India Digest: Avenue 11 raises $3.6m from Brand Capital; Unitus invests in Cyclops

Photo: Reuters

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

Bangalore-based Cyclops Medtech Pvt. Ltd has raised $1 million in fresh funding from impact investment fund Unitus Ventures, said media reports.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.