India Dealbook: Caravan raises $1.2m from Unitus, others; Medikoe gets $100k angel funding

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Bengaluru-based Caravan Craft Retail Pvt Ltd has raised $1.2 million from Unitus Seed Fund, an India-focused early stage venture fund, existing investors and others. In a separate deal, Healthcare start-up Medikoe has raised $100,000 in angel funding from Anil Menon, the CEO of CMS Computers Ltd.

Caravan Craft raises $1.2m from Unitus Seed Fund, others

Bengaluru-based Caravan Craft Retail Pvt Ltd has raised $1.2 million (about Rs 8.5 crore) from Unitus Seed Fund, an India-focused early stage venture fund, existing investors and others, according to a statement.

Others investors who took part in the round include Bijou Kurien, ex-CEO of Reliance Retail, and Narayan Ramachandran, former chief executive of Morgan Stanley India.

In addition to this, the startup has secured $2 million (about Rs 14 crore) in debt from National Skill Development Corporation.

The funds will be used by Caravan to expand its presence in other Indian cities as well as international markets. It is currently operating three stores in the country, one each in Bengaluru, Pune and Mumbai.

Founded in 2008 by Kunal R Sachdev, Caravan Craft is a single-brand retail concept venture that aims at developing and creating craft products for the Indian urban class. The advisory board of Caravan counts Ramachandran, Kurien, and Ananth Raman, UPS Fellow at Harvard Business School, among its members.

Heathcare start-up Medikoe gets $100k in angel funding

Healthcare start-up Medikoe has raised $100,000 in angel funding from Anil Menon, the CEO of CMS Computers Ltd, according to a report in The Hindu Business Line.

The Bengaluru-based start-up will use the funds to expand its operations in Mumbai and NCR by the end of this year, and to enter 20 more cities by March next year.

Founded by Sreevalsan Menon and Raman Shukla in July this year and launched in October, Medikoe is an online healthcare services discovery platform that connects consumers with hospitals, diagnostic centres, pharmacy and wellness chains besides offering integrated deals.

The start-up claims to have achieved a user base of 1,800 people with more than 20,000 searches on the platform within one month of its launch. Medikoe’s services and offers can be availed pan India including in tier-II and tier-III cities.

Some of its key partners in the healthcare space include Manipal Hospitals, Jiyo Natural, NM Medical Diagnostic, Nightingales Home care, Positive Homeopathy, etc to name a few and clocks.