Indian alternative credit platform BlackSoil has invested $4 million in healthcare technology solutions provider GenWorks Health, while Zyngo, a third-party logistics services provider, has raised $5 million in pre-Series A funding.
Blacksoil backs GenWorks
India-based alternative credit platform BlackSoil has invested $4 million in healthcare technology solutions provider GenWorks Health, which helps distribute medical devices and consumables throughout India.
Morgan Stanley, healthcare investor Somerset Indus Capital Partners, and UAE-based Evolvence also invested in the firm.
“Blacksoil’s funding will aid our expansion activities, grow the customer base, as well as help us maintain a robust infrastructure, such as equipment, software, technology, and staffing, to support the delivery of our healthcare services,” said S Ganeshprasad, Founder, Managing Director and CEO, Genworks
The investment is part of BlackSoil’s commitment to investing in the healthcare sector. The company raised more than $25 million through its diverse debt products last month.
The firm has also invested in battery swapping firm Battery Smart, OTA travel company Yatra.com, discount broking firm Upstox, healthtech startup HealthPlix, and deeptech firm Tonbo Imaging, and fintech unicorn MobiKwik.
Zyngo secures $5m
Zyngo, a third-party logistics service provider, raised $5 million in pre-Series A funding led by London-based logistics firm Delta Corp Holdings.
Existing investor LC Nueva Investment Partners also participated in the funding round. The company plans to use the new funding to increase fleet size, expand to new geographies and enhance technology.
Zyngo also intends to expand its services to emerging segments such as food tech, e-commerce, and e-grocery deliveries.
“We founded Zyngo with a vision to champion the cause of clean mobility solutions in the logistics sector which has traditionally been dominated by large polluting trucks and vans. With this latest investment, we are excited to accelerate our growth and expand our reach,” said Prateek Rao, CEO and Founder, Zyngo.
Founded in 2020, Zyngo offers last-mile delivery solutions through a fleet of electric vehicles. The company caters to B2B and B2C consumers, focusing on intra-city logistics to fulfil their daily logistics and transportation needs.
Zyngo intends to deploy over 3,000+ logistics EVs across India by the end of FY23 and aims to deploy at least 18,000+ zero-emission EV fleets throughout India to support the country’s climate action and sustainability goals.
