Srikrishnan Ganesan, Co-Founder and CEO of Rocketlane, noted that the fundraising will be utilised to enhance AI capabilities in their product.
“AI plays a big role in our future roadmap. With this funding, we plan to enhance AI capabilities in four key areas across our product. Firstly, operational capabilities, where AI can automate project staffing by identifying the right personnel to optimise margins and balance workloads. Secondly, project delivery, assisting project managers in tasks like handoffs and meeting documentation. Lastly, governance and insights are two additional areas where AI will be integrated,” Ganesan stated in an interview with CNBC-TV18.
This infusion of capital comes as Rocketlane continues its growth trajectory, having tripled its revenue over the past year. “We grew 3x over the last two years. This year and next, we aim to achieve over 2x growth,” Ganesan added.
In addition to bolstering its AI capabilities, Rocketlane is also set to expand its market presence in India with its new client portal.
In a separate development, Cloudphysician, an AI and operations company that partners with hospitals to manage ICU and emergency department patients, has raised $10.5 million in a Series A round led by Peak XV.
Dr. Dhruv Joshi, Co-Founder and CEO of Cloudphysician, emphasised that the funds will support the company’s growth within India and its expansion into emerging and established markets, including the US.
“The fundraise will enhance our AI platform, Radar, which helps doctors and nurses provide better care. We aim to scale our solution across India’s 50,000 hospitals, up from the current 200. Additionally, we plan to expand internationally, particularly into markets like the US, where both my co-founder and I have extensive experience.”
Joshi believes that the healthcare industry is ripe for disruption and with the right partners and a talented team, the company is well-positioned to address this market globally.
Additionally, The Pant Project, a fashion brand specialising in custom-made and ready-to-wear pants, has raised $4.25 million in its first funding round led by Sorin Investments. Additional participants included MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley, along with angel investors.
Dhruv Toshniwal, Founder and CEO of The Pant Project, asserted that the fresh funding will be used for expanding the company’s retail store presence.
Over the next three years the company plans to open 30 stores in major cities across India. The company currently has three stores in Mumbai and Bangalore.
In terms of financials, The Pant Project saw revenues reaching ₹31 crore in the last financial year and plans to surpass ₹100 crore within the next 18 to 24 months.
Watch the accompanying video for the entire discussion
