Mumbai-based healthtech startup Zeno Health mentioned Tuesday it has secured $25 million (Rs 207 crore) in a Series C funding spherical led by South Korean private equity agency STIC Investments, together with participation from current venture capital investor Lightbox.   

The firm will use the funds for increasing its shopper outreach, extending its geographical footprint, and enhancing its technological infrastructure, it mentioned in a press release. 

Zeno Health was based in 2017 by IIT Bombay alumni Siddharth Gadia and Girish Agarwal. The startup operates greater than 175 omnichannel shops and maintains a community of 200 micro-franchises.  

Mumbai-based enterprise capital agency Lightbox, which counts Rebel Foods, Dunzo, and Furlenco in its portfolio, manages property totaling $450 million.  

The transaction comes quickly after the VC agency noticed a considerable change in its high management simply final 12 months. VCCircle reported final 12 months that three senior executives on the agency have been stepping down attributable to inner variations over the fund’s technique and exit plans notably in relation to the troubled portfolio firm Dunzo.  

STIC Investments, established in 1999 and initially working as a enterprise capital agency, is now one in all Korea’s largest PE corporations. With $6.3 billion in property underneath administration, STIC Investments has invested in over 95 corporations throughout varied sectors, together with industrials and enterprise providers, bio and healthcare, shopper and shopper expertise, and video games and leisure. Notably, STIC Investments made an funding in Dunzo in 2019 as a part of its India portfolio.  

STIC’s world investor base contains sovereign wealth funds, public pension funds, insurance coverage corporations, monetary establishments, household places of work, endowments, foundations, and fund of funds from Korea, Southeast Asia, the Middle East, and Europe.