Kitchenware Startup The Indus Valley To Raise INR 23 Cr From DSG Consumer

D2C kitchenware startup The Indus Valley is raising INR 23.1 Cr (about $2.7 Mn) in its Pre-Series A funding round led by existing investor DSG Consumer Partners. The funding round will also see participation from White Whale Partners, Rukam Capital, and some angel investors. 

During its extraordinary general meeting held last month, The Indus Valley’s shareholders passed a resolution to issue 41,485 compulsory convertible preference shares (CCPS) at an issue price of INR 5,580.4 each, the startup’s regulatory filing showed. 

While DSG Consumer Partners will invest INR 12.5 Cr in the startup, Rukam Capital will invest INR 3 Cr. 

The development was first reported by Entrackr.

Founded in 2016 by Madhumitha Udaykumar and Jagadeesh Kumar, the startup sells non-toxic cookware made from chemical-free materials like iron and cast iron, stainless steel, wood and clay.

It claims to have a customer base of 10 Lakh customers across over 10,000 pin codes and offers over 250 SKUs, including a wide range of pots and pans, woks (kadai), griddles (tawa), cookers, idli makers and more.

Including the latest fundraise, the startup has raised a total funding of about INR 51 Cr till date. It also counts The Chennai Angels among its backers.

The development comes at a time when India’s kitchen-focused startups are seeing a lot of interest from investors. For instance, last month Bengaluru-based smart kitchen startup Beyond Appliances raised INR 16.8 Cr (around $ 2 Mn) in a seed funding round led by Fireside Venture Investment Fund III. 

In October, foodtech major Zomato picked an 8% stake in kitchen appliances maker Byondnxt. 

Moreover, on the back of the growth of foodtech platforms like Zomato and Swiggy, a number of cloud kitchen startups have also emerged in the country over the last few years. The size of the cloud kitchen market is expected to cross the $3 Bn mark by FY31.

Acting on it, foodtech major Swiggy launched a new service last month to assist restaurant partners in sourcing kitchen equipment.

Earlier this year, cloud kitchen startup Biryani By Kilo raised about $2 Mn from Dubai-based investment firm Pulsar Capital.

In February, cloud kitchen startup Ghost Kitchens India raised $5 Mn as a part of its Series A funding round led by GVFL, along with participation from NB Ventures, LetsVenture and Lead Angels. After the fundraise, the startup bought Ahmedabad-based cloud kitchen startup The Shy Tiger in an all-cash deal.