By CH Unnikrishnan Drug discovery and development company NovaLead Pharma is in talks with a bunch of private equity funds including its existing investors to raise another round of funding to the tune of at least $35 million (Rs 210 crore) by the next quarter, mainly to fund the human trials of its novel diabetic foot ulcer drug Galnobax. The Pune-based drug researcher had earlier received funding from a couple of private equity companies including Tata Capital Healthcare Fund and Boxmoor, which remained invested in the company. One of its earlier investors Kotak Mahindra Private Equity had a successful exit a few years ago. “The new round of PE investment is one of our large tranches of funding, which is likely to be closed by March next year,” said Supreet Deshpande, managing director, NovaLead, in an interview with BW Businessworld on Tuesday (03 November). The company had on Tuesday said its new research lead, which is a novel indication of an existing drug for the treatment of diabetic ulcer, has successfully completed preclinical studies. The company will be further developing this drug through registration trial preferably along with a partner and will launch the drug in 2018. “A potential breakthrough in the treatment of diabetic foot ulcers (DFU), a frequent complication of uncontrolled diabetes over a period of time, has been successfully proved with the conclusion of the global Phase I and II clinical trial of the company’s repositioned investigational drug—Galnobax,” the company said. This novel drug has successfully met both primary and secondary end points for efficacy and safety in the pre-clinical studies and it will be moving to the human trials shortly in several countries including the Us and India. “Galnobax has demonstrated significant benefit over placebo in terms of ability to close hard to heal DFUs in much shorter time, making it potentially the first small molecule drug for DFU,” the company said on Tuesday. This innovation is significant since Galnobax is a generic drug originally indicated for a cardiac condition, repositioned by NovaLead for DFU in a gel form for topical use. It had also been recognised as the best innovation in healthcare in 2015 by the Department of Biotechnology, government of India. “DFU is a global unmet medical need, with 85% of non-traumatic lower limb amputations happening due to hard to heal DFU. In spite of several therapeutic options being available, a lower limb is amputated every 20 seconds,” said Deshpande. By repositioning a generic drug previously used for a heart condition, NovaLead has established that the existing generic drug base can be a potential source for novel therapeutics for hard to treat diseases like DFU, he added. NovaLead is also working on two other potential innovative drugs for the treatment of psoriasis and certain cancers at present. According to Dr P.K. S Sarma, head technical - Discovery and Product Development, Biotechnology Industry Research Assistance Council, NovaLead’s latest innovation is very noteworthy because diabetic foot ulcers is a major unmet medical need in our country. The business model of NovaLead is to out-license its discoveries or co-develop them with credible partners further after receiving human proof of concept in Phase I or II clinical studies. The company is also in talks with potential partners, including some large Indian drug makers, to co-develop and commercialize the DFU drug, said Deshpande.
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Infosys co-founder Nandan Nilekani is in talks to invest in an early stage logistics venture Fortigo, signalling a strong vote of confidence in the new breed of new breed of India's entrepreneurs. This is the fourth venture that the former UIDAI chairman has backed in the current calendar year alone. Nilekani was recently in news for investing in mobile payments startup Mubble and mobile publishing startup Juggernaut. At a time when startups have become the buzzword for risk capital investors such as private equity and venture capital firms, it is also becoming increasingly common for high networth individuals to take exposure in the country’s startup ecosystem and allocating some of their investible surplus to foster early stage ventures. While for startups, the availability of capital is absolutely crucial, roping in successful corporate honchos also makes it easier for them to attract venture funding later giving them more credibility. Take for instance, Fortigo itself, the firm promoted by technology industry executives Vivek Malhotra and Anjani Mandal that aims to solve the logistics and transportation problems for small and medium businesses. The firm is also in talks with other venture firms including Accel Partners. Mubble too raised capital from Accel after raising its first round of seed capital from Nilekani. So far, 2015 seems to be the year of startups with young entrepreneurs increasingly churning out winning ideas and attracting huge dollars in funding. In fact, investing in emerging businesses has opened up new entrepreneurial avenues for India Inc's head honchos as well who are now parking their personal wealth in startups. In the first half of the current calendar year, as many as 363 venture capital deals were sealed, three times more than the number of private equity deals, which stood at 99, as per data available with Grant Thornton. Fortigo is currently creating a fleet management service for truck owners in order to help them manage their inventory and thereby save logistics costs. In fact, logistics and warehousing are increasingly evincing investor interest with a host of companies raising capital in the sector. Sohanlal Commodity Management recently rasied Rs 100 ccrore rom Creation Investments, a US fund and its existing investor Everstone. Other firms that raised money in the sector include Star Agriwarehousing and Collateral Management and Gati Kausar.
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By Neeraj Jain Working in a hyperlocal start-up is not at all easy, your work frame is totally different and the interaction with the public is totally different. Not just the customers participation we want on our platform but a huge retail oriented platform is what we are offering to many local retailers who are in tough competition with other traditional e-commerce players. Looking forward to what one can learn and earn from the same can include many points. And if we see we all learn and earn from business. For Learning from Hyperlocal startups points to kept in consideration 1. One has to build tech solutions for merchants who are not very tech savvy. It is very different from building solutions for consumers or tech savvy audience. 2. Scalability: Scalability issues are very different in hyperlocal startups. One has to think very innovatively to make the business very large. For Earnings from Hyperlocal startups points to be kept in consideration 1. Charge commission to retailers/service providers to drive business 2. Charge a fix subscription or listing (discovery) fee 3. A Combination of both can help with the Earnings. (The author, Neeraj Jain, is CEO & Co-founder, Zoppar)
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LabGo is the first-ever online directory for searching laboratories across India, providing e-commerce platform for testing and calibration services in the Indian market. The idea behind this venture is to bring laboratories and its potential customers closer by providing them a platform for convenient communication. Rahul Gupta, founder and CEO, LabGo, takes pride in providing B2B solutions to over 1400 NABL and ACCAB accredited labs across India. He talked to BW|Businessworld's Haildar Ali Khan on his plans for the Indian market ExcerptsTell us about LabGo and its inception?LabGo.in is a search and discover portal for testing and calibration laboratories in India. It includes details about parameters, products for which testing facility is available, accreditation status and validity, contact information of the laboratory. It was launched in Sept 2015. The idea behind this venture is to bring laboratories and its potential customers closer by providing them a platform for convenient communication. How do you operate?We provides a very simplified user search experience by providing product based and parameter based search directly from search bar on home page. It further provides filters to further narrow down the search results as per location. This online directory will answer the requirements of purchase managers, research analysts, directors, quality professionals etc. As a part of the company's first stage of operations, we take pride in launching 12 categories in the space of testing. Some of these popular categories include water-testing, food, textile, metal, construction, pharmaceuticals (medicines), automobile, petroleum, automobile, forensic laboratories, calibration laboratories etc. The amount you have invested in and the current size of LabGo?The LabGo team comprises an IT Team supported by content writers and digital marketing professionals. As most of the development and other IT functions have been taken up in-house, project investment is reasonably low at Rs 25 Lakh. The testing in calibration market is around Rs 10,000-crore-strong and LabGo is all set to create a niche in this vertical of operation. What are the challenges you face?As this is the first of its kind of portal, we faced a few challenges in understanding the user’s mindset while searching for services and bringing them closer to the services provided by laboratories. My bent of mind enabled me to venture into commercial testing and calibration laboratory setup. From 2009, I acted as a consultant for setting up of calibration and testing laboratories in Sigma Test and Research Centre. I also founded the Instrumentation Division of SGM Labs Solutions which deals in laboratories equipment’s and labs setups. Having that experience in mind, I understood the industries lacking point to target the end consumers, getting them under one platform and the LabGo journey began. Tell us about your revenue model (Sharing)?LabGo is free for its users and the revenue model would focus more on the B2B market. The company takes pride is associating with over 1400 NABL and ACCAB accredited labs across India. We will charge from these testing labs across India while listing them in our search engine and will be offering premium services to the listed laboratories like call connect, star listings and sponsorship banners to generate revenue. What are the plans for the future? Do you have any plans in the pipeline?In future, we intend to provide online sample booking facility through LabGo, where customer can make online test requests to various laboratories. We are looking forward to grow in online marketing field as e-commerce is booming these days keeping in mind the convenience it will provide to the users. What do you have for the general public?It’s a free search platform for general public, providing e-commerce platform for testing and calibration services in Indian market. Though the portal is primarily B2B, it will cater to the need of masses for basic testing requirements like drinking water testing, food adulteration tests or construction material testing.
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By Simar SinghMoglix, an India-Singapore based marketplace with a focus on business and industrial supplies announced a pre-Series A round of funding from Accel Partners and Singapore-based Jungle Ventures. The B2B marketplace says that it hopes to play a big role in simplifying and boosting global trade from Asia, via the internet, which is pegged at $1 trillion. The funds will be channeled to enhance the technology platform, build a deep merchant base across Asia and global marketing efforts to rope in consumers. Founded by Google alumnus Rahul Garg, Moglix functions as a sales and marketing engine for Asian brands to permeate globally. With a focus on engineering goods, the company did a soft launch on August 15 this year and has roped in over two hundred brands since. Companies that currently sell their products via Moglix include Havell’s, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia. Talking about the same, Garg said, “The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth over $300 billion. Hence, this market has also been a strong focus area for Make In India initiatives. A large part of this trade remains offline and happens via traditional B2B channels while the buyers are increasingly moving online. We believe we can play a significant role in bringing them together online.” Accel has been an active investor in the e-commerce space in India with a portfolio that includes Flipkart, Myntra, real estate portal CommonFloor and Swiggy.
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Moglix, a Noida-based startup that operates as a global marketplace from India/ Singapore for Business and Industrial supplies has raised capital from Accel Partner and Jungle Ventures. Founded by Rahul Garg earlier in 2015, a former Google employee with extensive experience building global products and running sales across Asia, Moglix is an online-first sales and marketing engine for Asian brands and sells over 100 countries across the world. The funds raised will be used to enhance the technology platform, building a deep merchant base across Asia as well as marketing to customers across the Globe. “The industrial products market from Asia is growing at a rapid pace. Engineering goods contribute 24 per cent of the Indian exports worth $300 billion+. Hence, this market has also been a strong focus area for Make In India initiatives,” said Rahul Garg, CEO & Co-Founder of Moglix, in a statement released to the media. A large part of this trade remains offline and happens via traditional B2B channels, while the buyers are increasingly moving online. “We believe we can play a significant role in bringing them together online,” added Garg. Moglix is looking to boost the global trade from Asia, via Internet. The company currently focuses on business and industry supplies which include electricals, lighting, hardware and tools broadly referred as engineering goods. Some of the companies that already sell their products via Moglix include Havell’s, Larsen and Toubro, C&S Electric, Anchor, Bajaj, Unbrako, Caparo, Ambika and Taparia. Subrata Mitra, Managing Partner of Accel Partners said: “Accel has always believed in disruptive startups looking 3-5 years ahead where we think technology can make an impact.” Echoing the same sentiment, Amit Anand, Managing Partner of Jungle Ventures said: “Moglix’s vision of disrupting the category by creating a global market place out of Asia is unique and scalable. With Rahul’s experience working across Asia-Pacific driving technology changes we are pretty confident of the impact in the industry that Moglix has set out to create.” So far, 2015 seems to be the year of startups with young entrepreneurs increasingly churning out winning ideas and attracting huge dollars in funding. So much so, that ithe risk capital market, there is growing chatter that venture market is the place to watch out for. In the first half of the current calendar year, as many as 363 venture capital deals were sealed, three times more than the number of private equity deals, which stood at 99, as per data available with Grant Thornton. Accel was recently in news for funding Bangalore-based mobile technology start-up Mubble that earlier raised its seed funding from Infosys co-founder Nandan Nilekani. Jungle Ventures is based out of Singapore ad provides early stage investments and to startups across Asia. It was founded in 2010.
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"Directors Insurance" is an assurance from the founders that the business will be conducted in due consultation with their fund managers. This stands to kill the spirit of startups.
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Simar Singh Sometimes there’s that suspicious rash creeping up. Should you be concerned? You could go to a doctor but there's no time. But you’d rather get an expert opinion. That’s where DocsApp wants to step in, right in your palm, guaranteeing a specialist opinion within half an hour. Created by two IIT Madras graduates, Satish Kannan and Enbasekar D., DocsApp is a mobile-based application available for download on both the App Store and Play Store, that connects patients with specialist doctors, moving the entire process of consultation online. Its services are available across five departments - Gynaecology, Dermatology, General Medicine, Paediatrics and Psychiatry. “DocsApp is like the WhatsApp for patients and doctors,” Kannan jokes. The duo always had an interest in the healthcare space and knew that they wanted to do something in it. Kannan joined Philips Healthcare in Pune and to walk on cardiac and orthopaedic related technology, while Enbasekar worked at the Healthcare Technology Innovation Centre for a year, only to quit to develop DocsApp. The startup’s tagline—No Appointment, No Travelling, No Waiting, perfectly explains what it essentially does and why people should use it. “We essentially have three types of customers — people who are too busy to physically make it to the doctor’s, those who are seeking privacy and those in smaller towns who do not have access to specialists who are generally city based,” he says. According to research, 72 per cent of health issues are common illnesses which do not require a physical examination and 97 per cent of specialist doctors are concentrated in the top ten cities in India. One time consultations cost Rs 150 and the app connects patients with the relevant specialist who is nearest to them. This can be followed up through chat or call. In case a doctor suggests a physical examination and the consultation is not completed, the money is reimbursed. Doctors, too, have a good incentive to hop onto the platform. Kannan says, “To grow their practice, doctors have to visit more clinics. Most doctors visit three clinics a day. DocsApp provides a platform for them to grow and also offers more publicity, without all the travelling.” However, not just any doctor can be on DocsApp. There’s an intensive screening process and all doctors need to have at least five years of experience. It's like recreating the multi-super speciality experience online, the first consultative part at least. As of today, DocsApp has serviced 25,000 patients and over 150 doctors registered across Delhi, Mumbai and home ground Bengaluru. Kannan hopes to expand this base to at leat 1000 doctors and facilitate a million consultations in the next one year. Apart from, the on-mobile consultations DocsApp also provides at-home diagnostic services and medicine delivery. The startup has ties with over a thousand labs across the country. The medicine delivery service is limited to Bengaluru at the moment, but Kannan expects this to be rolled out to other cities over the next few months. The startup was incubated by IIT Madras and Rajesh Sawhney (who is also an investor in the company) led GSF Accelerator. The company has engaged in a larger round of funding but has withheld the details for now.
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