Funding news
PlatinumRx secures $800,000 in funding
PlatinumRx, a Bengaluru-based healthcare startup, has raised $800,000 in a seed round from India Quotient, with participation from several prominent angel investors.
The startup plans to use the funds to enhance its warehousing and distribution network. It will also expand its presence across India and increase its product offerings. PlatinumRx delivers to 20,000+ pin codes within 2-3 days and provides same-day delivery in Bengaluru, as per a statement.
Other news
JSW One Platforms appoints Ranjan Pai as independent director
JSW One Platforms, part of the $23 billion worth JSW Group, has appointed Ranjan Pai as an Independent Director on the Board where he will provide strategic guidance and insights.
Pai, with experience in education, healthcare, entrepreneurship, and investment, is an educationist, entrepreneur, institution builder, and investor. He is Founder and Chairman of the Manipal Education and Medical Group (MEMG), an Indian conglomerate spanning education, healthcare, research, and private investments.
Freo records Rs 350 Cr revenue in FY24
Freo, a digital banking platform, reported a gross revenue of Rs 350 crore for the fiscal year 2023-24. Over the past five years, Freo’s gross revenues have increased by fivefold, and the company has been profitable for the last four months since December 2023.
While fee-based revenue now accounts for over 45% of the company’s total revenue, 55% comes from interest-bearing products, strengthening overall profitability.
With a pan-India presence in over 1,200 cities, Freo’s user base increased from 15 million in FY22 to 25 million by the end of FY24. Its contribution margins have increased from 16% in Q4 FY23 to over 40% in Q4 FY24.
Recently, Freo secured an investment from SIDBI, the bank’s first such investment in the fintech sector.
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Invest4Edu onboards Hemika Tanwar, Chintan Kotak as co-founders
Invest4Edu, an education planning and study abroad consultant company, have onboarded Hemika Tanwar as Co-founder and Chief People Officer, along with Chintan Kotak as Co-founder and Global Business Head.
Tanwar comes with over 15 years of experience in nurturing and leading people to achieve organisations’ goals and building an inclusive culture. Kotak has over two decades of experience in business and sales, making ventures profitable, scaling businesses, forging strategic partnerships, and pioneering innovative business strategies.
Tanwar has a postgraduate degree in human resource management and has worked in organisations like IIFL Finance, IndusInd Bank, and Reliance Retail. Kotak has an MBA in finance and has previously worked as senior director at IIFL Securities and in leadership positions with Kotak Securities and Motilal Oswal Securities
CredAble achieves an aggregate throughput of $8B
CredAble, a working capital tech platform, said it achieved a milestone of aggregate throughput worth $8 billion for the financial year 2023–24.
The company maintains an industry-leading average invoice period accelerated by 73 days and has processed over 2.5 million invoices on its platform.
Recently, the company secured partnerships with major banks across the MENA and APAC regions.
(The copy will be updated with the latest news throughout the day.)
Edited by Suman Singh
