India Dealbook: Doctor Insta gets $500k; SIDBI bets on RCI Cash Management; Omidyar invests in Swarna Pragati

Doctor Insta has raised $500,000 from angel investor Rishi Parti and California-based venture capital firm Brahmax Ventures, while RCI Cash Management has raised an undisclosed amount in funding from SIDBI’s venture capital arm. Chennai-based Swarna Pragati Microfinance Pvt Ltd has raised an undisclosed amount in a series B round of funding from Omidyar Network and Bangalore-based private equity firm Zephyr Peacock.

Doctor Insta gets $500k from Rishi Parti, Brahmax

Video medicine service firm Doctor Insta has raised $500,000 (about Rs 3 crore) in a pre-Series A round of funding from angel investor Rishi Parti and California-based venture capital firm Brahmax Ventures.

The company, which launched its services in India this month, is planning to raise additional $1-2 million for future expansion, according to a statement.

While the fresh funds raised are being invested in research and deployment of the product, the future fund raise will be used in expanding the existing workforce, and in marketing and promotional activities.

Doctor Insta is a video-medicine company that aims to bridge the gap between doctors and patients through a digital platform where they can come together, interact and discuss on a particular problem.

SIDBI’s VC arm invests in RCI Cash Management

Cash management service provider RCI Cash Management has raised an undisclosed amount in a series A round of funding from Small Industries Development Bank of India (SIDBI), as per a statement.

SIDBI has routed the investment through its venture capital fund India Opportunities Fund in the form of convertible instruments. Intellecap was the exclusive advisor to RCI Cash Management on this transaction.

The three-year-old startup plans to use the funds to strengthen presence in cash replenishment services and to enter the cash delivery and pickup segment and cash-in transit business for banks as well as large and medium corporate customers. It currently provides cash replenishment services to about 5,000 ATMs in select states.

Founded in 2012 by Sudip Kumar and Pawan Gupta, RCI Cash Management is leveraging on the existing branch network of more than 50 branches of group company, and has presence in 17 states and 1000+ cities.

Omidyar invests in Swarna Pragati Microfinance

Chennai-based Swarna Pragati Microfinance Pvt Ltd has raised an undisclosed amount in a series B round of funding from Omidyar Network, the philanthropic investing firm of eBay founder Pierre Omidyar, and Bangalore-based private equity firm Zephyr Peacock.

The round also saw participation from existing investors Aavishkaar Goodwell II, Intellecap Impact Investment Network and a few high net worth individuals.

Set up and promoted by a team of senior bankers led by A Ramesh Kumar, former CGM of State Bank of India and chairman of NABARD’s National Committee on Rural Habitat, Swarna Pragati provides housing finance specifically to rural households and addresses the pain points of operating in the rural India.

The company will use the funds to enhance its operations in existing locations and to expand to other states. Omidyar invests in areas such as consumer internet and mobile, entrepreneurship, financial inclusion, governance and citizen engagement, and property rights.