Refex Capital

Refex Capital is a venture capital firm based in Chennai, India, established in 2015. It focuses on early-stage technology startups, investing across various sectors including health tech, consumer technology, cleantech, enterprise technology, and fintech. The firm is dedicated to supporting entrepreneurs who aim to innovate and disrupt traditional markets. In addition to financial investment, Refex Capital offers strategic and operational assistance to its portfolio companies, drawing on decades of experience in areas such as idea validation, business model refinement, and customer acquisition. The firm emphasizes a commitment to honesty and transparency in its dealings, recognizing that the success of its portfolio companies is integral to its own success.

Dinesh Agarwal

Partner and Group CEO

28 past transactions

Contiinex

Seed Round in 2023
Contiinex is a company that operates in the speech AI market, specializing in the analysis of audio files to enhance customer understanding and inform strategic business decisions. Its platform is designed to improve customer experience by facilitating the remote management of customer journeys and agent life cycles. By accurately analyzing both voice and non-voice data, Contiinex provides organizations with valuable insights that help build comprehensive indexes across various customer experience and behavior metrics. This enables businesses to gain a deeper understanding of their clients and make informed tactical choices.

TrillBit

Seed Round in 2021
TrillBit is a Boston-based startup founded in 2017 that focuses on the development of innovative communication technology utilizing inaudible sound waves, also known as the "internet of sound." The company has created a proprietary acoustic technology that transforms ordinary speakers and microphones into data transfer devices, enabling secure and scalable communication without the need for traditional networks. This technology allows for the transmission of authentication information and data packets from any media device to smartphones, ensuring encrypted interactions at minimal deployment costs. TrillBit has garnered recognition for its disruptive applications and has received backing from notable organizations such as Techstars and Cisco Launchpad.

Detect Technologies

Series B in 2021
Detect Technologies is an innovative enterprise specializing in industrial AI and SaaS solutions, established in 2016 by Daniel Raj David in Chennai, Tamil Nadu. The company focuses on enhancing global industrial productivity through advanced AI architecture and proprietary hardware. By leveraging its deep industry expertise, Detect Technologies offers real-time intelligent monitoring that improves resource visibility and increases schedule certainty. Its products are designed to minimize in-service equipment failures, extend asset lifespans through predictive maintenance, and automate compliance with international safety standards. Additionally, the company provides end-to-end project management solutions that optimize operations, shutdowns, turnarounds, and construction processes, thereby driving efficiency and innovation across various industrial functions.

Rage Coffee

Seed Round in 2021
Rage Coffee is a company that specializes in producing coffee and caffeine-based products designed to enhance mental energy and focus. Their unique blend combines brain supplements derived from plant extracts and natural compounds with high-quality coffee. Key ingredients include L-theanine, Panax ginseng, Rhodiola Rosea, and L-glutamine, which are chosen for their synergistic effects on cognitive function. These ingredients have undergone extensive clinical testing and are considered safe by regulatory bodies such as the FDA and EMA. Rage Coffee is available in various flavors like caramel, orange, hazelnut, and chocolate, catering to a wide range of preferences while providing both energy and vitamin intake.

Rage Coffee

Seed Round in 2020
Rage Coffee is a company that specializes in producing coffee and caffeine-based products designed to enhance mental energy and focus. Their unique blend combines brain supplements derived from plant extracts and natural compounds with high-quality coffee. Key ingredients include L-theanine, Panax ginseng, Rhodiola Rosea, and L-glutamine, which are chosen for their synergistic effects on cognitive function. These ingredients have undergone extensive clinical testing and are considered safe by regulatory bodies such as the FDA and EMA. Rage Coffee is available in various flavors like caramel, orange, hazelnut, and chocolate, catering to a wide range of preferences while providing both energy and vitamin intake.

Magnifi

Venture Round in 2020
Magnifi is an AI platform that specializes in video intelligence solutions, focusing on content generation for various sectors, including sports broadcasting, media platforms, and entertainment. By leveraging advanced artificial intelligence technologies, Magnifi enhances the way content is created and delivered, allowing broadcasters to produce engaging and dynamic media experiences. The company's innovative approach aims to streamline content production processes and improve audience engagement across different platforms.

Mage Data

Venture Round in 2020
Patented Sensitive Data Discovery + Static & Dynamic Data Masking + Activity Monitoring + Data Minimization + Single Platform + Wide coverage (databases, big data, unstructured data) = MENTIS = #1 ranked solution by Analysts & Customers. Brand Name Customers. Award winning solutions. Boot-strapped.

EvenRank

Venture Round in 2020
EvenRank is a personalized career and coaching platform that uses data science to make job recommendations and identify the coaching and learning needs of users.

Orbo.ai

Seed Round in 2019
Orbo.ai is a company specializing in deep facial technology that enhances the interaction between cameras and human perception. Its platform utilizes advanced deep learning solutions to provide a range of applications, including virtual try-on experiences for cosmetics, hair color, and hairstyles. Additionally, Orbo offers tools for foundation shade matching, smart skin analysis, and facial attribute enhancement. By integrating its technology into various devices, Orbo enables beauty brands to deliver personalized shopping experiences, thereby transforming the way consumers engage with beauty products. The company aims to expand beyond traditional computational photography, becoming a gateway for contextual information and emotional recognition through its innovative face tracking technology.

Intugine

Seed Round in 2019
Intugine Technologies is a Bangalore-based SaaS company established in 2017 that specializes in motion sensing and Internet of Things (IoT) technologies aimed at optimizing logistics and supply chain operations. Focused on transforming the logistics sector in India, Intugine offers solutions for real-time vehicle tracking, SIM-based in-plant tracking, and centralized control systems. These innovations help businesses eliminate operational inefficiencies, reduce logistics costs, and minimize dwelling and detention times. With a dedicated team of experts, Intugine Technologies is committed to digitizing and modernizing the logistics industry through its advanced technological offerings.

HappyEMI

Seed Round in 2019
HappyEMI is an innovative consumer finance company that offers instant financing solutions to shoppers at the point of sale, both in-store and online. The company distinguishes itself through a data-driven underwriting process that evaluates risk using alternative data points, allowing it to serve a broader consumer base beyond traditional credit scores. HappyEMI provides small-term loans with minimal documentation and no interest rates, facilitating easy access to credit for consumers. The company collaborates with major retail brands, particularly in the smartphone sector, helping its retail partners enhance sales conversions, increase basket sizes, and improve overall customer satisfaction. HappyEMI generates revenue through subventions from manufacturers and retailers, as well as financing charges from consumers.

Niki

Venture Round in 2019
Niki is focused on converting India's 500 million new Internet users into active consumers by providing a messaging and personal assistant platform that simplifies various payment needs. The service allows users to interact in their native language, replicating the experience of speaking with a local agent to access a wide range of services, including mobile recharging, online shopping, and cab bookings. By utilizing proprietary technology that incorporates machine learning and Natural Language Processing, Niki enhances the offline experience and streamlines everyday tasks for users, ultimately improving their efficiency and facilitating transactions in a manner that is familiar and accessible.

FIB-SOL

Seed Round in 2018
FIB-SOL focuses on translating advanced material technologies from research into practical applications in agriculture and healthcare. The company specializes in designing nanofiber platforms that facilitate the creation of lightweight delivery formulations for agricultural inputs, including bio-fertilizers, pesticides, and other plant growth stimulants. By developing innovative solutions, FIB-SOL aims to address critical challenges faced by farmers and healthcare providers, ultimately improving efficiency and effectiveness in these sectors.

S3v Vascular Technologies

Seed Round in 2018
S3V Vascular Technologies is a company focused on developing innovative medical technologies aimed at improving the lives of patients suffering from cardiovascular diseases. The organization is driven by a commitment to create affordable, cutting-edge medical devices that enhance patient care and safety. By concentrating on minimally invasive technologies and collaborating with healthcare professionals globally, S3V Vascular strives to reduce the duration and risks associated with surgical procedures. Their products not only aim to meet the surgical requirements of healthcare providers but also prioritize advancing patient health, ultimately enabling individuals to regain active and healthy lives.

Fabheads Automation

Seed Round in 2018
Fabheads Automation is a hardware startup that specializes in the development of automation equipment for high-end carbon fiber part production. Targeting the Aerospace, Automobile, and Biomedical industries, the company focuses on improving and innovating automated fabrication technologies within the composites sector. Since its inception, Fabheads has distinguished itself by becoming the first company in Asia to develop in-house fiber 3D printing capabilities. The company has received several awards for its pioneering contributions to composites fabrication and continues to set ambitious goals aimed at achieving complete automation in the composite manufacturing process.

Ubiquitous Foods (Ovenfresh)

Venture Round in 2018
We were born from a love of all things baking – From a single outlet in 2008, our quest for baking excellence has seen us grow to over 30 locations and reinvent the corner bakery in the process. We have stayed true to our home baking roots over the years, and our passion for baking today manifests itself in our process innovation and commitment to the best quality ingredients. Our outlets feature live-baking and daily deliveries of fresh product, thereby ensuring nothing but the best for our customers.

Nanolife

Venture Round in 2018
NanOlife is a medical centre. It develops nanomedicine products that use the scientific concept of green nanotechnology. Nanomedicine products for treating cancer, arthritis, and antibiotics for treating deadly infections.

Detect Technologies

Seed Round in 2017
Detect Technologies is an innovative enterprise specializing in industrial AI and SaaS solutions, established in 2016 by Daniel Raj David in Chennai, Tamil Nadu. The company focuses on enhancing global industrial productivity through advanced AI architecture and proprietary hardware. By leveraging its deep industry expertise, Detect Technologies offers real-time intelligent monitoring that improves resource visibility and increases schedule certainty. Its products are designed to minimize in-service equipment failures, extend asset lifespans through predictive maintenance, and automate compliance with international safety standards. Additionally, the company provides end-to-end project management solutions that optimize operations, shutdowns, turnarounds, and construction processes, thereby driving efficiency and innovation across various industrial functions.

Otomagnetics

Seed Round in 2017
Otomagnetics, Inc. is a biotechnology company based in Rockville, Maryland, that specializes in the development of a proprietary magnetic injection delivery system. This innovative technology enables non-invasive drug delivery to challenging anatomical sites, including the inner and middle ear, as well as the eye and skin. Founded in 2012 as a spin-out from the University of Maryland College Park, Otomagnetics addresses significant medical challenges, such as the impermeability of the blood-labyrinth barrier, which complicates treatment for inner ear diseases. Preclinical studies have demonstrated the efficacy of their system in delivering therapeutic agents to the inner ear and middle ear, showing promise for treating conditions like tinnitus, noise-induced hearing loss, and otitis media. Although Otomagnetics' products are currently experimental and not yet approved for human use, the technology represents a potential breakthrough in non-invasive treatment options in otolaryngology and pediatric medicine.

Artwaley

Angel Round in 2017
Artwaley is an international marketplace dedicated to connecting artists with art enthusiasts and buyers. Founded by artist Priyal Ostwal, the platform features over 1,500 paintings from more than 125 artists, primarily showcasing talent from smaller cities and rural areas in India. Artwaley operates physical galleries at Taj Gateway and Sandbox Startups in Hubli, and has established a franchise in Chennai, with plans for expansion into Goa, Kolkata, and other locations across India. The company also aims to extend its reach internationally, with upcoming galleries in Dubai and Atlanta. In addition to its online presence, Artwaley actively participates in art exhibitions and fairs globally, promoting a diverse collection of artworks while providing artists with opportunities to sell their creations worldwide.

Chalo

Seed Round in 2017
Chalo is a technology-driven platform that provides live bus tracking and contactless payment services to enhance public transportation for its users. The app allows riders to track buses in real time, informing them of arrival times at their respective stops, thereby eliminating the need to wait at bus stops. Chalo utilizes a proprietary algorithm to calculate live arrival times, improving the overall travel experience. Additionally, the platform offers an NFC-enabled touch-to-pay card, allowing users to store funds for seamless payments. This combination of features aims to make urban commuting more efficient and affordable.

Kyvor Genomics

Venture Round in 2017
Kyvor Genomics is a genome intelligence company focused on improving cancer treatment outcomes through advanced theragnostic testing. The company has developed a test that analyzes the whole exome data of a patient's tumor DNA, allowing for a comprehensive understanding of the complex genomic anomalies present. This information enables physicians to identify effective treatment options tailored to individual patients, thereby addressing issues of drug resistance and optimizing therapeutic responses. By providing these insights, Kyvor Genomics aims to contribute to the reduction of cancer mortality rates and enhance the efficacy of chemotherapy and surgical interventions.

Easypolicy

Venture Round in 2016
Easypolicy is an online insurance platform aimed at simplifying the insurance procurement process for users. By aggregating a wide range of insurance products from various vendors, the platform allows users to compare plans based on price and other relevant criteria. Easypolicy collaborates with multiple insurers nationwide, offering comprehensive services across life, health, travel, and auto insurance segments. Its mission is to provide transparent, high-quality services that assist users in informed decision-making and effective policy management. Through its technology-driven approach, Easypolicy enhances the overall user experience in navigating the complexities of insurance options.

Orbo.ai

Seed Round in 2016
Orbo.ai is a company specializing in deep facial technology that enhances the interaction between cameras and human perception. Its platform utilizes advanced deep learning solutions to provide a range of applications, including virtual try-on experiences for cosmetics, hair color, and hairstyles. Additionally, Orbo offers tools for foundation shade matching, smart skin analysis, and facial attribute enhancement. By integrating its technology into various devices, Orbo enables beauty brands to deliver personalized shopping experiences, thereby transforming the way consumers engage with beauty products. The company aims to expand beyond traditional computational photography, becoming a gateway for contextual information and emotional recognition through its innovative face tracking technology.

Sun Telematics

Seed Round in 2016
Sun Telematics is a technology company that has developed a mobile-based platform aimed at improving corporate transportation management. The platform facilitates efficient handling of employee transport through features such as employee rostering, vehicle scheduling, real-time attendance tracking, and automated billing, all while ensuring safe travel for employees. By implementing this technology, corporations have reportedly saved at least 10% of their transportation costs within the first six months. Sun Telematics currently serves 23 corporate clients, supporting approximately 50,000 employees and managing over 12,000 vehicles. The company has expanded its workforce from six to over 50 employees and has achieved significant revenue growth, becoming profitable. In addition to corporate transport solutions, Sun Telematics has developed products like Drive and National Permit to address challenges in vehicle optimization and demand-supply mismatches in the transport sector. These solutions enable transporters to better utilize their fleets and generate additional revenue through strategic partnerships.

Wassup Laundry

Seed Round in 2016
Wassup is Indias's first friendly neighbourhood laundry & dry cleaning service. It is affordable and has a free home pickup and delivery service. Wassup - Just Laundry is a professionally run setup with state of the art machinery and skilled fabric experts who ensure hygiene and utmost care of your garments. As a result your whites stay white, colour stay brighter and sheen of fabric remains for longer timeframe.

Munoth Industries

Venture Round in 2016
Munoth Industries Limited is a manufacturing company specializing in lithium cells, notably India's first such facility. It produces Li-ion polymer cells, predominantly for power banks, ensuring high performance and quality. The company is expanding, with plans to establish another lithium cell manufacturing unit in an Electronic Manufacturing Cluster (EMC-II) in Tirupati. Its products cater to various digital devices, including mobile phones, medical devices, and wearables, enabling clients to offer competitive pricing.

I Love Diamonds

Venture Round in 2015
I Love Diamonds is a distinguished manufacturer of diamond jewelry, leveraging over 12 years of expertise drawn from its parent brand, Khwaahish Diamonds, established in 2003. Renowned in South India, I Love Diamonds specializes in creating lightweight yet exquisite jewelry pieces, including rings, earrings, pendants, nose pins, bracelets, necklaces, and mangalsutras. Each creation reflects exceptional craftsmanship and adheres to high-quality standards, as the company utilizes only the finest diamonds and gemstones. All jewelry is crafted in certified 18K gold and is hallmarked with BIS authentication, ensuring authenticity and quality. Additionally, pieces are certified by reputable international gemological labs such as the European Gemological Laboratory and the Solitaire Gemological Laboratory, reinforcing the brand's commitment to excellence in diamond jewelry.
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