Good morning y'all, hope everyone is hyped for the Reliance Annual General Meeting today (I surely am). I'm quite intrigued to see if we see any announcements in the AGM today, but coming to the day's news we have 2 cos raising money in the B2B marketplace co & an insurance tech co.
➡️ B2B Agricultural commodities trade platform Procol has raised ₹28.65 Cr in a new round led by Sequoia Surge with participation from Beenext & Blume Ventures.
➡️ Surge led the round investing ₹12.53 Cr followed by Beenext investing ₹10.74 Cr & Blume Ventures investing ₹5.37 Cr. With the new investment Procol's valuation stands at about ₹126 Cr (~$16.71M).
➡️ Procol's core product is a mobile-based procurement app for agricultural products (i.e food grains). The platform brings together buyers, sellers, traders & brokers in a multi-sided marketplace.
➡️ The company's flagship product, AgriBid, claims to have a gross merchandise value of ₹1,200 Cr and it is used by the likes of Haldiram’s, BigBazaar and Golden Harvest across 100 cities.
➡️ It is also worth noting that a majority of the company revenue in FY19 came from the Future Group where Gaurav Baheti's (co-founder) uncle sits on the board. I personally don't see anything wrong with using networks to build & grow one's company, in this case it makes a lot of sense especially in an industry probably more resistant to change.
2. https://bit.ly/32ic07V: Insurance-tech startup Plum Benefits raises ₹7 Cr
➡️ Insurtech co Plum Benefits has raised ₹7 Cr in a seed round. The round was led by Incubate Fund with Gemba Capital and Tracxn Labs participating along with a couple of angel investors.
➡️ Plum lets companies set up group health insurance plans and does so by helping employers & employees with policy flexibility & transparent pricing. It is currently working with 9 insurers and has already signed up 100 companies within a couple months or launch.
➡️ The company has seen some early traction and plans to use the capital to scale up its biz & engineering teams. The company aims to be the de-facto platform for company health insurance (I'm curious how they are thinking about distribution & networks) and could expand to SE Asia & LatAm.
➡️ There seems to be some buzz in the insurance space currently (and not just Lemonade's IPO) with a couple of companies raising capital in recent times (Acko, Digit, Nova as one of my friends pointed out). Health insurance in India (to me living in India) has not been as top of mind for folks so it's interesting to see companies to spin out in the space offering a much better product & service.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/anmolm_/status/1283258824514666496
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