On2Cook India Pvt Ltd, which was seen on Shark Tank season 1, has announced securing seed funding of Rs 17 crore. As per the company, the funding round was led by angel investor Dr Mayur Desai, who infused the first tranche of Rs 16 crore for 16% equity which reaffirmed the startup’s valuation at Rs 100 crore. Moreover, the company said that the round also saw the participation from Nirbhay Gandhi who invested Rs one crore for 1% equity.
Engineered to disrupt the food industry, the product is designed to help both domestic, as well as commercial kitchens, save up to 70% on time and 50% on energy, Sanandan Sudhir, founder and CEO, On2Cook, said. “After being granted patents across India, US and UK, our invention stands to create a new product category in the kitchen space,” he added.
On2Cook will be making an appearance at the Middle East and North Africa’s (MENA) largest hospitality and food service event GulfHost 2022 at World Trade Centre in Dubai, it claimed. As per the company, the brand is in talks with other strategic investors to raise an additional Rs three crore as part of the round.
Also Read: Time names Jessica Sibley as its CEO