Startup Shake-Up: Healthify Restructures, Reelo Raises, IvyCap Closes!

In dynamic startup ecosystem today, Healthify, a Bengaluru-based healthtech firm, undertakes a significant workforce restructuring to drive profitability in India while gearing up for global expansion. Meanwhile, Reelo secures a USD 1 million investment from Silicon Valley's Gokul Rajaram to fuel its growth initiatives, and IvyCap Ventures closes its third fund at Rs 2,100 crore, surpassing its target. Additionally, Holepunch seeks collaborations with Bengaluru tech startups to introduce its innovative Peer Runtime platform in India. Read on for more details on these developments.

Healthify Streamlines Operations with Workforce Restructuring

Healthify, a prominent healthtech startup headquartered in Bengaluru, has announced a significant restructuring of its workforce, affecting approximately 30% of its employees. The move, confirmed by CEO Tushar Vashist, is part of a strategic initiative aimed at achieving profitability for the company's India business by 2024, while also preparing for a substantial expansion into global markets, including the United States.

Healthify Promises Employee Support Amid Transition

Acknowledging the impact of these changes on affected employees, Healthify has assured comprehensive support during the transition period. This includes offering robust severance packages, extended insurance coverage, and assistance with job placement. This latest round of layoffs follows a similar restructuring exercise in December 2021, during which approximately 150 employees were let go.

The company recently secured approximately USD 130 million in funding and reported a notable 23% increase in revenue from operations in the fiscal year 2023 compared to the previous year. Healthify faces competition from other players in the health and fitness market, including UltraHuman, Cult.fit, and one8 Fitness.

Reelo Secures USD 1 Million Investment for Expansion

Customer loyalty and marketing startup Reelo, headquartered in Ahmedabad, has successfully raised USD 1 million in funding from solo capitalist Gokul Rajaram, a well-known angel investor based in Silicon Valley. Rajaram, known for backing successful ventures like Faire, Figma, and Airtable, sees promise in Reelo's innovative approach to marketing solutions for small and mid-sized businesses.

Utilizing Fresh Capital for Growth

Reelo, founded in 2021 by siblings Prit and Parin Sanghvi, plans to leverage the newly acquired capital to drive its growth initiatives. These initiatives include expanding its team across all departments, extending its global footprint, and enhancing its artificial intelligence and machine learning capabilities.

The startup offers a suite of marketing tools tailored for businesses by integrating its platform with point-of-sale (PoS) billing software. This integration enables businesses to gather valuable customer data and implement automated marketing strategies and loyalty programs aimed at customer retention.

IvyCap Ventures Closes Third Fund at Rs 2,100 Crore

Early-stage venture capital firm IvyCap Ventures has announced the successful closure of its third fund, surpassing its initial target by raising Rs 2,100 crore in capital. The overwhelming majority of the raised capital originated from domestic investors, with additional contributions from IIT alumni worldwide.

Investment Strategy and Portfolio

With assets under management (AUM) now totaling Rs 5,000 crore, IvyCap Ventures plans to invest in approximately 25 companies at the Series A stage. The average initial investment is expected to range between Rs 30 to 50 crore per company. Notably, close to 60% of the funds raised came from existing investors, highlighting confidence in IvyCap's investment strategy.

Currently, a significant portion of the third fund has been deployed across various companies, including Celcius, Agraga, Eggoz, and others. The firm has also made follow-on investments in select companies from its previous funds.

Holepunch Seeks Collaborations with Bengaluru Tech Startups

Peer-to-peer company Holepunch, based in the British Virgin Islands, is actively seeking partnerships with tech startups in Bengaluru to expand its platform, Peer Runtime. Launched earlier this year, Peer Runtime offers an innovative solution for tech developers to create apps without the need for traditional server infrastructure.

Entry into Indian Market

Holepunch aims to enter the Indian market through collaborative projects with local startups and software developers. By offering its platform to Indian tech innovators, the company seeks to foster innovation and streamline app development processes without significant investment in infrastructure development. Through strategic collaborations with Bengaluru-based startups, Holepunch aims to establish a foothold in India's vibrant tech ecosystem and drive mutual growth and success.

This Startup News Roundup highlights significant developments in the tech and startup landscape, showcasing efforts to innovate, expand, and adapt to evolving market dynamics.

Join Our Thriving Entrepreneurial Community

Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twittrer) | Facebook | News Letters