Dr Agarwal’s Healthcare, which runs a chain of eye hospitals, has raised about ₹300 crore ($45 million) from ADV Partners, a Hong Kong-based private equity firm. ADV will pick up a significant minority stake in Dr Agarwal’s Healthcare. Apart from providing an exit for Evolvence India Life Sciences Fund, ADV will infuse fresh equity capital into the company. Dr Agarwal’s, established in 1957, will use the fresh equity capital to expand its hospital network across India and the MENA region (Middle East and North Africa).
Caravan Evolved gets ₹8.5 crore
Caravan Evolved Craft, a premium retail brand focussed on hand-crafted apparel and accessories, has raised ₹8.5 crore in Series A from investors, including Unitus Seed Fund. The company will use the money to improve sales through its network, including flagship stores, franchisees, e-commerce and m-commerce. With this round, the company has raised ₹12 crore in equity. It has also raised ₹14 crore in debt from the National Skill Development Corporation.
Nexus, Blume invest in Turtlemint
Turtlemint.com, which has built a personalised insurance platform that provides recommendations based on proprietary algorithms and data analytics, has raised funds in a round led by Nexus Venture Partners with participation by Blume Ventures. The Mumbai-based start-up offers customers choice of hundreds of policies from over 15 insurers for car, two-wheeler and health insurance.
It plans to add life insurance and other categories during the year. Turtlemint will use the funds to scale up its technology and operations.
Kalaari launches seed programme
Kalaari Capital, a venture capital firm, has launched Kstart, a seed programme for entrepreneurs with disruptive ideas.
Kstart will nurture start-ups through a systematic programme to fast-track their growth. The Kstart programme is based on five components – fair capital, where entrepreneurs will be provided funds up to $500,000 via a convertible equity instrument; Catalysts, where founders will be put in touch with mentors to accelerate start-up growth; Partners, under which portfolio companies will have access to the platforms, technology and expertise of partners; Kstart Institute, which will help portfolio companies focus on some important aspects of building and growing technology-driven ventures; and,Respace, which is a participatory space that Kstart portfolio companies are offered. Our Bureau