large captive user base to enable distribution of insurance to their users in an end-to-end fashion. The company has taken the payment gateway (PG) approach of enabling insurance as a financial services layer to any business.  

Riskcovry enables the distribution of multiple insurance products across life, non-life, and health with plug-and-play infra to support any distribution use-case.

Riskcovry

Riskcovry Founders

Also Read[Funding alert] Fintech startup Setu raises $15 million in Series A round

The startup was founded in 2018 by Suvendu Prusty, Sorabh Bhandari, and Chiranth Patil. 

The founders, in a joint statement, said,

 

“This round will help us scale on our product-market fit, and serve more enterprise customers across segments that enable both mainstream and alternative insurance distribution. We look forward to building out our technology, product, data sciences, sales, and growth teams.”

Suvendu and Sorabh are ex-insurance industry execs who built the distribution books of two insurers, whereas Chiranth is a two-time founder who comes from a fintech and strategy background. Vidya Sridharan is the CTO and brings in deep technology experience.

Riskcovry falls into the “financial infrastructure” bucket, where fintech startups enable the ‘rails’ or ‘pipes’ that connect various payers within the industry’s value chain via APIs (Application Programming Interfaces) in order to interact with each other.  

Some recent deals in the "Financial Infrastructure" space include payments and cards infra provider M2P, which raised Series A funding of $4.5 million, led by BeeNext and fintech infra company Setu secured Series A round of $15 million led by LightSpeed with co-investment from Bharat Inclusion Seed Fund among others. 

(Edited by Megha Reddy)

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Original Source: yourstory.com

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