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Chiratae leads seed funding in healthcare startup WeInnovate Biosolutions

By Joseph Rai

  • 25 Sep 2020
Chiratae leads seed funding in healthcare startup WeInnovate Biosolutions
(From left) Weinnovate founders Anupama Engineer, Milind Choudhari and Prasad Bhagat

Venture capital firm Chiratae Ventures has led a seed investment in infection prevention and control startup WeInnovate Biosolutions Pvt. Ltd.

The startup was part of Chiratae's DeepTech Innovators programme, the venture capital firm said in a statement. It did not disclose financial details.

The company will use the funds for product approvals, sales and marketing, it added.

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WeInnovate was founded in 2016 by Milind Choudhari, Prasad Bhagat and Anupama Engineer with an aim to ensure zero infections during a hospital stay.

The startup says it has developed antimicrobial solutions that are helping reduce hospital-acquired infections, which account for 2 million cases and 80,000 deaths a year globally, the statement noted.

Sudhir Sethi, founder and chairman, Chiratae Ventures, said the VC firm's goal is to invest in startups working across the broad spectrum of deep technology.

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With WeInnovate’s patented technology, the startup has the potential to be a market leader and capture a significant differentiated market share in India and go global, he added.

Chiratae Ventures

Formerly known as IDG Ventures India, Chiratae invests in companies across seed, early- and expansion stages.

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Funds operated by it have over $700 million under management. Chiratae is currently raising its fourth fund.

Last month, CDC Group Plc, the UK-based development finance institution, committed $10 million to the fourth fund.

Last year, the World Bank’s International Finance Corporation (IFC) planned to commit $20 million (around Rs 144 crore) in Chiratae's new fund.

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The venture capital firm has investments in more than 80 companies in sectors such as health-technology, fin-tech, and consumer media.

Some of its portfolio companies include Bounce, Curefit, FirstCry, Forus, Lenskart, Manthan and Flipkart.

Just last month, VCCircle reported that Chiratae led seed funding for a bioprocess startup.

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In June, Chiratae invested in bionics company Aether Biomedical.

In April, VCCircle reported that Chiratae had invested in a travel-technology startup. Other companies that the firm has bet on in the space include Yatra and Tripoto.

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