India Roundup: Zoho invests $5m in healthtech startup, and other news

Zoho invests US$5 million in healthtech startup Voxelgrids

• Zoho, a software-as-a-service firm, has invested US$5 million in Voxelgrids, an Indian startup that builds magnetic resonance imaging (MRI) scanners.
• Voxelgrids manufactures lightweight, mobile, and easy-to-install MRI scanners, which can be operated and maintained in remote locations, such as small villages.
• In a joint statement, the companies said the investment would help push development in their deeptech capabilities and intellectual property in India.

On-demand staffing firm Gigforce raises US$3 million pre-series A money

• Lead investor: Endiya Partners
• Other investors: Unitus Ventures and others
• Stage: Pre-series A
• About the startup: Founded in 2019, Gigforce offers an on-demand staffing platform with pre-trained gig staff available for tasks on an hourly, weekly, or monthly basis. The startup said it is on course to hit a 1 billion-rupee (US$13 million) annual revenue run-rate very soon.

Food startup Proeon nets US$2.3 million in seed round

• Lead investor: Shaival Desai
• Other investors: Flowstate Ventures, Peak Sustainability Venture Fund I, Waoo Partners, Sanjaya Mariwala, who is the managing director of OmniActive Health Technologies, and others
• Stage: Seed
• Funds used for: Setting up a research lab in the Netherlands, and scaling up production, among others
• About the startup: Founded in 2018, Proeon focuses on high-quality plant-based protein ingredients. The company said it is working with various brands across Europe, North America, and Southeast Asia.

AI logistics firm Cogos secures US$2 million pre-series A funding

• Investors: Global Shipping, Transworld Group, and WorldQuant Ventures
• Stage: Pre-series A
• About the startup: Founded in 2016, Cogos is an AI-driven logistics platform focused on enterprises. In June 2019, the startup raised US$1 million in seed funding from the Indian Angel Network, Emergent Ventures, and some high-net-worth individuals.

US crypto trading platform CrossTower launches in India

• CrossTower, a US-based cryptocurrency-trading platform, has entered the Indian market.
• The two-year-old firm says it offers competitive prices to its users and employs high-security measures.
• As part of its launch offer, CrossTower is offering its first 1,000 Indian customers to earn bitcoins worth up to 500 rupees (US$6) on their first trade through the exchange.

Crypto exchange CoinSwitch Kuber could be next unicorn in India

• The Indian crypto exchange is in advanced talks to raise fresh capital at a valuation of up to US$2 billion, TechCrunch reported, citing sources familiar with the matter.
• If talks get through, CoinSwitch Kuber will be the second crypto startup in India to achieve unicorn status. Local rival CoinDCX entered the billion-dollar valuation club last month.
• Backed by the likes of Tiger Global and Sequoia Capital India, CoinSwitch Kuber was valued at more than US$500 million in its series B round that was held in April.

Currency converted from Indian rupee to US dollar: US$1 = 73.45 rupees