Mobile Health Company Grow Fit has raised $4.5million in Series A funding led by MEMG (Manipal Education and Medical Group), the PE arm of the Manipal Group. The company plans to expand solutions to fertility, joint health, stress management and more, all through the mobile. The venture also plans to integrate different sources of data from wearable technology and medical reports in order to make the app a one-stop, comprehensive companion for wellness.
Mumbai-based O2O fashion ecommerce platform Fynd has raised $2.4 million in a funding round led by IIFL Seed Ventures. The round was an extension of the Series A round. The current funding leads to the close of Series A funding at $3.4 million. The startup will leverage the newly raised capital to accelerate growth.
Bengaluru-based compliance ERP provider Clonect Solutions has raised $1 million in seed funding led by former Infosys honchos T V Mohandas Pai and V Balakrishnan and other angel investors. Clonect, which operates in the enterprise governance, risk management and compliance management solutions space, has rolled out GSTStar, a comprehensive suite of solutions that offers registration, returns and reconciliation of taxes.
MaxWholesale, a mobile-based business-to-business commerce platform, has raised $1 million from Indian Angel Network and existing investor Maple Capital Advisors to connect FMCG companies to local Kirana stores. The platform, developed by Delhi-based 99 Algorithms Pvt Ltd, allows grocery stores and to directly place orders with consumer goods companies, thereby eliminating middlemen and reducing prices. MaxWholesale will use the funds for customer acquisition and investing in supply chain.
The recent farmer protests in some parts of the country throw fresh light on an old economic problem. People think in nominal rather than real terms. Price changes matter. The paradox of farmer protests when farm output is at record levels is less puzzling once we take falling food prices into account. It is the nominal rather than the real trend that is hurting farmers. The fact that it is lower prices that have brought farmers to the streets seems to have got widespread acceptance in recent weeks. This is a good cue to extend the discussion to some broader economic issues, especially about why the Indian economy does not “feel” like it is growing at 7%.The sharp fall in inflation in recent years has pulled down the growth in nominal gross domestic product (GDP). Many analytical muddles have followed.First, expectations continue to be set according to what people experienced during the years of high inflation after 2006. In other words, inflation expectations in India continue to be adaptive rather than rational. Second, several analysts have tripped because of the unfortunate habit of comparing nominal values with real values. So, ratios such as bank credit growth to real GDP growth or corporate sales growth to real GDP growth can give extremely wrong signals. Third, the tax base of the government is the nominal GDP. People pay taxes on what they actually earn rather than on their real earnings after inflation. The recent drop in Indian inflation provides an excellent opportunity to think more clearly on the old problem of nominal versus real variables in an economy.