PadCare Labs Raises $3 Mn in Pre-Series A Led by Nithin Kamath's Rainmatter with Participation From 3one4 Capital and Brigade REAP

• The Pre-Series A round comprises a mix of equity and debt financing
• The startup operates across 24 cities in India, managing over 2,000 sites and serving more than 685 enterprises, manufacturing, and residential community clients. 
• The company has remained PAT positive for two consecutive years, delivering EBITDA margins of 26%

PadCare Labs, a clean-technology startup focused on sanitary waste recycling, has raised $3 million in a Pre-Series A funding round to scale its recycling capacity to 2,000 MT annually by March 2027 and launch Orbit, an app-based offering for housing societies. Led by Rainmatter by Zerodha, the equity and debt mix round witnessed new participation from 3one4 Capital, Brigade REAP and PKRBCV Shroff Trust, and backing from existing investors Lavni Ventures, 3i Partners, and debt partners EXIM Bank and ICICI Bank.

The company plans to deploy the fresh capital to scale its recycling operations across Bengaluru and the Delhi NCR region while strengthening leadership and core operating functions. Building on this, PadCare will accelerate its R&D efforts, advance diaper recycling capabilities, and expand Rebirth, its portfolio of recycled corporate stationery and paper products. As the world’s first sanitary-waste disposal and recycling system, the company is now eyeing expansion into new APAC markets, with entry targeted by 2027.

Speaking on the fundraise, Ajinkya Dhariya, Founder and CEO of PadCare Labs, said, “Sanitary waste management remains one of the most under-addressed challenges within India’s waste ecosystem. As regulations evolve with Solid Waste Management (SWM) 2026 rules and enterprises are held to higher sustainability and compliance standards, the need for organized, transparent recycling infrastructure is becoming unavoidable. This fundraise enables us to expand capacity, strengthen leadership, and build the operational backbone required to scale a circular economy for hygiene waste.”

Ajinkya Dhariya, CEO and Founder, PadCare Labs

Founded in 2018 by Ajinkya Dhariya, PadCare has developed patented technology for the scientific recycling of used sanitary waste, enabling the recovery of value-added materials for industrial applications. The company operates across 24 cities in India, including Bangalore, Mumbai, Delhi, Chennai, and serves over 685 clients like Infosys, Wipro, Mahindra Group across more than 2,000 sites. PadCare works with large enterprises, manufacturing facilities, educational institutions, institutes, and residential communities to deliver scalable and sustainable sanitary waste management solutions.

Nithin Kamath, CEO of Zerodha and Rainmatter, said, “Sanitary waste is a structurally ignored problem with significant environmental and public-health implications. PadCare has demonstrated that this category can be addressed through the right combination of technology & operational discipline. We have seen the company scale responsibly over the years, which is why we chose to reinvest in PadCare. We will be supporting them as they build long-term, circular infrastructure for India.”

Nruthya Madappa, Partner, 3one4 Capital, added, "Sustainable waste infrastructure is essential for India's urban future, and PadCare is leading the way. Ajinkya Dhariya and the team have deployed their patented technology across multiple markets, building a solution that works environmentally, operationally, and economically. With proven traction and strong unit economics, PadCare is ready to scale nationally. We're excited to partner with PadCare as they expand operations and deepen their impact.

Nirupa Shankar, Joint Managing Director, Brigade Group, said, “Personal hygiene waste management is an area that has been overlooked over the years, and it is heartening that Ajinkya and the team at Pad Care are leveraging true innovation for solutions in a space that really needs it. This investment represents our belief that impactful change comes from backing entrepreneurs who successfully combine technology with purpose. Their pioneering work in scalable sanitary waste recycling not only addresses a critical gap in the ecosystem but also sparks louder conversations and creates greater visibility around topics such as menstrual health and effective hygiene products.”

Sanitary waste, while recognized under India’s solid waste management framework, has historically lacked scalable and compliant recycling solutions, resulting in most of it being sent to landfills or handled unsafely. PadCare addresses this gap through an end-to-end model that integrates on-site collection infrastructure, compliant logistics, scientific recycling, and transparent reporting aligned with sustainability and ESG requirements.

Notably, the company has sustained EBITDA profitability over the last two years, maintaining EBITDA margins of 26%, reflecting strong operating leverage and a resilient business model. It has recorded a 136% CAGR and continues to see strong customer stickiness, with a 99.5% client retention rate. In 2025 alone, PadCare recycled approximately 256 MT of sanitary waste, resulting in an estimated reduction of 512 MT of CO₂-equivalent emissions. The company also holds three granted patents, with seven more in the pipeline, and operates at TRL-9 technology readiness. To date, the company has raised $5 million in funding from investors including BIRAC’s LEAP Fund (Venture Center) and Social Alpha, and secured a landmark four-shark investment on Shark Tank India Season 2 from Piyush Bansal, Anupam Mittal, Vineeta Singh, and Namita Thapar.

About PadCare

PadCare is an India-based clean-technology company building patented recycling solutions for sanitary waste. The company enables compliant, transparent, and circular management of sanitary waste for enterprises, institutions, and residential communities using their patented sanitary waste recycling technology. PadCare operates across 24 cities in India with a mission to eliminate landfill disposal of sanitary waste through scalable recycling infrastructure.

Website: www.padcarelabs.com

Sukino Raises $31 Mn in Series B Led by Bessemer and Participation by Rainmatter to Deliver Exceptional Out‑of‑Hospital Care

Sukino, the out of hospital healthcare chain, announced that it has raised $31 million in its Series B round led by Bessemer Venture Partners. This round also saw participation from Rainmatter. The funds will be used for geographical expansion.

India accounts for ~10% of the global stroke cases annually, a number rising steadily due to structural health and lifestyle factors such as obesity, sedentary habits, hypertension, stress, and air pollution. Each patient typically requires 6 to 8 weeks of multi-modal rehabilitative care post-procedure, including physical, speech, occupational, and psychological therapy.

This is where Sukino comes in. It bridges the gap between the extended care that is critical for the recovery of patients and the growing willingness of Indians to access this assistance. It provides structured, affordable post-acute support which enables patients to lead fuller lives.

Sukino is aided by two economic and cultural tailwinds:

1. A proliferation of insurance coverage that goes beyond merely hospital care for patients to rehab care as well. Many health plans have started to cover 60 to 90 days of structured recovery. This leads to a lowering of out-of-pocket costs, and improves access to quality care
2. Families are becoming more comfortable with institutional recovery. Traditionally, there has been low social acceptance of family members receiving out of home recovery care post an illness - however, patients and their loved ones are starting to recognize the superior outcomes delivered by specialized facilities.

Founded in 2016 by Rajinish and Shalini Menon, Sukino today operates 850+ beds across eleven centers in Bangalore, Kochi, and Coimbatore and is profitable at the group level. Their centers are strategically located between major hospitals and residential hubs. Though they primarily cater to the needs of stroke patients, centres also admit people who need rehabilitation for neurological, orthopedic, and oncology conditions.

Sukino has seen 64% YoY growth for the past year with 5 centers being added. They plan to expand to 22 more centers in the next 2 years.

Rajinish Menon said “With this milestone, we are one step closer to reimagining how India heals after serious illness, making world-class rehabilitative care as accessible and accepted as hospital care itself. Our vision is to build an institution where patients and their families can count on structured, compassionate recovery support that restores not just health, but dignity and independence.”

Vishal Gupta, Partner at Bessemer Venture Partners said “we’re thrilled to be partnering with Rajinish,Shalini and team. Their focus on protocol driven, empathy-first support ensures high quality care to patients at a tough and vulnerable point in their lives. Our belief in Sukino is rooted in our conviction that high quality healthcare, especially in the single speciality space,will lead to better clinical care and outcomes for Indian consumers.”



​​Commenting on his investment thesis basis his views on the out of hospital care, Nitin Kamath, CEO of Rainmatter said “Most patients in India get medical attention for surgeries in hospitals. But there is a greater need for continued care and support once they get discharged from hospitals especially for critical patients. Sukino is solving a real problem here by bridging the gap between hospital discharge and full recovery. Rajinish, Shalini and the team have been delivering care continuity to patients since 2016 across different cities and diverse set of patients. Building great businesses that also drives meaningful outcomes takes time, which is why we are glad to support Sukino through Rainmatter Health for the next phase of the journey where they continue to build meaningfully”.

Veda Corporate Advisors ("Veda") was the exclusive financial advisor to Sukino.

P•TAL Closes $3M Series A to Expand Heritage Metalware Brand Worldwide; Connecticut Innovations Makes First India Bet

• The round was led by VC Grid and Rainmatter by Nithin Kamath.
• P•TAL generates over 55% of its business from global markets and is actively expanding its presence.

P•TAL (Punjab Thathera Art Legacy), India’s handcrafted copper, brass, and bronze brand blending heritage with modern lifestyle, has raised USD 3 million in its Series A round to bolster its presence in India and accelerate growth across global markets. The round was led by VC Grid, bringing together a powerful community of family offices and accomplished founders, including Ekamya Ventures, the Salarpuria Group, LNB Group and several other marquee backers and Rainmatter, the fund backed by Nithin Kamath of Zerodha.

Connecticut Innovations, the US-based venture firm, also participated, marking its first investment in an Indian company. The round saw participation from Anicut Capital, Zero Pearl VC, Jaipur Rugs Family Office, Ramakant Sharma (Livspace), Sanjay Kapoor (Genesis Luxury by Reliance), Avnish Anand (Caratlane), Shibam Das (Atomberg), and Dr Ritesh Malik (Innov8).

P•TAL’s exports to the US, UK, Europe, and the Middle East account for more than 55% of its total business. The brand now aims to deepen expansion across these regions, driven by growing demand for sustainable, wellness-focused lifestyle products. Over the next three to five years, its international business is projected to contribute over 75% of overall revenue. Investments will be directed towards product innovation, technology-led supply chain efficiencies, and empowering artisan communities in India.

On the funding announcement, Aditya Agrawal, Co-founder and CEO of P•TAL said “This fundraise is not just capital; it means something deeper for us. It’s a partnership with visionary investors, who believe as deeply as we do in the revival of beauty and the benefits of traditional metals like brass, copper and bronze and their place in the global homes and kitchens. We stand at the intersection of timeless heritage and modern utility, and this partnership fuels our mission to take P•TAL from the homes of India’s artisans to households across the world. With this backing, we are poised to scale globally, reimagining what ‘Made in India’ means: craft that carries soul, design that speaks the future, and products that are healthy and last generations. This is just the beginning, and together, we are building a brand that will make India proud on the world stage.”

“P•TAL is a rare blend of purpose and performance — rooted in a strong ethos while charting a disciplined growth trajectory. By reviving a centuries-old craft and empowering artisan communities, the founders are building a brand with global resonance. At VC Grid, we are excited to back founders who combine clarity of vision with deep purpose, and with this growth capital, we believe P•TAL is poised to become both a household name and a global ambassador of Indian craftsmanship and conscious living.” said Vansh Oberoi, Founder & Managing Partner, VC Grid

Speaking on the investment, Nithin Kamath, Founder & CEO, Zerodha said, “P•TAL has built an ecosystem that honours traditional craftsmanship by empowering artisan families. It is remarkable that these artisans have increased their earning potential from about Rs 2,500 to Rs 60,000, with one of them even holding ESOPs in the company. With a majority of the revenue coming from outside India, it is encouraging to see Indian heritage crafts finding their place across the world.”

Building on its growing consumer traction, P•TAL also secured an all-sharks deal on Shark Tank India Season 3. This milestone spotlighted the brand’s vision and reinforced investor confidence in its potential to scale globally. The company’s revenues have climbed from ₹5 crore ARR to ₹50 crore ARR since its previous fundraise, underscoring the brand’s rapid scale-up. Today, P•TAL serves quality-conscious households and wellness enthusiasts globally, with 60% of international revenue coming from foreign buyers. The company is targeting ₹150 crore ARR within the next twelve months, aiming to cement its position as a profitable, sustainable luxury brand redefining Indian craftsmanship worldwide.

About P-TAL:

Launched as a student initiative at Shri Ram College of Commerce by Aditya Agrawal, Kirti Goel, and Gaurav Garg, P•TAL has evolved into a fast-scaling premium lifestyle brand. The company partners with 100+ artisan families, raising their monthly incomes from as little as ₹2,000 to over ₹60,000, while safeguarding a 500-year-old legacy. P•TAL’s flagship stores in Delhi—GK-1 and Vasant Kunj—are complemented by a digital presence on Shopify, Amazon, Instamart, Blinkit, and global marketplaces.

With its philosophy of “Artful Utility”, P•TAL is blending heritage, health, and design to build India’s first truly global heritage and lifestyle brand. Positioned at the intersection of wellness, sustainability, and conscious luxury, the company is primed to tap into a $1 billion premium kitchenware market in India and a $10 billion-plus global opportunity.