The Venture Codex

Participated · Seed · Oct 2024

Plum operates an employee health benefits platform focused on improving the insurance claims experience and delivering employer healthcare services. The company automates claims processing—reporting that 78% of claims are resolved without human intervention—and has processed over 500,000 claims, while reducing median cashless hospital discharge times and accelerating reimbursement turnaround to 1.5 days. Plum contests denied claims and reports favorable outcomes in 88% of disputed cases, recovering over Rs 10 crore in the past year. It serves more than 6,000 organisations including large customers such as CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork, and Zomato. Plum plans to use recent funding to expand talent and technology, scale AI-led claims operations, deepen HR and payroll integrations, and broaden offerings into preventive care, primary care, mental wellness, and telehealth. The company was founded in 2019 and reported its first full year of EBITDA and cash flow profitability ahead of this raise.

Participated · Series A · May 2021

Borderless, formerly known as Stockal, runs a cross-border investing platform that continues to trade under the Stockal brand. The service allows affluent individuals in emerging markets to invest abroad and, through forthcoming product extensions, aims to help them save on travel, education, and healthcare expenses. The Bangalore-based company works with more than 100 financial institutions and fintech partners and currently supports over 160,000 global capital accounts. To date it has processed US$2 billion in transaction volume and serves customers across 18+ countries. Borderless has raised roughly INR 100 crore in cumulative funding from investors such as July Ventures, AROA Ventures, HDFC, and Hashed Ventures. Management is in discussions for a prospective INR 120 crore Series B round to commercialize its expanded offering. The freshly secured bridge capital will primarily fund additional product development.

Participated · Series B · Jun 2020

Slice issues physical and virtual cards aimed at millennials and lets professionals and students buy collateral-free goods and services on estimated monthly installments (EMIs) via an app to build credit scores. The company is led by co-founder Rajan Bajaj and is Bengaluru-based. In November 2021 Slice’s Series C valued the company at over $1.5 billion; the article reports $340 million raised to date. Slice has pursued financial-sector expansion, including a March 2022 acquisition of a 5% stake in North East Small Finance Bank for roughly $3.42 million and an announced merger with the bank in October 2023. The business reported a 59.8% increase in losses to Rs 406 crore for the fiscal year ended March 2023 and showed 3X growth, and it has not yet filed FY24 annual results. The company has raised multiple debt tranches this year as part of its broader financing strategy. Slice is a consumer lending and payments startup that provides credit and payments solutions. The company has pursued bank partnerships, acquiring a 5% stake in Guwahati-headquartered North East Small Finance Bank and announcing a merger with NESFB to expand financial accessibility. Slice has raised $340 million to date and was valued at over $1.5 billion during its Series C in November 2021. According to reporting, its revenue jumped to around Rs 870 crore in FY23, while operating revenue grew to Rs 283.08 crore in FY22 from Rs 67.7 crore in FY21. Losses widened to Rs 253.67 crore in FY22, reflecting increased operating losses. Gunosy Capital is reported as the largest shareholder with a 14.84% stake and co-founder Rajan Bajaj holds 8.21%. Slice offers credit-card features including rewards, 2% cashback, and a buy-now-pay-later option with merchants such as Amazon and MakeMyTrip. Launched in 2019 and headquartered in Bengaluru, the startup serves over 12 million Indians and is issuing roughly 300,000–400,000 cards per month. Recently it added UPI support to drive daily engagement; the UPI product is reported to be gaining strong early traction. Slice is focused on broadening its payments offerings while working to make its core credit business profitable in the coming months. The company targets underserved consumers who lack traditional credit access by using modern underwriting systems to expand card eligibility. Slice issues multiple consumer credit cards and card products aimed at tech‑savvy young professionals, and provides features such as no‑fee bill installments over three months and merchant discounts. The company uses its own underwriting system and has launched ultra‑low‑limit products (including a $27‑limit card) to reach underpenetrated segments. Slice says it issues over 200,000 cards each month, has a registered user base of over 5 million and a waitlist of more than 1 million users. The median age of its customers is 27, which the company says mirrors its team. A source quoted in the articles reported an annual revenue run rate of over $60 million. Planned product work includes adding UPI support, new card products (including a teen‑focused card) and a decentralized identity product called '&ID'; Slice is also hiring and offering new hires a three‑day week with steady pay and benefits. Slice is a Bangalore-headquartered fintech that has built a "super card" and companion app to simplify credit-card signup and usage for millennials and Gen Z. The product lowers barriers to credit for users who are often ineligible for traditional cards, offers up to 2% instant cash back, and surfaces hyperlocal restaurant deals. Slice issues credit limits from its own balance sheet and supports in-app payments including QR-code purchases, plus a bill-splitting feature that allows up to three months of interest-free payments. The company has amassed over 3 million users and says it is profitable; it also reports that more than 65% of members see credit scores climb to 730 within six months of joining. Slice says roughly 50% of new customers previously held competitor cards and that more than half of those switch Slice to be their primary card; it expects to convert over 80% to primary use in the next six to eight months. The startup recovered from pandemic-related declines, reporting May as its best month and 25% growth in June, and plans to use new funding to develop additional features.

Participated · Seed · May 2020

Eggoz is an indigenous brand focused on delivering high-quality, chemical- and antibiotic-free farm-fresh eggs from local farmers directly to consumers. Founded in Bihar in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh and Uttam Kumar, the company operates an asset-light farmer-integration model aimed at standardizing quality and nutrition at scale. Its products are available in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow and other non-metro cities. Eggoz positions itself to address hygiene, traceability and quality gaps in India’s egg supply chain and to contribute to reducing malnutrition by improving access to nutritious eggs. The company recently completed a significant fundraise to help scale operations and expand its market presence. Eggoz is a vertically integrated farm-to-consumer consumer brand focused on branded eggs. The company procures and delivers fresh, chemical-free eggs from farms to retailers within 24 hours of laying. It plans to use new funding to increase its brand footprint, launch egg-based value-added products, and enter new geographies. Eggoz aims to address procurement and supply gaps in North India caused by concentrated production in Southern states and extended supply chains. The firm cites a $12 billion egg consumption market growing at a 15% CAGR, with 98% of eggs still consumed unpackaged. Founded by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey, the Gurgaon-based start-up says it has developed its quality integration model over the past four years and is poised for rapid growth. Eggoz is a Bihar-based agritech startup and egg producer that sources eggs directly from farmers through a deep integration model. The company provides technology-backed support to egg farmers to boost quality and productivity and manages over 100 thousand birds under management. Since founding in 2017, Eggoz has sold over 25 million eggs. Farmers reportedly benefit from higher earnings, faster income generation, access to financing, and lower minimum capex outlay requirements. The startup will use the $1.5M pre-Series A to expand into newer markets, launch new products, grow its supply base, and strengthen its tech platform. Eggoz aims to be the preferred brand for both consumers and farmers and to bring quality fresh produce to consumers. Founded in December 2017, Eggoz is an agritech egg producer that works with farmers under deep integration across several locations in North India. The company uses cutting-edge nutritional engineering and a technology integration platform to produce eggs and enable farmers to rear flocks starting from 500 birds with lower land and investment requirements. Eggoz says its model makes poultry farming a profitable, stable allied income source for marginal farmers while addressing protein needs. The startup has sold over two crore eggs and manages more than 100,000 birds. It plans to use the latest funding to fuel growth and expansion.

Participated · Equity · Oct 2019

Founded in 2015, Wealthy provides a technology stack and marketplace through which over 6,000 independent mutual-fund distributors and other advisors can offer mutual funds, insurance, fixed deposits, bonds, and similar products to more than 100,000 clients. The platform processes more than Rs 300 crore in transactions each month and has seen its assets under management climb from Rs 200 crore to Rs 5,000 crore in the past three years. Wealthy operates 20 offices in major Indian cities including Bengaluru, Mumbai, Hyderabad, and Delhi, supporting nationwide distribution. Revenue from operations increased to Rs 25 crore in FY25 from Rs 14.5 crore in FY24, though net loss widened to Rs 35 crore from Rs 24 crore year-over-year. With the fresh capital, the company plans to expand its advisor network, deepen penetration in new markets, enhance its product stack, and bolster technology infrastructure and compliance systems as it scales additional product categories. These initiatives aim to sustain rapid AUM growth while moving the firm toward operational efficiency.