Grocery startup Avenue 11 has raised Rs 26 crore ($3.59 million) from Brand Capital while Cyclops Medtech has raised $1 million from impact investment fund Unitus Ventures.
Avenue 11 raises $3.6m from Brand Capital
Bengaluru-based online-to-offline grocery company Avenue 11 has raised Rs 26 crore ($3.59 million) in funding from Brand Capital, the strategic investment arm of Indian media house Bennett Coleman & Co. Ltd (BCCL).
The proceeds will be used by the startup for geographical expansion and to strengthen its brand presence. Founded by Korean expat Nakkyun Chong, Avenue11 is currently present in south and east Bengaluru. It claims to have a customer base of 35,000 people, and a monthly GMV of Rs 90 lakh.
The platform delivers fresh produce and vegetables, staples, snacks, personal care products, and home essentials.
Unitus invests in Cyclops Medtech
Existing investor CP Bothra, the chairman and managing director of generic drug manufacturer Medreich Pharma, also participated in the round.
The funding will help Cyclops Medtech scale up BalanceEye installations across India, primarily in tier 2 and 3 cities. In addition, the company will also focus on capturing other markets in Asia with a target of 1,000 installations over the next 5 years. It is also working on three other products in the neuro-vestibular space.