Bengaluru-based insurtech startup Covrzy has received a direct broking license from IRDAI, enabling it to offer comprehensive business insurance solutions in India. Founded by Ankit Kamra and Veera Thota, Covrzy raised $400K in pre-seed funding and serves over 500 clients, including Redcliffe Labs and Karboncard.
Thyrocare Acquires Polo Labs’ Pathology Diagnostic Business
Thyrocare has acquired Polo Labs’ pathology diagnostic business to expand into Northern India. Thyrocare, acquired by API Holdings for $613M in 2021, aims to enhance diagnostic capabilities. Polo Labs operates 14 labs in Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir. Founded by Arokiaswamy Velumani, Thyrocare serves over 2,000 cities worldwide.
Nasher Miles Raises $4 Million in Bridge Round to Series A
Digital-first luggage brand Nasher Miles has raised $4 million from investors, including Singularity Early Opportunities Fund and others, at a $30 million post-money valuation. The funds will support omnichannel expansion, aiming for 1,000 multi-brand outlets and 3-5 exclusive stores, and boost domestic manufacturing to 75% by December 2024.
CRED Launches Financial Management Platform CRED Money
Reward-based payments platform CRED has launched CRED Money, a financial management platform that consolidates balances and transactions from multiple bank accounts, wallets, and UPI IDs. Built on the account aggregator framework, it enables secure, encrypted sharing of financial information and helps users track investments, recurring payments, and spending patterns.
Yubi Expands ESOP Pool to Attract Talent
Fintech unicorn Yubi has added 22,00,000 employee stock options (ESOPs), increasing its total ESOP pool to 60,08,920 options. The additions include 11,00,000 options to the existing 2022 plan and a new 2024 ESOP plan with another 11,00,000 options, worth approximately $26 million.
Emami to Acquire 100% Stake in The Man Company
Emami is set to acquire a 100% stake in men’s grooming brand The Man Company for around Rs 400 crore. This marks Emami’s first complete acquisition in the D2C space. Emami already held over 50% of The Man Company as of July 2022.
Clarapath Raises $36M in Series B-1 Funding
White Plains, NY-based medical robotics company Clarapath raised $36 million in Series B-1 funding led by Northwell Ventures, with participation from CU Healthcare Innovation Fund, Mayo Clinic, and Ochsner Ventures. The funds will accelerate the commercialization of SectionStar™, expand sales and service, enhance precision manufacturing, and continue R&D efforts.
Key Highlights of Union Budget 2024-25 for Startups and MSMEs
Finance Minister Nirmala Sitharaman’s Union Budget 2024-25 includes significant provisions for startups and MSMEs:
- Abolition of angel tax for all investors from April 1, 2024.
- Rs 2 lakh crore central outlay for MSMEs.
- Simplified FDI and overseas investment rules.
- Increased LTCG and STCG tax rates.
- Corporate tax on foreign companies reduced to 35%.
- New ESOP reporting exemptions and changes to buyback taxation.
Unimech Aerospace Raises $30 Million in Maiden Funding Round
Unimech Aerospace raised Rs 250 crore ($30 million) from Steadview Capital, ValueQuest Scale Fund, and Evolvence India Fund. The funds will support organic and inorganic growth. The Bengaluru-based aerospace manufacturer, led by Anil Puthan, plans to go public, targeting a revenue of Rs 200 crore by FY24.
Captain Fresh Acquires Poland-Based Salmon Producer Koral
Seafood supply chain firm Captain Fresh acquired Poland’s Koral, a branded salmon products producer, from Abris Capital Partners and founder Boguslaw Kowalski. The deal awaits regulatory approvals. This follows Captain Fresh’s acquisitions of CenSea and Senecrus. Launched in 2020, Captain Fresh is backed by investors like Tiger Global, having raised $165 million to date.