North-based startups on fund-raising spree

Vijay C Roy

Tribune News Service

Chandigarh, November 24

Despite the pandemic and ecosystem constraints in the northern region, deal flow is driving the startup community. In the past few months, they not only managed to attract investors but were also successful in buyouts.

The latest to join the fund-raising bandwagon is Mohali-based Grainpad (P) Ltd which has raised funds from Solarus Group at a valuation of Rs 101.74 crore. It was backed by Punjab Government’s Startup Punjab Hub (Neuron).

The company has developed an artificial intelligence-based product ZINI which can be used in OPDs and hospital waiting areas for redirecting patients to the right specialty, thus saving both doctors’ and patients’ time.

Dr Rohit Sharma, CEO and managing director, Grainpad, said, “We have been a part of Neuron at STPI Mohali since 2018. The continued support and efforts of the whole Startup Punjab team has helped us reach this far.”

He said the recent recognition and seed grant of Rs 3 lakh by Startup Punjab gave their company boost for further establishing their validation in international markets.

Similarly, in August this year, Mohali-based AgNext Technologies raised $21 million in Series A funding. It was led by Alpha Wave Incubation fund, which is backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in the Series A round.

Last month, Mohali-based startup Finvasia announced its investment in Gini Health, a Canada-based healthcare technology firm.

Wooing investors amid pandemic

• Mohali-based startup Grainpad (P) Ltd has raised funds from Solarus Group at a valuation of Rs101.74 crore
• In August, AgNext Technologies, another Mohali-based startup, raised $21 million in Series A funding

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