India Digest: InnoVen backs PharmEasy; Kalaari invests in Vokal; AutoGrid bags $32m

Photo: Reuters

Online pharmacy startup PharmEasy has raised $5.5 million in venture debt funding from InnoVen Capital while Vokal has raised $6.5 million in a Series A round of funding led by Kalaari Capital. Also, artificial intelligence startup AutoGrid has bagged $32 million in Series D funding.

PharmEasy raises $5.5m from InnoVen

Online pharmacy startup PharmEasy has raised $5.5 million (Rs 40 crore) in venture debt funding from InnoVen Capital, as per media reports. The funding proceeds will be used for working capital needs and inventory. Earlier in March, PharmEasy had reportedly raised around $30 million in a Series C round led by Bessemer Venture Partners with participation from Orios Venture Partners, JM Financial, Manipal Education and Medical Group and Trifecta Capital. Founded in 2015 by Dhaval Shah and Dharmil Sheth, PharmEasy is run by 91 Streets Media Pvt. Ltd. The startup connects patients with pharmacy stores.

Vokal raises $6.5m led by Kalaari Capital

Vernacular knowledge-sharing platform Vokal has raised $6.5 million in a Series A round of funding from venture capital firm Kalaari Capital. The round also saw participation from Shunwei Capital, 500 Startups, Accel India, and Blume Ventures. The funding comes very close to the Series A round raised by China’s Shunwei Capital in July. Founded in 2015 by Aprameya Radhakrishna and Mayank Bidawatka, the startup plans to use the funds to launch in multiple languages in the next few months. Vokal already boasts of more than 300,000 questions with over 1,000 of them pouring in every day on varied topics, it said.

AutoGrid bags $32m Series D funding

Bengaluru-based artificial intelligence startup AutoGrid has raised $32 million in a series D round of funding from a clutch of investors including Hong Kong-based CLP Holdings, Germany-based energy company Innogy, Danish renewable power developer Ørsted, and Tenaska, a US-based independent power producer, according to a statement. All existing investors including Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON and Foundation Capital also participated in the round. With the latest round, the company has raised a total of $75 million in funding till date.