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Fosun To Focus On Emerging Start Ups In India

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Fosun International Ltd., a Chinese conglomerate, founded in 1992, recently, expressed an interest to invest in the early stage start ups in India. Fosun is engaged in financial, property, steel and healthcare business. The Chinese investment company is looking forward to the Indian startup ecosystem as it has immense potential to grow further, in the near future. Previously, Fosun was eyeing mid and late staged equity investments in India. However, from now onward, it will focus on those ventures that are in their initial stages. Not only that but the Chinese company is also building a team to look for various opportunities in India.

According to the Managing Director and Head of Fosun, Mr. Tej Kapoor, the company is in the process of closing three deals where the amount is expected to be in an enormous sub million range. In the beginning, Fonus had invested in various firms including Delhivery, MakeMyTrip, Kissht and Ixigo. Mr. Kapoor said Initially, our focus was Series B and other public equity deals… Now, we are going to go into an even earlier stage… These are going to be super angel or seed rounds. These are based on our specific knowledge of sectors that we have great experience of in the Chinese market.

The upcoming investments would be made through Fosun’s venture, Fosun RZ Capital. This venture paved its way in India 18 months ago with its main focus on early stage investments, Fosun, going forward, will focus a bit more toward the emerging start ups when compared to the mid and late stage ventures!

Mr.Kapoor added,

We are extremely pragmatic and value conscious and are not going to get into a bidding war. We are careful about the valuations that are offered, as well as the value add that we can bring to the table.

The Chinese company is in the process of boosting up its team in the country. The team is likely to consist of nine members who would look for emerging start ups in the Delhi NCR, Mumbai and Bengaluru in the coming months.

 

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Online Health Tech Firm 1mg Acquires Healthcare Startup Dawailelo

Ramya GovindRaj

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online health tech startup,healthcare startup Dawailelo,Startup Stories,2017 Latest Business News,healthcare startup ideas,sequoia capital,Online health tech

The online health care firm based in Gurugram, 1mg has acquired Varanasi based Dawailelo.com for an undisclosed amount in an effort to expand its operations to Tier II and Tier III cities across India. This acquisition comes close on the heels of the health tech firm 1mg’s recent $ 15 million Series C funding round led by HBM Healthcare Investments. This round also saw participation from existing investors Sequoia India, Maverick Capital Ventures, Omidyar Network and Kae Capital.

Run by DL Lifecare Pvt., Ltd., Dawailelo is a tech based facilitator that helps users connect with medical stores, doctors and pathology labs through its website and app. Dawailelo, which was co founded by the duo Aditya Agrawal (CEO) and Arpit Sarin in 2013, raised Rs. 35 lakhs in seed funding in February last year. Speaking about the acquisition, CEO Aditya said, “We’re looking forward to working with the 1mg team and establish an efficient and stable digital healthcare channel in the Tier II and Tier III towns of the country.” Cofounder Arpit added that it’s a good time to collaborate with 1mg and consolidate their efforts towards the common goal of delivering best healthcare services to the people.

Online technology pharmacy store 1mg backed by Sequoia Capital is India’s largest digital health platform. Prashant Tandon, CEO of 1mg, speaking about the acquisition said the team at Dawailelo has done a great job at understanding the requirements of the customers and have created a unique model that suit Tier II and Tier III cities very well. 

Dawailelo will be 1mg’s fourth acquisition, having previously acquired super specialty ehospital MediAngels, diagnostic and imaging tests marketplace Medd.in and ayurvedic and homeopathic medicine portal Homeobuy. The company, which is keen on building a pan India presence rapidly, has raised $ 37 million in funding till now. Their mobile app has been downloaded more than 10 million times from the App Store and PlayStore. 1mg, which competes with NetMeds, mChemist, Pluss, Medikoe and BigChemist, also launched their own diagnostics services recently.

The Dawailelo team will be working with the 1mg ePharmacy team and will be reporting to the Chief Operating Officer, Tanmay Saksena.

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