India Digest: Placio buys Paco Meals; iNICU, Genext Students, Kinara raise funds

Photo: Reuters

Placio has acquired subscription-based food startup Paco Meals and raised $50,000 in a seed funding round for the new food business. Other startups to raise funding include medical devices technology company iNICU, edtech startup Genext Students, and NBFC Kinara Capital.

Placio acquires Paco Meals, raises funding

Noida-based student housing startup Placio has acquired subscription-based food startup Paco Meals and raised $50,000 in a seed funding round for the new food business.

Placio will help Paco Meals extend its services to the former’s captive audience, B2B partners in student housing market, and scale up operations, it said in a statement on Tuesday. The takeover of Paco Meal provides Placio with a team of culinary professionals and equipped facilities to develop menus that meet a multitude of tastes, it added.

Founded in March 2016 by Rohit Pateria and Ankush Arora, Placio was incubated by Amity Business Incubator and currently manages 15+ properties.

Venture Catalysts invests in iNICU

Venture Catalysts has invested an undisclosed amount in medical devices technology company iNICU (integrated Neo Natal Intensive Care Unit), it announced on Tuesday.

The key investors who participated in the funding round for iNICU include Vishal Jhunjhunwala¸ Vikas Khandelwal, Dipan Dalal and Vikas Kapoor, among others. iNICU is an integrated solution, which automatically captures real-time clinical data from connected devices, laboratory results, and bedside clinical observations. Further, it analyses this data in medically comprehensive and user-definable formats to provide rapid, real-time clinical decision support to the medical practitioners treating pre-term infants. 

Genext Students raises $250K

Edtech startup Genext Students has raised $250,000 in a bridge round from undisclosed investors, it announced on Tuesday.

With this round of funding, Genext Students will look to bolster its existing services and strengthen its market presence. In terms of tech integration, it will expand the role of AI and other tech tools that will be useful for tutors to deliver much better and measured learning outcomes, it said in a statement.

Genext Students enables personalized learning for students and claims to provide real-time progress updates to parents. Its services are live in Mumbai, Pune, Bangalore, Hyderabad and Lucknow with 70,000+ hours of tutoring being clocked over the past two years. In addition, it also claims to have over 1.25 million users of its digital study content.

responsAbility backs Kinara Capital

Non-banking financial company Kinara Capital has raised debt funding of Rs 32 crore (about $5 million) via non-convertible debentures from Zurich-based responsAbility Investments, an asset manager specialising in debt and equity financing for private firms, reported The Times of India.

Founded in 2011 by Hardika Shah, Bengaluru-based Kinara Capital provides loans ranging between Rs 1 lakh and Rs 25 lakh to micro, small and medium enterprises. In October last year, it had raised Rs 96 crore ($15 million) in a funding round led by private equity firm Gaja Capital. The company claims to have serviced 15,000-plus customers in six states with a loan portfolio of Rs 450 crore.

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.