Icanheal and Frendy Raise Early-Stage Funding The Indian startups listed below have disclosed investment rounds.

Icanheal Secures INR 15 Cr Funding from IvyCap Ventures

Icanheal, a healthcare financing and patient navigation platform, has raised INR 15 crore in a seed round from IvyCap Ventures.

This investment aims to bolster Icanheal's platform, enhancing its capabilities to cater to millions of patients, particularly those facing critical care diseases like cancer, by providing customised healthcare financing solutions.

Girish Poddar and Amit Backliwal, Founders of Icanheal, commented, "Healthcare in India is evolving rapidly, and our platform aims to make advanced treatments more affordable and accessible to all patients. This funding will enable us to scale our operations and further our mission of improving healthcare outcomes nationwide."

Icanheal is a healthcare financing and patient navigation platform in India. It claims to enhance treatment affordability and adherence through tailored financing solutions and integrated patient navigation, improving patient outcomes and reducing healthcare costs.

Vikram Gupta, founder and managing partner at IvyCap Ventures, will join the startup's board.

"Icanheal's unique approach to improving healthcare affordability through customised financing solutions resonates deeply with our mission. By democratising access to advanced medical treatments and enhancing patient adherence, Icanheal is poised to make a significant impact in the healthcare sector," said Gupta.

Frendy Secures INR 2 Cr Working Capital Credit from UC Inclusive Credit

FRENDY, a tech-enabled grocery chain catering to daily shopping needs in Tier III and beyond cities, has secured INR 2 crore as working capital credit from UC Inclusive Credit (UCIC), the NBFC arm of Unitus Capital. This adds to the total INR 42 crore the company has raised, including debt.

The capital will be used to support central inventory for its network of Frendy Marts and Micro Kiranas in tier III+ towns across Gujarat.

Sameer Gandotra, Founder and CEO of Frendy, said, "As we aim to scale our business 4x, we intend to raise equity and expand our credit lines. We have achieved close to 40 annual turns of inventory at our central warehouse as we use our proprietary tech-enabled Auto Replenishment System (ARS) to restock out Marts and serve the Micro Kiranas. Such high inventory turns allows us to finance our central inventory with a credit facility."

Founded in 2019 by Sameer Gandotra, Harshad Joshi, and Gowrav Vishwakarma, Frendy recently introduced fast food, beverages, bakery items, and children's entertainment at its marts.

The Ahmedabad-based startup currently operates 25 marts and over 2000 micro-kiranas across rural Gujarat, with plans to expand to 100 marts and 3000 micro-kiranas within the next year. Frendy reported a revenue of INR 82 crore for FY23 and aims to double its sales as it expands geographically.