‘This week in LetsVenture’ comes to you with all the news and updates, including new investments from the LetsVenture portfolio. This week was particularly special for us at LetsVenture, as we invested in two startups, HealthySure and SpeEdLabs, while our portfolio startup Melorra raised Series D from some of the industry's biggest names.
Both fintech and edtech are expected to scale rapidly in India. The global fintech market is poised to hit $332.5 billion by 2028 with a compound annual growth rate (CAGR) of 19.8% throughout the forecast period. While healthech has been on the investor cards from the past five years, reports suggest the pattern will continue.
On that note, here are the highlights of the week.
Adding another feather to our cap - HealthySure!
Startup Name: HealthySure
Sector: Healthtech & Insurance
Founders: Anuj Parekh and Sanil Basutkar
Growth Factor: HealthySure has witnessed a surge of demand post-COVID for employee health security and has generated over $1 million of business in less than a year of operations. The company foresees 4X growth covering over 400 organizations and 100,000 lives in the coming year.
Letventure has invested Rs 50 crore in HealthySure along with Co-founder of Pockets Aces Aditi Shrivastava; Co-founder of Fynd Sreeraman Mohan Girija; Founder of Clovia Pankaj Vermani; and Sachin Shetty of Giva.
Healthtech is a sector that’s poised for unparalleled growth in the coming years. The startup has witnessed a surge in demand post-COVID for employee health security and has generated over $1 million of business in less than a year of operations. The company foresees 4X growth covering over 400 organizations and 100,000 lives in the coming year.
HealthySure is a comprehensive employee benefits platform founded by IIM-ISB alumni (Anuj Parekh and Sanil Basutkar), converging health security and health management for corporate employees. They’ve recently launched India's first comprehensive, unified health insurance product that aims to shift the paradigm of corporate health insurance in the country.
Healthysure’s vision stands at providing universal healthcare inclusion through insurance and technological innovations.
D2C jewelry startup Melorra raises $16 million in Series D
Startup Name: Melorra
Sector: D2C (ecommerce)
Founders: Saroja Yeramilli
Growth Factor: Growing at 200 percent CAGR, Mellora clocked a revenue of over Rs 360 crore in FY 22. It has a presence in 718 districts in India and more than 2800 towns.
Our portfolio startup Melorra has raised $16 million in Series D from Axis Growth Avenues AIF-I, SRF Family Office, and existing investors. Anupam Mittal was the lead with LetsVenture’s investment in Melorra.
Growing at 200 percent CAGR, Mellora clocked a revenue of over Rs 360 crore in FY 22. It has a presence in 718 districts in India and more than 2800 towns.
The startup was founded in 2015. It’s a company that styles jewelry for the contemporary wardrobe.
Melorra enables global trend-spotters to spot styles that'll make the cut for today's fashion scene across global runways like Paris and Milan.
India's leading and technically advanced jewelry manufacturers have partnered with the startup to use 3D printing to provide an accurate and elegant finish to their products.
We’ve invested in SpeEdLabs along with the biggest names in the industry
Startup Name: SpeEdLabs
Founder: Vivek Varshney
Growth Factor: In just 8 months, SpeEdLabs was able to grow their revenues 10X. The startup now has over 3000+ clients and is well on its way to hit Rs 1.5Cr in revenue by June 2022.
We’ve invested in AI-based edtech platform SpeEdLabs along with Mumbai Angels, Ecosystem Ventures, and SucSeed Ventures
The startup enables Artificial Intelligence and Machine Learning to provide customized and highly engaging practice platforms and learning resources.
In just 8 months, SpeEdLabs was able to grow its revenue 10X. The startup now has over 3000+ clients and is well on its way to hit Rs 1.5Cr in revenue by June 2022.
Founded by IIT/IIM alumni with extensive teaching experience, Speedlabs believes in the vision of giving each student what they need and education for all.