Led · Equity · Sep 2019

Zivame operates an e-commerce business selling lingerie, loungewear, swimwear, nightwear and fashion apparel and shifted from an aggregator model to private-labels in mid-2016. The company runs several private labels including Penny and Coucou and is managed by Actoserba Active. Funding is earmarked to boost retail presence, technology, product development and omnichannel initiatives, and the firm has signaled plans to raise a larger round later in the year. Zivame was founded in 2011 by Richa Kar. The company reported increased revenue and reduced its loss in the financial year 2017–18. According to media reports in the article, the company has raised $57.5 million to date. Zivame is an omni-channel lingerie start-up selling intimate wear across online and offline channels. The company offers over 3,000 exclusive designs and more than 100 sizes to serve a wide range of body types. Digital accounts for roughly 80% of its business, while it maintains 35 company-owned stores in Tier‑1 cities, distribution through over 800 mom‑and‑pop hosiery stores, placements in large-format stores like Shoppers Stop, and presence on popular marketplaces. The company plans to double its store count to 60, is exploring social commerce channels (Snapchat, Instagram, Facebook) and evaluating an MLM channel, and aims to become profitable by the fiscal end. Zivame intends to use new funding for retail expansion, technology augmentation, product development and to strengthen its omnichannel strategy. Financial filings show FY2017 revenue of ₹52.9 crore with losses of ₹57.6 crore, and FY2018 revenue of ₹86.6 crore with losses of ₹32.1 crore. Founded in 2011, Zivame positions itself as a destination for women’s intimate-wear needs. Zivame (Actoserba Active Wholesale Pvt Ltd) is a Bangalore-based e-tailer selling lingerie, loungewear, swimwear, nightwear and allied categories and has recently added fashion apparel. The company started operations in August 2011 and says it holds a lion's share of the lingerie e-commerce vertical, claiming to sell more than one bra per minute. Zivame runs several private labels, including Penny and Coucou, and reports that over 60% of its revenue comes from in-house products. The startup recently launched a mobile app with between 10,000 and 50,000 Android downloads and says close to 60% of its traffic comes from mobile. It has also launched a data sciences lab aimed at developing confidence-boosting affordable products. The company plans to use the new funding to expand marketing, merchandise, consumer touch points and technology infrastructure. Zivame, operated by Bangalore-based Actoserba Active Wholesale Pvt Ltd, is an online lingerie retailer that began operations in August 2011. The site sells lingerie, lounge wear, swimwear and nightwear, and has recently added fashion apparel. In an earlier report Richa Kar said the startup was growing 50% month-on-month, shipping 500–600 orders per day with an average transaction value above Rs 1,200. The company claims to acquire 20,000 new customers per month, with roughly 30% of buyers from tier II and III cities and about 50% monthly repeat buyers. Zivame is targeting sales of Rs 1,000 crore within four to five years. The business plans to use new funding to develop technology, improve personalization and recommendations, enhance visual merchandising, and increase marketing. Zivame is an online lingerie-only store that launched in August 2011 and is based in Bangalore, India. The site hosts more than 12,000 SKUs from domestic and international brands such as Jockey, Triumph, Amante, Enamor, Bwitch, Inaya, Hanes, Hollywood Fashion Secrets and Lovable. Led by CEO Richa Kar and CTO Kapil Karekar, Zivame sells branded lingerie through its e-commerce platform. The company intends to use new capital to add brands and products, scale its technology and operations, and create more consumer touch points. Its assortment of domestic and international labels positions it as a multi-brand online destination for lingerie.

Participated · Series C · Aug 2018

OfBusiness operates as a raw‑material aggregator and procurement‑finance provider, selling industrial goods and underwriting loans for businesses sourcing materials. It works with banks to offer credit lines to SMEs with annual turnover over $3 million and operates across nine B2B raw‑material supply chains. The platform collects customer activity data that it uses to underwrite loans for businesses using its marketplace and tenders. The company’s three core offerings—B2B commerce marketplace, financing through Oxyzo, and SaaS via Bidassist—are described as functioning together as a virtuous cycle at scale. OfBusiness says it has been profitable for the past four years; its commerce business generated $1.7 billion in revenue this year with a $42.5 million net profit, while Oxyzo doubled revenue to $360 million with $21.6 million profit and works with about 45 financial institutions. Bidassist has grown organically to 2.7 million unique users. The company plans to deploy fresh funds to deepen commerce supply‑chain penetration, broaden its technology stack for SaaS and financing, and is exploring an IPO process to begin internally by mid‑next year. OfBusiness operates a full-stack, technology-led platform that combines raw material fulfilment, working-capital financing (via its NBFC Oxyzo) and SaaS tools to serve fragmented B2B supply chains across metals, chemicals, polymers, agri commodities, petrochemicals and building materials. Its financing arm Oxyzo has a loan book of about US$240M (growing ~80% YoY), a pre-tax RoA of over 6% and NPAs of ~1.2%, supported by ~45 lenders. By September 2021 the commerce business crossed a $1.2B revenue run rate, was profitable and growing roughly 4x YoY. The company has built two SaaS products—Bidassist (touching over 2.4M unique actively engaged users) and SME Assist—which are growing 2x YoY and independently profitable. OfBusiness says the three businesses operate as data engines and service providers to each other, creating a digital, full-stack offering for B2B users. It operates across 20 locations in India and earned a triple-notch upgrade to a CRISIL A rating during the COVID-19 period. The company plans to expand into more raw materials, geographies, marketing channels, semi-finished goods, private labels and contract manufacturing, and intends several tuck-in acquisitions, alliances and strategic investments to deepen its supply-chain services. OfBusiness is a technology-enabled platform that provides purchase finance and a suite of short- and long-term financial products to SMEs, enabling access to institutional credit. It combines financing with a raw materials marketplace and underwrites loans using SME financial data plus proprietary data on anchor customers contributed by its buyer-seller community. The company has developed a proprietary Bidassist platform to help SMEs discover opportunities across public and private tenders. OfBusiness operates under the brand name Oxyzo Financial Services (an NBFC registered with the Reserve Bank of India) and its parent OFB Tech Private Limited. The company currently operates across 25 industrial clusters and 9 hubs and is led by co-founder and CEO Asish Mohapatra. Recent capital and lending relationships support continued growth and scaling of its model. OfBusiness helps SMEs with raw-material procurement and purchase financing and offers services such as quality checks and transit insurance. It serves 22 SME clusters across seven states and targets sectors including auto ancillaries, power equipment vendors, and capital goods manufacturers. The firm holds an NBFC license and bundles lending and procurement solutions to reduce SMEs' dependence on informal channels and local distributors. It plans to expand to 10 more SME clusters by the end of the year, deepen presence in current and newer sectors, and ramp up its BidAssist technology platform. Since inception the fintech has disbursed Rs 400 crore, has Rs 110 crore in assets under management, and reports bad loans of less than 1%; it aims to disburse about Rs 700 crore in 2017-18 versus Rs 220 crore in the previous fiscal year. Ofbusiness, launched in January 2016 and based in Gurgaon, operates a technology-powered SME marketplace connecting buyers and suppliers for raw materials such as industrial steel, building materials and construction consumables. The platform combines commerce, credit and logistics services and offers discovery, fulfilment, financing and settlement for buyers, suppliers, transporters and financiers. As of the article, Ofbusiness is present in about 10 industrial and construction clusters across NCR, Tamil Nadu, Andhra Pradesh and Maharashtra and reports strong metrics in profitability, working capital, transaction sizes and repeat rates. The company plans to expand its footprint to cover 30+ clusters, add more product lines like consumables, and grow a financial-services subsidiary to increase SME access to financing. Founders include Asish Mohapatra, Ruchi Kalra and Bhuvan Gupta, supported by a management team with experience at McKinsey, ITC, Snapdeal and other firms. Total capital raised to date is reported to be over INR 100 Crore following this funding.

Participated · Series C · Aug 2017

MedGenome provides genomic solutions and advanced genetic testing and bioinformatics to patients, pharmaceutical companies, and research institutions, with a focus on South Asian populations. Led by CEO Mahesh Pratapneni, the company offers testing and analysis across oncology, diabetes, ophthalmology, cardiology, reproductive health, and rare diseases. It has administered more than 300,000 complex genetic tests and served over 200,000 patients, sourcing samples from nearly 4,000 hospitals and 10,000 physicians worldwide. MedGenome plans to use new capital to broaden its product offering and expand the reach of key diagnostic services, including reproductive and oncology services. The company also intends to enhance its bioinformatics and SaaS offerings to support drug discovery and clinical trials. MedGenome provides genetic diagnostics, genomic sequencing and research services, with a strong focus on Covid-19 testing and studying viral variants. The company works with research laboratories affiliated with the government of India to monitor virus evolution and identify new variants. It aims to expand diagnostic services across India and bring tests directly to affected communities. MedGenome is also building genomic data from South Asian populations to inform understanding of complex diseases and develop targeted medical solutions. Its research has produced publications identifying gene variants that influence susceptibility to Covid-19. The IFC equity investment will support expansion of testing, sequencing and research efforts to manage current and future outbreaks. MedGenome is a genomics-driven research and diagnostics company led by CEO and founder Sam Santhosh. The company focuses on expanding access to genetic diagnostics, research and data for South Asia and other emerging markets and is based in Foster City, California. It has built a large database of South Asian genetic variants through diagnostic leadership, research partnerships and as a co-founding member of GenomeAsia 100K. MedGenome has completed over 200,000 genomic tests to date and obtains samples from more than 550 hospitals and 6,000 clinicians across India. Its platform links genomics with clinical and phenotypic data to provide insights into complex diseases and support personalized healthcare research and drug discovery. The company intends to use new funding to expand access in Tier-II and Tier-III towns and cities across India and to accelerate its drug discovery programs. MedGenome provides genetic tests for cancer, metabolic, neurological, prenatal, and eye diseases, offering products such as the liquid biopsy OncoTrack, non-invasive prenatal screening (NIPT), carrier screening, and whole exome sequencing. The firm has completed over 100,000 genomic tests and supported clinicians in diagnosing more than 40% of previously unresolved cases. Founded in 2013 and based in Bengaluru, MedGenome earns about 70% of its revenue from project-based research primarily for US pharmaceutical clients, with the remainder from consumer diagnostic tests in Asia. After its first two years of operation the Sequoia-backed company said it reached break-even, growing revenue 63% to Rs 96.94 crore from Rs 59.50 crore in FY2015–16 and posting a profit of Rs 1.54 crore in the last financial year. MedGenome plans to use fresh capital to expand clinical genomic testing into Tier II and Tier III cities, democratize NIPT and newborn genetic testing, and establish more genetic centres in hospitals to support clinics. The company competes with Indian startups including Mapmygenome, Xcelris, SciGenom, Ganit Labs Bio-IT Center, and Xcode Life Sciences. MedGenome operates NGS and CLIA/CAP‑accredited sequencing labs and offers genomic research solutions and a suite of proprietary diagnostics, including liquid biopsy (OncoTrack), NIPT, carrier screening and whole exome sequencing in India. The company serves pharmaceutical and biotech customers working on cancer, immunotherapy, metabolic and neurological diseases, rare disorders, ophthalmological disease, deafness and aging. MedGenome emphasizes access to a diverse genetic‑variant database drawn from the Indian population and integrates genomics with clinical and phenotypic data to inform personalized healthcare research. Led by founder and CEO Sam Santhosh, the company participates in large initiatives such as GenomeAsia 100K to expand regional genomic datasets. Following the financing, MedGenome plans to accelerate biomarker discovery programs and further develop its OncoPept™ cancer immunotherapy biomarker solutions to support American and European genomic and biopharmaceutical researchers.

Participated · Equity · Mar 2017

MarketsandMarkets is a Pune, India–based industry research and consulting company launched in 2010 that delivers syndicated and custom B2B market insights across high-growth and niche markets. Its core offerings include syndicated and bespoke research, competitive intelligence, and the RT platform that connects over 200,000 markets and value chains for market sizing and forecasts. The firm employs about 850 analysts and subject-matter experts and serves roughly 5,000 global B2B customers. It produces approximately 1,500 MicroQuadrants annually to position top players in emerging segments and follows a “Growth Engagement Model – GEM” to collaborate proactively with clients. MarketsandMarkets focuses on identifying opportunities, customer prioritization, and revenue-increment strategies for clients and competitors.

Led · Equity · Sep 2016

Founded in 2011, Pepperfry connects consumers with over 10,000 furniture and home-decor products from brands such as Godrej, Springfit, and Spacewood. The company follows a marketplace model that combines e-commerce with a nationwide network of 200+ Pepperfry Studios spanning 100+ cities. After raising more than $275 million to date, Pepperfry’s post-money valuation is projected to drop 44 % to Rs 1,661 crore (~$185 million) following its latest share issue. Financially, operating revenue declined 14 % year-over-year to Rs 163 crore in FY25, though net losses narrowed 27 % to Rs 85 crore. The fresh capital will fund business expansion, support subsidiaries, cover working-capital needs, and general corporate purposes. Despite revenue pressure, management continues to expand its offline footprint and streamline costs to move toward profitability.