Glenmark gets USFDA approval for skin ointment

April 18, 2018

Glenmark Pharmaceuticals has received final approval for Tacrolimus ointment, from the US health regulator. The ointment is used for treating atopic dermatitis (eczema).

In a BSE filing the company stated, Glenmark Pharmaceuticals Inc USA has been granted final approval by the United States Food and Drug Administration (USFDA) for Tacrolimus ointment USP, 0.1%. The ointment is a generic version of Protopic ointment, of Leo Pharma AS in the same strength.

Further, the company has 132 products authorized for distribution in the US market and 61 Abbreviated New Drug Applications (ANDA’s) pending approval with the USFDA.

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Xindus Raises $10 Million to Scale Cross-Border Logistics for SMEs

Ali WaghbakriwalaApril 10, 2025April 10, 2025

April 10, 2025April 10, 2025

Gurugram-based cross-border logistics startup Xindus has secured $10 million (approximately Rs 83.5 crore) in a Series A funding round led by 3one4 Capital. The round also saw participation from Orios Venture Partners, along with existing backers Shastra VC and Caret Capital.

The company plans to deploy the fresh funds to expand its operations over the next 12–18 months, aiming to grow its gross merchandise value (GMV) from $30 million to $200 million.

Cofounder Saurabh Goyal highlighted that this funding round marks a crucial step toward building the necessary infrastructure for Indian SMEs to compete globally. He noted that evolving trade regulations often hinder growth, and Xindus aims to simplify this landscape.

Founded in 2022 by Goyal, Madan Mohan, Jaikaar Singh, and Saptarshi Datta, Xindus offers a full-stack logistics platform. Its services include shipping, warehousing, compliance, returns management, and financial solutions—primarily catering to SMEs in sectors like fashion, home decor, jewellery, wellness, and Ayurveda, as well as D2C brands expanding internationally.

The investment comes amid a surge in interest in India’s logistics sector, which is gaining momentum alongside the country’s rising export ambitions. A report by Protium predicts that MSMEs will account for 45% of India’s exports, placing the country 9th globally in cross-border trade growth.

This funding trend aligns with broader sector activity, as several logistics firms prepare for IPOs. Shiprocket, for example, rebranded as “Shiprocket Limited” in January in anticipation of its public debut. Shadowfax also converted to a public entity last month, eyeing an IPO in the Rs 2,500–3,000 crore range after raising Rs 65.4 crore from its cofounders at a $750 million valuation.

In a strategic move, Delhivery recently acquired Ecom Express for $165 million to enhance its last-mile delivery capabilities. Additionally, the Indian government is working to reposition India Post as a major logistics player to boost rural commerce and SME growth, as announced in the Union Budget 2025–26.

According to Mordor Intelligence, India’s logistics industry is projected to grow from $349.4 billion in 2025 to $545.6 billion by 2030, reflecting a CAGR of 9.32%. The e-commerce logistics segment alone is expected to grow from $3.98 billion in 2024 to $10.40 billion by 2033.

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Sunfox Technologies Wins Startup Maharathi Award in Health-Tech Category

Ali WaghbakriwalaApril 9, 2025April 9, 2025

April 9, 2025April 9, 2025

Sunfox Technologies, renowned for its portable AI-powered ECG devices, has been honoured with the Startup Maharathi Award in the Health & Bio track at Startup Mahakumbh 2025, held at Bharat Mandapam, Pragati Maidan, New Delhi. The recognition was part of the Startup Maharathi Challenge 2025, where Sunfox emerged as a frontrunner in the health-tech innovation space.

The company was selected through a rigorous multi-stage evaluation process, with the award officially presented during the Startup Mahakumbh Recognition Ceremony on April 5, 2025. Union Minister of Commerce and Industry Piyush Goyal presented the award to Sunfox’s co-founders in the presence of key industry leaders.

Shark Tank judge Piyush Bansal, also in attendance, praised the company’s life-saving technology—especially its role during the Kedarnath Yatra. He called Spandan, Sunfox’s portable ECG device, his “best investment” on Shark Tank, highlighting the meaningful impact it has made: “I’m truly proud to see innovation saving lives.”

Rajat Jain, Founder of Sunfox, expressed gratitude and pride, saying that this award marks a significant milestone for us. It motivates us to keep developing life-saving solutions and making healthcare more accessible to everyone.

Startup Mahakumbh 2025 brought together thousands of startups, investors, and ecosystem enablers, serving as a national stage to celebrate entrepreneurial excellence. Sunfox’s recognition reinforces its leadership in India’s med-tech landscape.

With a mission to democratize access to advanced healthcare tools, Sunfox’s Spandan ECG continues to transform heart monitoring in underserved regions. Through innovation and impact, the company strives to bridge healthcare gaps and improve outcomes across the country.

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DaveAI Secures Funding to Increase Market Presence

Ali WaghbakriwalaApril 8, 2025April 8, 2025

April 8, 2025April 8, 2025

DaveAI, a patented, cutting-edge AI conversation experience cloud, raised growth capital led by Inflection Point Ventures and SucSEED Indovation Fund.

The growth investment round, which included a calculated mix of debt and equity, was attended by Mr Mohan Kumar, the founder of Crestere Technologies LLP, Yes Bank, and Soonicorn Ventures.

Founded in 2016 by Sriram P. H., Dr Ananth G., and Ashok, DaveAI’s GRYD platform assists companies in industries including retail, BFSI, and automotive in personalizing customer experiences and boosting sales.

By integrating the startup’s AI-powered solutions across messaging, kiosk, mobile, and internet platforms, businesses can increase engagement and conversion.

Because of its architecture, businesses may create their own fundamental enterprise models without relying on other vendors or cloud services, which helps them adjust to the rapidly changing generative AI landscape.

The funds received will be utilized by the company to enhance worldwide market penetration, establish technological leadership, and grow its partner network.

“DaveAI will use this investment to build its proprietary domain-specific Small Language Models focused on industries like Automobile, aiming for a leadership position in AI software for the industry and scaling into new markets such as North America,” said Sriram PH.

“To make a major impact in AI from India and the world, we have to invest in some fundamental technology and domain expertise. We are in line towards making this happen with this pre-series A investment round,” said Dr Ananth G.

DaveAI claims to have grown into India, the Middle East, and North America, offering cutting-edge conversational AI solutions that transform digital interactions.

Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund, said, “We have seen them grow over the years, looking at previous investments with them and with strong market validation, a scalable SaaS model, and a seasoned founding team, SucSEED sees immense potential in DaveAI’s growth trajectory.”

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Aerem Secures Rs 100 Crore Through Series A

Ali WaghbakriwalaApril 4, 2025April 4, 2025

April 4, 2025April 4, 2025

Aerem, a startup focused on solar project financing, has raised Rs 100 crore (approximately $12 million) in a Series A funding round led by Japan’s University of Tokyo Edge Capital Partners.

The round also saw participation from British International Investment, SE Ventures, Riverwalk Holdings, and existing investors Blume Ventures and Avaana Capital. Additionally, Aerem secured debt funding from financial institutions such as IDFC, AU Small Finance Bank, Axis Bank, Northern Arc, MAS Financials, and Vivriti Capital.

The company plans to use the fresh capital to strengthen its presence in current markets, expand its lending offerings, and enhance its technology infrastructure for its solar marketplace.

Founded in 2021 by Anand Jain and Vikesh Agrawal, Mumbai-based Aerem offers loans for solar panel installations to both businesses and homeowners. Through its NBFC arm, NetZero Finance, the startup also provides supply chain financing to solar equipment and EPC (engineering, procurement, and construction) companies. Aerem operates a B2B platform called SunStore, which helps customers access solar equipment at competitive prices.

This latest funding round follows a $5 million Pre-Series A investment led by Avaana Capital nearly two years ago.

According to filings with the Registrar of Companies (RoC), Aerem’s consolidated operating revenue surged 9X to Rs 175 crore in FY24 from Rs 1.84 crore the previous year. Its net profit also rose by 26% to Rs 3.57 crore, up from Rs 2.82 crore in FY23.

India’s solar sector has been gaining momentum thanks to various government-backed initiatives like the Solar Park Scheme, Grid Connected Solar Rooftop Scheme, and Bundling Scheme. As of 2023, India ranked fifth globally in terms of solar capacity, with 70.10 GW installed.

The solar energy market in India is projected to grow to $50.4 billion by 2031, expanding at a CAGR of 22%. However, despite this growth and strong policy support, investor sentiment in the Indian cleantech space has been cautious. Total investments in the sector dipped by nearly 4% to $829 million in 2024, compared to $861 million in 2023. Over the last two years, overall funding in cleantech has dropped nearly 25% from its $1.1 billion peak.

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Scapia Secures $40 Million Funding in Series B Round

Ali WaghbakriwalaApril 3, 2025April 3, 2025

April 3, 2025April 3, 2025

Scapia, the travel credit card company created by Anil Goteti, Flipkart’s former senior vice president, has secured $40 million in a Series B round led by Peak XV Partners. The current investors who participated in the round included Elevation Capital, Z47, and 3STATE Capital, according to the firm’s announcement on April 3.

Goteti said that the funds would be used to expand the staff, boost product offerings, and integrate AI-driven solutions.

Anil Goteti said, “We are going to invest a lot in product development. We are going to invest a lot in AI as well. A lot of companies are experimenting and exploring with AI. We have a bunch of ideas that we are going to try out as well and see how that plays out for customers.”

Scapia is also willing to acquire companies that provide synergy.

Scapia was introduced in June 2023 and has its headquarters in Bengaluru. It offers consumers a co-branded credit card and an app to assist them in turning their everyday costs into benefits. These benefits are converted into Scapia tokens, which can be used to book hotels and flights online.

Scapia’s co-branded card has no joining or yearly fees, and users can enjoy a zero-forex markup and unrestricted domestic lounge access for minimum monthly expenditure.

Scapia offers a co-branded credit card in partnership with Federal Bank and is looking to grow its banking network.

Investors see a significant opportunity in the travel fintech sector, as Gen Z and millennials already account for half of all credit card issuances in India.

Scapia is well-positioned to capture a significant portion of this expanding market, according to Tejeshwi Sharma, managing director of Peak XV.

Scapia raised $9 million in its initial investment round, which was headed by Matrix Partners, in June 2023. The company raised $23 million in a Series A fundraising round in November of that year, with Elevation Capital and Binny Bansal’s fund 3State Ventures leading the deal.

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