Genomics research and diagnostics firm MedGenome is raising $10 million in funding while fintech startup HomeCapital has secured an undisclosed sum from Venture Catalysts. Flipkart’s board has approved a share buyback plan to repurchase employee stock options (ESOP) of $100 million.
MedGenome raising $10m funding
“We will use the funds to accelerate the company’s journey towards biomarker discovery programmes and also reach precision medicine,” MedGenome chairman Sam Santhosh told PTI.
In August, the company had raised $30 million in a Series C round led by existing investor Sequoia Capital and new investor Sofina SA. Another existing investor, Zodius Capital, had also participated in the round, as did Zodius Capital, Kris Gopalakrishnan of Infosys, and Lakshmi Narayanan, former CEO of Cognizant.
In 2015, MedGenome had raised $20 million in a Series B round of funding from Sequoia Capital. Prior to that in 2013, the company, which operates as a subsidiary of Kerala-based SciGenom Labs Pvt. Ltd, had secured $4 million in its Series A round from Emerge Ventures and Papillon Capital.
Fintech firm HomeCapital gets funding from Venture Catalysts
Venture Catalysts has invested an undisclosed amount in fintech startup HomeCapital, which focuses on home down-payment assistance to first-time home buyers.
The funding was led by angel investors Anuj Golecha, Gaurav Gandhi, Ram Joukani, Gaurav Singhvi, Vishal Jhunjhunwaala, Anudeep Jhunjhunwaala, Brijesh Thakkar, Revathi Roy, Jagidsh Gothi, Dipan Dalal, and others on behalf of Venture Catalysts, a seed investment and innovation platform.
Founded by IIM Calcutta alumnus Lalit Menghani, HomeCapital claims to cater to 75 per cent of the supply in residential real estate across Delhi-NCR, MMR, Bangalore, Pune, and Chennai.
“The funds secured in this round will help us develop our brand, scale up our current infrastructure and enhance our product besides entering into strategic tie-ups with financial partners to emerge as every home buyer’s preferred destination for meeting their down payment needs,” said Lalit Menghani, founder, HomeCapital.
Flipkart board approves $100m ESOP buyback plan
E-commerce major Flipkart has received its board approval to buy back employee stock options (ESOP) worth $100 million.
“Besides Flipkart, employees of subsidiaries like online fashion retailer Myntra and payments unit PhonePe will also be a part of the repurchase programme which is expected to close by December,” The Economic Times reported citing sources. The plan will benefit around 6,000 employees including current and former staff.
This comes soon after the e-commerce firm closed its $4 billion funding round from Japan’s SoftBank Corporation and Chinese internet conglomerate Tencent.