Blue Sky Capital Management

Funds managed

Fund nameAsset ClassLicense
Exponential Innovation fundVC/ SeedSEBI AIF Cat 1

About the AMC

  • BlueSky Capital Management is the parent of Exponential Innovation Fund
  • Sood, Vikram Chalana and Neeran Chhiber are the members of its investment team


Title: Exclusive: Health-tech startup Medimetry raises seed funding, Source: techcircle, Date: 25 October 2018

Medimetry, which offers an online platform for telemedicine, electronic medical records and disease management, has raised an undisclosed amount in seed funding led by US-headquartered hedge fund BlueSky Capital Management, a top executive told VCCircle.

BlueSky Capital Management is the parent of Exponential Innovation Fund-I, a Category I alternative investment fund registered with the Securities and Exchange Board of India (SEBI) and managed by investment advisory firm 3737 North Capital LLC.

Medimetry, which is operated by Arisun Internet Services Pvt. Ltd, will use the fresh capital for sales, marketing and to upgrade its digital disease management platform, said co-founder and chief executive Krishan Tyagi.

Apart from BlueSky, two individual investors he did not name also contributed to the round. Medimetry was founded in 2016 by Tyagi, an Indian Institute of Technology and Indian Institute of Management graduate, and his wife Bhawana. 

The company started out as an online doctor consultation platform that connects doctors with patients in real time. It is now building a digital disease management platform for chronic ailments.

The company is currently operational in Delhi-NCR and has 1,500 doctors on board with expertise in over 18 areas such as pediatrics, gynecology, psychology, cardiology, oncology, dermatology, sexology, psychiatry and general medicine. It claims to have catered to more than 100,000 customers till now, of which around 40% have come from rural areas.

“We are investing in Medimetry that is changing the Indian healthcare experience, through its on-demand telemedicine capabilities aided by robust disease management protocols,” said Bhavish Sood, managing partner at BlueSky Capital Management. 

Sood, a general partner at 3737 North Capital, will now join the board of Medimetry.

“Indian healthcare needs digital transformation to address gaps in accessibility, availability, affordability, and quality of care,” said Pankaj Gupta, venture partner, healthtech and biotech, at Bluesky Capital. “Hence, we are focused on digital models of care including e-prescriptions, metadata and data standards (MDDS) for health standards-based interoperability, and standard clinical protocol-based disease management.”

Exponential Innovation Fund-I –

Launched last year with the aim of raising $50 million, the 3737 North Capital-managed Exponential Innovation Fund-I seeks to invest in fintech, health-tech, enterprise software and ed-tech companies. 

It will also opportunistically invest in agri-tech and clean-tech and will primarily focus on business-to-business (B2B) ventures, Sood had told VC Circle last year. The venture capital fund‘s first local investment was in Revvlocity, which operates in the inside sales space. It.

Deals in the space:

There has been considerable funding activity in the broader health-tech space of late. On Wednesday, VC Circle reported that Gurugram-based Bright Lifecare Pvt. Ltd, which runs omni channel health products store HealthKart, was raising close to $10 million (Rs 73 crore at current exchange rates) in a fresh funding round from new and existing investors led by Sequoia India.

In September, online drug stores PharmEasy, Myra and NetMeds all raised venture capital investment. Technology is increasingly playing a role in widening the healthcare net. Earlier this month, panelists at News Corp VC Circle’s Healthcare Summit 2018 said that the future of healthcare in India lies in the adoption of digital technologies that will enable quality care to be extended to consumers in smaller cities and towns.

Title: 3737 North Capital invests in backpacking hostel chain, Source: techcircle, Date: 8 February 2018

3737 North Capital LLC has made its second bet in a Pune-based tech-backed data-driven backpacking hostel chain, a top executive of the India- and US-based investment advisory firm told VCCircle.

The investment advisory firm has invested $1.4 million in Backpacker Panda Holidays Pvt. Ltd in the company’s Series A round of funding, said Bhavish Sood, general partner at North Capital.

It has committed to invest $1 million more in the firm’s Series B subject to the company achieving additional business milestones, he said.

The investment was done through its Exponential Innovation Fund-I, which is registered with market regulator the Securities and Exchange Board of India (SEBI) under the AIF Category I.

Backpacker Panda will use the funds to enhance customer experience, build its brand, strengthen its tech team and expand its footprint in domestic and international markets. As part of the transaction, the fund‘s CIO Manpreet Mattu will join the board of directors and Sood will join as a board observer.

The company was founded by Kumar Vivek and Vivek Jain in 2015 with the aim of making travelling easier and more accessible. With its recently launched flagship property at Colaba in Mumbai, the company provides 14 properties across India.

The backpacking hostel space has seen some investor interest in the past years. In 2016, Goa-based startup Roadhouse Hostels Pvt. Ltd, which runs a chain of hostels targetted at backpackers, had raised an undisclosed amount of investment from Indian Angel Network (IAN).

Another player in the space, Zostel Hospitality Pvt. Ltd, which had raised angel funding in 2014, was acquired by budget hotel aggregator OYO Rooms in 2016.

Exponential Innovation Fund-I seeks to invest in fintech, health tech, enterprise software and edtech. It will also opportunistically invest in agritech and cleantech and will primarily focus on business-to-business businesses, Sood had told VCCircle last year.

The venture capital fund‘s first investment was in Revvlocity which operates in the inside sales space.



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