Nearbuy Co-Founder Secures Funding from Inflection Point for New Venture

The Groupon- and Sequoia-backed Nearbuy set up by serial entrepreneur Sumeet Kapur, has secured seed funding for new venture Wellcure Infotech Pvt Ltd, a health-technology platform. The investment in Gurugram-based Wellcure marks the 10th bet on a startup by IP Ventures since March, underscoring the allure that early-stage companies continue to hold for investors. Despite the coronavirus pandemic, the investment in Gurugram-based Wellcure marks the 10th bet on a startup by IP Ventures since March, underscoring the allure that early-stage companies continue to hold for investors.

Wellcure’s other co-founders are Aanchal Kapur and Ankur Bhatia. Wellcure has received $200,000 (Rs 1.5 crore) from Inflection Point (IP) Ventures. Presently, Wellcure says it has nearly one lakh users on its platform.

Mumbai Angels Network and Venture Catalysts are early-stage investment platforms that have made several investments since the nationwide lockdown started in March.

The company says it focuses on physical and mental health through curated content as well as offerings including recipes, e-books, and online programmes.

In a statement, Sumeet Kapur said the company will use the funds it has raised to scale its operations with a goal of Rs 5 crore in sales during this financial year. It will also look to double its subscriber base.