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EquityPandit

EquityPandit
BUSINESS

Cult.fit Acquires Gold’s Gym Fitness Chain in India

Health and wellness start-up Cult.fit has picked up a majority stake in F2 Fun & Fitness India, becoming the master franchise partner for Gold’s Gym in India. The companies did not disclose the value of the deal.

In December, food delivery company Zomato invested $100 million in Cult.fit as part of a Series F fundraise of $150 million, making the health start-up a unicorn with a valuation of around $1.5 billion. Zomato has a 6.4 per cent stake in the company after the deal.

According to the company, Gold’s Gym is the second-largest player in fitness in India, with more than 140 outlets in over 90 cities. As part of this strategic partnership, Cult.fit will be investing in scaling the revenue of existing Gold’s Gym centres through top-of-the-line marketing efforts and facilitating centre expansion via franchisees in the coming years.

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STARTUPS

GreenFortune Secures $4.5 Million in Funding 

Ali Waghbakriwala

Hyderabad-based fenestration startup GreenFortune has raised $4.5 million (approximately Rs 39 crore) in a funding round led by Germany-based Foundamental, with participation from Titan Capital Winners Fund, Incubate Fund Asia, and other existing investors.

The fresh funds will be used to expand operations across India, boost production sixfold, and further develop its proprietary tech platform, PartnerGate, into a comprehensive full-stack solution to enhance customer experience.

Previously, GreenFortune secured $1 million in seed funding in July 2023, led by Incubate Fund Asia.

Founded in May 2022 by Dilip Kumar and Pratyusha Kosaraju, GreenFortune is modernizing India’s fragmented windows and doors industry by providing high-quality, climate-adaptive, and affordable fenestration solutions.

Currently operating in 100+ locations, the startup has supplied materials for over 2 million square feet of windows and doors.

Co-founder and CEO Dilip Kumar stated, “This funding reaffirms our investors’ trust in our vision to provide quality solutions to middle-income households at affordable prices.”

GreenFortune plans to diversify its product range beyond traditional windows and doors, incorporating aluminium, steel, and pre-painted steel solutions while investing in R&D and technical services to develop new offerings.

Shubhankar Bhattacharya, co-founder and general partner at Foundamental, highlighted the startup’s focus on scaling manufacturing, improving service quality, and enhancing customer access.

“GreenFortune is executing brilliantly in its mission to become India’s leading fenestration brand. We are proud to lead this Pre-Series A round,” he said.

Titan Capital Winners Fund VP Shiv Kapoor praised the team’s strong supply chain and commitment to quality at competitive prices, stating that GreenFortune is now ready for its next phase of growth.

The company aims to achieve Rs 250 crore ARR within two years, expanding first across South India before scaling nationwide.

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STARTUPS

Dozee Secures $8 Mn to Boost Global Expansion

Ali Waghbakriwala

Bengaluru-based health-tech startup Dozee, backed by Prime Venture Partners and 3one4 Capital, has raised Rs 71.5 crore (approximately $8.3 million) through a mix of equity and debt.

According to the startup’s MCA filings, Temasek Trust’s impact-first investment vehicle C3H invested Rs 6.3 crore in equity, while Stockhausen International Pte Ltd provided Rs 58.5 crore as debt. The remaining funds came from undisclosed strategic investors.

The fresh capital will accelerate Dozee’s global expansion and enhance its R&D efforts to improve critical patient care monitoring, a company spokesperson confirmed.

Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee specializes in contactless patient monitoring systems, enabling hospitals to remotely track vital signs such as heart rate, respiration rate, blood pressure, and temperature. The company also offers an early warning system that alerts doctors to potential health deterioration in patients.

Dozee competes with Zyla Health, Fix Health, Zivov, and Cardiac Design Labs in the Indian health-tech space.

The startup last raised $6 million in a Series A2 round in 2023 from 3one4 Capital, Prime Venture Partners, YourNest VC, and the State Bank of India, among others. With this latest round, Dozee’s total funding now nears $20 million.

Facing growth challenges in India, Dozee has expanded to the US, UAE, and Africa and is actively exploring new international markets while broadening its product portfolio.

The company is also hiring across multiple departments, including data science, product, and marketing, as it aims to achieve profitability in India. However, last year, Dozee laid off around 40 employees to reduce losses.

STARTUPS

India’s Tech Startups Secure $2.5 Billion in Q1 2025, Up 8.7% YoY

Ali Waghbakriwala

India’s tech startups raised $2.5 billion in the first quarter of FY25, reflecting a 13.64% increase from the previous quarter and an 8.7% growth compared to Q1 FY24, according to a report released on Monday. With this funding, India remains the third-largest startup investment hub globally, following the United States and the United Kingdom.

Major Funding Highlights

According to the Tracxn Geo Quarterly India Tech Report, out of the total $2.5 billion raised, three startups, including Erisha E Mobility, Darwinbox, and Infra Market, secured over $100 million each, matching the number from the previous quarter.

  • Late-stage startups led funding rounds, attracting $1.8 billion, a jump from $1.3 billion in Q4 FY24.
  • Early-stage startups secured $528 million, while seed-stage startups raised $157 million.

Delhi-based tech firms led the funding landscape, accounting for 40% of the total investments, followed by Bengaluru with 21.64%.

Top Investors

  1. Accel, Blume Ventures, and Peak XV Partners were the most active investors in Q1 FY25.
  2. Venture Catalysts, Unicorn India Ventures, and YourNest dominated seed-stage investments.
  3. Avataar Ventures and Sofina were top late-stage investors, while Accel, Peak XV Partners, and Vertex Ventures led early-stage funding.

Top-Performing Sectors

The report identified auto tech, enterprise applications, and retail as the fastest-growing sectors:

  • Auto tech witnessed a funding surge to $1.1 billion, up from $214.6 million in Q4 FY24.
  • Enterprise applications secured $650.7 million, reflecting a 21.94% rise from the previous quarter.
  • Retail investments increased 21.67% to $481.5 million from $395.8 million in Q4 FY24.

IPOs & Unicorns

Six companies, including Nukleus, Maxvolt Energy, Volercars, and Harshil Agrotech, went public in Q1 FY25. However, no new unicorns emerged this quarter, in contrast to two unicorns formed in Q1 FY24.

Acquisitions

The quarter saw 38 acquisitions, marking a 15.15% increase from the previous quarter and a 40.74% rise compared to Q1 FY24. The largest deal was Magma General’s $516 million acquisition by DS Group and Patanjali Ayurved, surpassing Minimalist’s $350 million acquisition by Hindustan Unilever.

India’s startup ecosystem continues to gain momentum, with increasing investments, sectoral growth, and rising M&A activity reaffirming its position as a key player in the global tech landscape.

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STARTUPS

Fractal Invests $20 Mn in AI-Driven Supply Chain Platform Asper.AI

Ali Waghbakriwala

SaaS unicorn Fractal has announced a $20 million (Rs 172 crore) investment in its AI-powered supply chain management platform, Asper.AI.

The funding aims to accelerate product development, expand Asper.AI’s enterprise customer base globally, and drive its next growth phase, Fractal stated.

Asper.AI co-founder and CEO Mohit Agarwal emphasized that the capital will help the platform attract experienced talent and enhance its product offerings.

Launched under Fractal’s umbrella in 2022 by Mohit Agarwal and Anuj Kaushik, Asper.AI utilizes AI to automate decision-making for retail businesses, covering areas such as demand forecasting, revenue growth management, inventory planning, and sales execution.

Fractal co-founder and CEO Pranay Agrawal highlighted Asper.AI’s rapid growth and innovation over the past three years, stating that the investment will unlock new opportunities for enterprise customers and fuel its long-term vision.

Meanwhile, Fractal Analytics, founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, and Ashwath Bhat, provides AI and advanced analytics solutions to Fortune 500 companies. Backed by TPG Capital and Khazanah Nasional, Fractal has raised $685 million to date.

This investment comes as Fractal looks to strengthen its financial position after recording losses in FY 2023-24. The company has also been investing in its product arm amid plans to list on the Indian stock market.

In September 2024, reports suggested that Fractal was preparing to file its Draft Red Herring Prospectus (DRHP) with SEBI for a $500 million IPO, targeting a $3.5 billion valuation. However, no further updates have been shared regarding its IPO timeline.

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STARTUPS

iHub Robotics Secures Rs 4.3 Crore in Pre-Seed Funding Round 

Ali Waghbakriwala

Indian startup iHub Robotics has secured Rs 4.3 crore ($520,000) in pre-seed funding from U.S. investors to advance its humanoid robotics technology.

The funds will be used to establish India’s largest humanoid robotics manufacturing facility in Kerala. The expansion is expected to create over 150 jobs in the next two years, contributing to the country’s deep-tech ecosystem.

iHub Robotics has already gained international recognition by exporting its semi-humanoid robot, Tara Gen-1, to the UAE and Saudi Arabia. Designed for sectors like hospitality, healthcare, transportation hubs, and customer service, Tara Gen-1 enhances operational efficiency with AI-powered automation.

Equipped with emotion recognition, AI-driven natural conversations, and real-time decision-making, the robot adapts to diverse environments. It can assist with navigation, customer inquiries, and personalized services, seamlessly functioning in multi-language settings.

In January 2025, iHub Robotics was recognized by NVIDIA and selected for the NVIDIA Humanoid Robotics Program, gaining access to cutting-edge AI technologies, research collaborations, and a global network.

Beyond robotics development, the company has launched the iHub School of Learning, an initiative aimed at training 100,000 students in deep-tech skills, preparing them for careers in AI and automation.

CEO Athil Krishna described the funding as a pivotal step toward advancing “Physical AI,” where intelligent robots integrate seamlessly into industries, enhancing human capabilities.

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