Curefit collects $145 million in funding headed by Zomato

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February 15, 2022

Curefit Healthcare Pvt. Ltd., which runs the fitness platform Cultfit, has secured $145 million in a round headed by Zomato Ltd., a food delivery company.

According to regulatory filings sourced from business intelligence platform Tofler, Accel, South Park Commons, Singapore-based investment company Temasek Holdings Ltd, a few individuals, and Curefit’s cofounder, Mukesh Bansal, all participated in the fundraising. Zomato invested $100 million as part of a $1 billion investment strategy in startups. Bansal, who previously launched the online fashion shop Myntra, put $5 million into the venture.

Curefit’s market capitalization has risen to $1.5 billion from $800 million in March 2020.

Bansal and Ankit Nagori, a senior Flipkart executive who runs Curefoods, a cloud kitchen startup, established Curefit in 2016.

Curefit Healthcare is a holding company that manages multiple subsidiaries to provide a variety of fitness and health services. Sugar.Fit, a diabetic management and reversal platform, was planned to raise $10 million in a seed round led by Curefit in September, and it owns nearly 74% of it. The organization has grown to include online and offline fitness programmes and doctor consultations, lab tests, and fitness equipment.

PlanetSpark to hire over 10,000 English teachers in 2022

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February 15, 2022

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PlanetSpark, a K-12 communication skills development company, plans to hire 10,000+ English teachers by 2022. On the platform, the company has over 2,100 teachers.

Binny Bansal, Deep Kalra, Dr Ashish Gupta, Gokul Rajaram, and Shirish Nandkarni were among the entrepreneurs that participated in a $13.5 million Series-B round headed by Prime Venture Partners in December of last year. The company intends to aggressively gain market share in the $82-billion worldwide communication skills market with the latest round of funding.

The 10,000 new teachers will help the company expand its footprint in India, the United States, and the Middle East and expand into other countries, including Europe and Southeast Asia.

“India has an estimated pool of 1.8 million potential English teachers. Every year, around 4,00,000 fresh candidates enter this pool in the form of English, communication and B.Ed graduates. This provides a unique demographic advantage to build a global communication skills market leader from India,” said Kunal Malik, co-founder of PlanetSpark.

Teachers can use the edtech firm’s platform to teach international students from the comfort of their own homes. They can choose any convenient time window during the day because the company caters to students from many time zones.

“The remote working revolution has made a massive impact on the teaching industry as well. We are witnessing a phenomenon where online teaching has become a serious profession. Top-notch teachers have adopted online teaching in large numbers and they do not want to go back to the traditional offline classroom teaching,” said Maneesh Dhooper, co-founder of PlanetSpark.

PlanetSpark was founded in 2017 by XLRI alumni and hostel roommates Malik and Dhooper, who have more than a decade of experience in the growth and scale-up of companies including Unilever, UrbanClap, and Novartis. So far, the edtech business has raised $17.2 million in investment.

Blackstone bags majority stake in ASK Investment Managers

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February 14, 2022

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Advent International and other sellers have sold a majority stake in ASK Investment Managers Ltd (ASK), an asset and wealth management company, to Blackstone, the world’s largest alternative asset manager.

ASK serves clients throughout Asia, the Middle East, Africa, and Europe, and as of December 31, it managed more than $10.6 billion in assets.

In the deal, Nomura served as the exclusive financial advisor to ASK and Advent. ASK was advised by KPMG and AZB & Partners. Blackstone received advice from BCG, Ernst & Young, Moelis, Simpson Thacher & Bartlett, and Trilegal.

Amit Dixit, head of Asia for Blackstone Private Equity, said: “Asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialization of household savings and an emerging wealthy population seeking personalized financial advice and products. ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors.”

ASK invests according to a cycle-tested investment philosophy that promotes capital protection and sustained growth. Its flagship portfolio, Indian Entrepreneur Portfolio, is the country’s largest discretionary Portfolio Management Services (PMS) scheme, and it has regularly outperformed markets since its inception, along with ASK’s other strategies including Growth and India Select.

Sameer Koticha, founder promoter and chairman, ASK, said: “We are excited about the investment from Blackstone, as a long-term strategic partner. This partnership is a testament to ASK’s high-quality management team and the business we have built over decades. Blackstone’s global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly.”

Kohinoor Group acquires 32 acres of land in Pune

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February 14, 2022

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The Kohinoor Group has purchased approximately 32 acres of land in Pune’s Wagholi suburb from the Goel Ganga Group.

On the land parcel, the Kohinoor Group intends to build a residential-commercial office project.

Anarock Group, a real estate firm, acted as the transaction’s advisor. According to local brokers’ estimations, the transaction’s value is between ₹180-₹195 crores.

The land tract offers over four million square feet of development potential. On the residential front, the projected complex will primarily target middle-income homebuyers, with units priced between ₹55-₹80 lakhs.

“We are happy to have enabled this timely land transaction between two of Pune’s most prominent real estate players. Real estate development in Pune is on a sustained upswing, driven by the city’s resilient IT sector and increased demand for homeownership amid the new pandemic realities. Wagholi is a hotbed of residential and commercial real estate activity,” said Shobhit Agarwal, MD and CEO, capital markets-Anarock Group.

Vineet Goyal, joint managing director, Kohinoor Group, said, “Kohinoor Group Pune confirms purchase of 32 acres in Pune’s upcoming IT hub of new Kharadi (Wagholi) to develop a premium residential and IT office project along with a reputed school and lifestyle amenities. Wagholi is the perfect location for the project we will develop there, since it has an IT-driven clientele looking for superior offerings with state-of-the-art facilities and amenities.”

According to Anarock, land costs in the area range from ₹1800-₹2000 sq ft, and residential projects have been a mix of mid-size (200-500 units) and huge (over 500 units) over the years.

Well-established developers are looking to buy new lots to construct a development pipeline in the short to medium term, and land deals have been picking up across the leading property markets.

Lords Automative partners with Kerala Automobiles Ltd

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February 14, 2022

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Lord’s Mark Industries Pvt Ltd, a Mumbai-based manufacturer of renewable energy products, is creating a joint venture with Kerala state-owned Kerala Automobiles Ltd to expand its electric vehicle business and enter the EV infrastructure market.

Lords Automative, a Lords Mark Industries subsidiary, would own 74% of the joint venture business that will build a 1.5 million electric vehicle manufacturing facility in Kannur, with Kerala Automobiles retaining the remaining 26%.

According to Sachidanand Upadhyay, founder of Lord’s Mark Industries, the joint venture, KAL Lords Automative Vehicles Pvt Ltd, plans to create electric motorcycles, three-wheelers, as well as swappable battery stations and charging infrastructure.

“Over the next two years, the JV company will be investing Rs 200 crore in development of products and ecosystem,” he said. “Initially we need about Rs 20-30 crore… As we scale the business up, the business would demand about Rs 200 crore.”

By the end of 2022, the manufacturing facility should be operational.

In the following years, KAL Lords will introduce e-bikes, e-scooters, and e-three wheelers for both cargo and passenger use. These products will have a range of speeds from low to high, with a range of 80-130 km per charge.

The immediate goal is to meet the growing demand for electric vehicles in Kerala, with plans to extend across India and subsequently internationally, according to officials. It intends to export to Eastern Europe and Africa in the future.

They claim that KAL Lords can create and sell 40,000-50,000 electric vehicles in the next two years. It will perform R&D to produce technologically sophisticated and energy-efficient electric vehicles.

Lords Automative, which was founded in February 2019, had a revenue of Rs 22 crore at the end of FY-21. Around 4,500 electric vehicles were sold.

With the launch of the new JV, the company’s existing network of 300 dealers around the country will be expanded to 150-200 outlets. According to Upadhyay, these bases will be used as a swapping station for the company’s customers.

Kitchens@ to collaborate ITC Foods’ online foray

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February 12, 2022

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ITC Sunfeast Baked Creations and ITC Master Chef Creations have established a cooperation with Kitchens@, an Indian cloud kitchen firm. This is ITC’s first foray into the online food service industry. Kitchens@ is a digital accelerator for power food brands that offers end-to-end F&B solutions, from asset light-cloud kitchens to highly efficient last-mile delivery readiness.

ITC Foods will focus on brand building, marketing, product development, and quality processes because Kitchens@ will handle the day-to-day operations. Kitchens@ will provide comprehensive and efficient last-mile readiness through its infrastructure, technology and procurement assistance, workforce and culinary operations support, and marketing aids, all of which will be aided and guided by ITC chefs.

Kitchens@ is a food brand digital accelerator that provides infrastructure, technological integration, ingredient sourcing, culinary operations, and demand management. It enables food brands to scale quickly and achieve scale success. Mainland China, Empire, Chai Point, A2B, Domino’s, Taco Bell, and Barbeque Nation are among the 80 local and international brands linked with Kitchens@, with 12 high-demand locations in Bengaluru.

Speaking about the partnership, Saurabh Jha, CEO of Kitchens@, said, “We are proud to partner with one of the biggest conglomerates in the world. We started working with ITC on a pilot project and were successful in helping it achieve significant growth in a short period. We are thrilled that they entrusted us to support their new age online play.”

Platform 65, train theme restaurant, plans to expand its business

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February 12, 2022

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With locations in Telangana and Andhra Pradesh, Platform 65, a train theme restaurant chain, which opened its first location in November 2019, now wants to expand across the country, starting in the south gradually.

Though the restaurant serves standard multi-cuisine fare, the delivery technique to the table is distinctive and popular. After being ordered, the meal is made in the kitchen and then delivered on a miniature train. Perhaps in memory of pandemic times, the food arrives at your table undisturbed by anyone outside the kitchen—even the order is taken from a central place, thereby isolating guests.

Over six months, the company, led by co-founder Sarvesh Kumar, studied several concepts before arriving at the formula they now seek to spread across India as Platform 65, according to co-founder and managing director Sadgun Patha. “We opened our first branch at KPHB Hyderabad on November 27, 2019 and over the next two years, we opened five more branches across Telangana and Andhra Pradesh,” he said.

Franchisee-owned and company-operated or franchisee-owned and operated are the two models offered by the company. He went on to say that the company currently operates all of the restaurants that are currently open.

Patha said that his company had optimized every process and had a well-developed training programme for its 1,000-strong workforce. “At the end of the current financial year, we have six branches across Telangana and Andhra Pradesh and the plan is to expand to five or six more restaurants by the end of 2022-23,” he said, adding that they were considering Bengaluru and Rajahmundry as two potential new locations.

Platform 65 Mini and the larger Platform 65 are the two concepts. Patha explained that the mini version requires 4000 to 5000 square feet of area and can seat 100 people, while the larger version requires 7000 square feet and can seat 170 to 180 people.

Bhartiya Group aims to develop its hotel portfolio

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February 11, 2022

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Bhartiya Group founder and chairman, Snehdeep Aggarwal, addressed the company’s foray into hospitality, beginning with the recently opened Leela Bhartiya City, Hotel Convention & Residences, Bengaluru.

“In some places in the world where developers had a view, they would partner with a brand and develop hospitality hotels and resorts. We were creating a city which is much more than an amalgamation of different buildings,” said Snehdeep Aggarwal.

“I really want an Indian luxury brand and there are only two actual luxury brands from India. I met Captain Nair and then Vivek Nair and they came on board without any conditions,” he said on the subject of the brand he chose to associate with.

Bhartiya Group and Aggarwal are deeply involved in the hotel’s design and beyond. The product was influenced by the fashion side of the Bhartiya Group (they work with some of the world’s top designers) and Aggarwal’s passion for the simple things in life.

Moving on to the future of urban development in India, Aggarwal believes that changing the urban design of cities will be extremely challenging. The only option was to divide larger cities into townships and create self-contained centres; one such experiment was Bhartiya City.

The entry into hospitality began with the planning of the massive 3,000-person capacity convention centre within Bhartiya City, which brought about the need for a place for delegates to stay. He said a convention centre of that size would need 700 to 1000 rooms.

Because of the convention centre, there would be a need for more hotels—at least two more, he hinted—and though he hadn’t yet decided who to partner with for his other properties, he didn’t mind staying with Leela Hotels.

“I can do five (hotels) with Leela if my relationship is good, I can leverage the teams. bring in more efficiencies,” he said, adding that he was also seriously considering co-branding a hotel going forward. “I am not making any commitments, but we are already looking at more hotels,” he added.

DailyObjects raises $2mn in funding to expand its operation

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February 11, 2022

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DailyObjects, a global lifestyle direct-to-consumer (D2C) brand, announced that it had raised $2 million in funding from Roots Ventures, an early-stage venture capital firm.

The Gurugram-based firm intends to use the new funds to expand its design team and improve client experiences.

DailyObjects, founded by Pankaj Garg and Saurav Adlakha, employs more than 500 artisans to meet the requirements of more than 2 million customers and users worldwide.

“As we look forward to scaling up the lifestyle products/accessories in India, we will be utilizing the incoming funding to strengthen the team that has constantly innovated ahead of the curve. We are delighted with the trust and faith that Roots Ventures showed in us and are focused on taking the brand to the next level,” co-founder and CEO Garg said.

In 2022, the company claims to have grown by 300%, and it expects to reach a revenue run rate of Rs 100 crore in the next 9-12 months.

“With multiple product offerings under a single umbrella and its expansion across the world, we believe in the excitement that DailyObjects has brought in the D2C space. We are excited to be a part of their journey,” Japan Vyas, managing partner, Roots Ventures, said.

‘Care Now, Pay Later’ program revolutionizes India’s healthcare sector

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February 11, 2022

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Buy Now Pay Later (BNPL) programs have taken the credit sector by storm, with the business anticipated to expand to $50 billion in India by 2028. BNPL offers have previously been limited to financing online purchases in impulse-driven categories such as apparel, cosmetics, gadgets, food, and so on. Still, now a new fintech company called SaveIN has launched an offline BNPL product for financing need-based healthcare expenses at physical points of care, termed ‘Care Now Pay Later’ (CNPL).

SaveIN has partnered with over 200 healthcare providers in Delhi, Gurgaon, and Noida to make healthcare more accessible and affordable. Dental, Eye Care, Veterinary, Diagnostics, Dermatology, Hair Clinics, Fertility, Physiotherapy, and Fertility are among the key health segments addressed.

SaveIN’s growth plans include making excellent treatment more affordable by enabling millions of individual healthcare providers from various segments to offer fast, point-of-care flexible payment solutions, resulting in India’s most integrated healthcare financing ecosystem.

Over 70% of Indians prefer private healthcare, so it’s no wonder that healthcare costs account for $40 billion in out-of-pocket spending each year. It also doesn’t help that insurance penetration is less than 1% of GDP. This places a great deal of financial hardship on many people, especially in the case of emergency or unanticipated demands. Buy Now Pay Later (BNPL) services offer a substantial opportunity and a much-needed solution for both customers and medical providers in the healthcare industry.

Jitin Bhasin, Founder & CEO, SaveIN, said, “Indians across demographic profiles are becoming increasingly sensitive to their physical and mental well-being. We at SaveIN are committed to deliver on-demand credit and flexible payment options to Indians, thereby facilitating timely and quality healthcare for all, no matter the circumstance. SaveIN, with a reliable, verified and fast- growing partner network, would offer 100% digital, flexible deferred repayment options at points of care across the country. With CNPL, one can avail zero cost payment options while availing healthcare products and services at providers near them. We have seen tremendous initial feedback from our healthcare partners and customers alike.”

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