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Funding roundup: AdStringO, Allizhealth, Voonik and PayMango

AdStringO raises $350K from Indian Angel Network

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Mobile content compression software startup AdStringO has raised $350K in the angel investment round from Indian Angel Network (IAN) in which a total of 40 investors include former Aditya Birla Realty Fund head Bharat Banka and Signal Lake Venture Capital’s managing director Satish Mehta, reports Techcircle. The company will deploy the funds to aid companies who use compressed content with lower data usage, and reach out to the rural consumers with poor internet bandwidth.

The company claims that its algorithm reduces the file size of any data such as images, video, digital documents up to 90 percent without any loss of quality. It is currently a B2B product and its clients include L&T Finance, Johnson & Johnson, Club Mahindra and Tata Teleservices. The firm is looking to raise $3-5 million in pre-Series A round of funding to launch its B2C platform in September this year.


Allizhealth raises $350K from Mumbai Angels, others

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Preventive healthcare start-up Allizhealth has raised $350K from Mumbai angels and other angel investors, including Dr. Ranjan Pai, Chairman of Manipal Education and medical group, and Mr. Rahil Shah, Director of NM Medical. The platform will use the funds to enhance its service offerings by improving its mobile app, and expanding the team to focus on the health analytics backend.

The health management platform claims that it provides users to manage their conditions better and aid them to make the right health choices, at the right time. The company also adds that it focuses on prevention, rather than on illness care.


Voonik raises $5 million from Sequoia Capital & SeedFund

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Online stylist-curated fashion store Voonik has raised $5 million in Series A funding  from Sequoia Capital and Seedfund. The platform will use its funds in personalisation and style recommendation technology.

The platform provides apparels, accessories, beauty products and footwear of multiple stores in  a single checkout.  The company claims that it has touched over 1 million downloads, and on average registers close to 2,500 purchases daily from 1,500 unique customers.

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Voonik provides its users with necessary information after choosing items listed on its platform—like their body type and style preferences to receive a stylist recommendation on what will suit them, how to wear them, and what to pair them with.


PayMango closes seed round

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Local commerce and mobile marketplace PayMango has closed its seed round funding to enhance its local businesses. The company said that the future of Indian retail is not e-commerce but local commerce happening through mobile.

According to the PayMango current scope of m-commerce in local retail is $16B USD which is greater than the e-commerce and will grow to upwards of $80B USD by 2020. The company added that it’s not surprising the amount of attention this space is starting to get from the entrepreneurs and investors alike.

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