Forus Health Spotlight
- Unitus Capital has had an exciting journey representing Forus Health in its Series A fundraising in 2012 and Series B fundraising in 2013, and has helped the company raise $13 mn till date.
- Forus Health was founded by Dr. Shyam Vasudeva Rao and K Chandrasekhar, two deeply experienced technology professionals in 2010 to address health issues affecting the developing world through innovative products and solutions, combined with innovation in deployment. Dr. Shyam holds a doctorate from IISc and was previously the Director - Technology, Philips Healthcare at Phillips Innovation Center, Bangalore and K Chandrasekhar, an alumnus of IIMC and BITS, Pilani, was previously the Director of Strategy at NXP Semiconductors.
- UC started working with Forus Health in 2011, when the company was in a very early stage. At the time, Forus’ key product was 3nethra, a portable, low cost, non-invasive pre-screening ophthalmology solution, which could detect Cataract, Glaucoma, Diabetic Retinopathy, Refraction Errors and Cornea Problems – key diseases that contribute to 90% of avoidable blindness in India. What differentiated 3nethra from other eye screening products available, apart from ability to screen for multiple eye conditions via one device, is that it can be operated by a minimally trained technician and can be deployed in remote areas.
Since then Forus has expanded its product portfolio to 6 devices, with 1200+ device installations across 25 countries impacting more than 2 mn lives! We are very excited with Forus’ achievements and are humbled to have played a small role in the company's highly impactful journey.
- "We had the opportunity of working with UC both for our Series A as well Series B fund raise. UC was able to understand our business, our strategies and were able to put forward to prospective investors better than what we could have. This helped us to close both our rounds at express speed. UC also added a lot of value by connecting us to prospective customers, partners, service providers – which helped our business and company in a big way. The UC team worked with us like our own team and helped us to close a few very crucial external negotiations. UC has definitely played a big role in Forus' success till date" - K Chandrasekhar, Co-Founder & CEO, Forus Health
Janalakshmi Client Spotlight
- Janalakshmi Financial Services Limited (Janalakshmi) is the largest microfinance institution of India catering to financial upliftment of urban poor through various tailor made financial products, with current presence in 18 states and a portfolio of ~USD 2,000 mn. It has also got in-principle approval from RBI to set up a Small Finance Bank. Janalakshmi was founded by Mr. Ramesh Ramanathan who is a visionary social entrepreneur and an urban planning expert. Previously Mr. Ramanathan has held various leadership positions in Citibank abroad.
Unitus Capital's relationship with Janalakshmi goes back to 2009, when Janalakshmi had a portfolio of ~USD 5 mn. Since then, Unitus Capital has represented Janalakshmi in its Series B , Series C and Series D round of equity raise in FY 12, FY 13 and FY 14 respectively , with the raise amount aggregating to ~USD 78 mn. Also, Unitus Capital has also advised Janalakshmi in raising debt through various structured products and plain vanilla loans, in these 7 years, with the total amount aggregating to ~USD 330 mn. Some of the marquee transaction in debt includes:
- Raising USD 50 mn of subordinated debt for Janalakshmi from a European DFI
- Raising USD 30 mn of NCD for Janalakshmi from a Netherland based DFI
- Raising USD 20 mn of External Commercial Borrowing from one of the US Government's financing arm