Investments, News

Fundingwire: 1MG Bags $15M in Series B Round; BetaOut Secures $1.5M in Pre Series A Round and More

1MG Raises $15M in Series B Round of Funding Led by Maverick Capital Ventures

Bangalore-based online drug search business 1MG has raised $15 million  in Series B funding led by Maverick Capital Ventures. Its existing investors Sequoia India and Omidyar Network have also participated in the round.

1mg claims to have over 5 million+ organic app downloads and 25 million monthly page views coming from 2 million unique consumers who use its services every month. The company provides innovative healthcare content and tools and also operates India’s largest e-pharmacy and e-diagnostic network spread over many of India’s largest cities.

Prashant Tandon, co-founder and CEO at 1MG said, “India has one of the highest populations of chronic patients in the world and yet access to quality and affordable healthcare is limited.”

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 Fashalot Gets Pre Series A Investment from YourNest Angel Fund and Rahul Garg

Gurgaon-based Fashalot, a location-based fashion discovery platform, has raised an undisclosed amount of funding in Pre Series A round from YourNest Angel Fund and Rajul Garg.

The raised capital shall be used by the company to hire top level talent, invest in product development, and accelerate business growth.

Founded in October 2014, Fashalot is the brainchild of a tripartite alliance amongst Amit Koshal, Rishi Batra and Amit Sharma. It is a location based fashion discovery platform through which consumers can discover apparel, footwear and accessories available at the best prices at the stores in their nearest locations.
Check out its complete profile here.

DriversKart Raises Pre Series A Round of Funding from ah!Ventures and Others

Chennai-based DriversKart, online driver solution application, has raised an undisclosed amount of Pre-Series A round of funding from ah! Ventures and others. This round was also led by Sidharth Pansari, Apurva Salarpuria, Saket Agarwal,  Ayush Patni, Silicon Valley investors, and Namit Agarwal.

Started in September 2015 by Vinit Srivastava and Saksham Grover, DriversKart, provides on-demand chauffeur service. Its drivers are background verified, carefully selected through five step selection process and trained to provide good customer experiences.

As per a report, the newly raised money will be utilised for technological enhancement, enhanced driver on-boarding/training, marketing and team building (especially hiring senior executives).

Marketing Automation Software Maker Betaout Raises $1.5M in Pre Series A Round

Noida-based Betaout, an eCommerce marketing automation software developer, has raised $1.5 million in its Pre-Series A round of funding from a group of investors including Beenext, Stanford Angels, LetsVenture, Chennai Angels, Hyderabad Angels, and Mumbai Angels. The round also saw participation from Match Group CEO, Sam Yagan who had invested in Betaout’s seed round funding through Corazon Capital.

Launched in October 2014, Betaout will use the funds for customer acquisition in the Indian market, and expand to other Asian geographies. The funds will also be used to hire professionals in realms of technology, marketing, and account management. The company will also focus on developing its mobile offering, and other features on its platform such as machine learning, conversation-commerce, etc.

Commenting on the development and the company’s future plans, Ankit Maheshwari said, “Our plans for 2016 include growing our existing customer base in the Indian market and expanding to other Asian markets including Indonesia and Malaysia.”

Bike Taxi Provider Rapido Bags Pre Series A Round of Funding from a Group of Investors

Bangalore-based bike taxi service provider, Rapido, has raised an undisclosed amount of Pre-Series A round of funding led by Pawan Munjal (chairman, MD & CEO of Hero MotoCorp Ltd), AdvantEdge Partners, Astarc Ventures, Tesellate Ventures, Anupam Mitta (founder & CEO of People group), Harish Bahl (founder of Smile Group), Ankit Nagori (ex CBO, Flipkart), Rajan Anandan (MD Google India & South East Asia) and Kunal Khattar (serial entrepreneur and co-founder of Carnation Auto).

Launched in November 2015 by Aravind Sanka, Pavan G and Rishikesh Sr, Rapido is a platform where one can book a bike ride through a mobile app for travelling solo. Currently, the service is operational in Bangalore, Gurgaon, and Delhi.

Commenting on the development, Aravind Sanka, co-founder at Rapido said, “The funds will be deployed for Rapido’s expansion into other cities and building up the team. A majority of our customers use us as a daily commute option since we have built the product with deep understanding of their needs. We have unique features such as quick booking, favorite routes and multiple modes of booking including missed call booking service.”

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