Total amount raised
$2.8 Million
Latest funding date
06/01/2024
Location
On2Cook has successfully raised funding over three rounds, with the latest being a Seed round. The company is backed by seven investors, including R. K. Financial Services and The Kunvarji Group.
Keep reading to explore the intricacies of On2Cook's fundraising journey and the investors backing this innovative platform.
What Is On2Cook?
On2Cook, based in Gandhinagar, Gujarat, India, is a private company specializing in innovative cooking technology. The company operates in the consumer electronics, cooking, and electronics industries and has developed a revolutionary smart cooking device that combines microwave and induction cooking methods to reduce cooking time by up to 70%.
Founded with the vision to revolutionize meal preparation, On2Cook has an employee count ranging between 11-50. The company’s flagship product is designed for commercial kitchens, offering features like an automated stirrer, app and Bluetooth enablement, and easy cleaning, making it a highly efficient and space-saving solution.
How Much Funding Has On2Cook Raised?
- Pre-Seed Round
- Amount Raised: USD 80,000
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and prototyping of the smart cooking device.
- Seed Round
- Amount Raised: INR 170,000,000 (approximately USD 2,000,000)
- Date: November 2022
- Lead Investors: Mayur Desai
- Valuation at Round: INR 100 crore (approximately USD 12,000,000)
- Motivation Behind the Round: To scale production, marketing, and distribution of the On2Cook device.
- Seed Round
- Amount Raised: USD 675,080
- Date: June 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and enhance product features.
Total Amount Raised: USD 2,755,080
Current Valuation: INR 100 crore (approximately USD 12,000,000)
Key Investors
- R. K. Financial Services
- Details: R. K. Financial Services is a financial services firm known for its diverse investment portfolio. The firm has a strong presence in the financial sector, providing a range of services from investment banking to asset management.
- Investment Focus Areas: Financial services, asset management, investment banking
- Notable Investments: Not publicly disclosed
- The Kunvarji Group
- Details: The Kunvarji Group is a conglomerate with interests in various sectors including finance, real estate, and agriculture. The group is known for its strategic investments and long-term growth plans.
- Investment Focus Areas: Finance, real estate, agriculture
- Notable Investments: Not publicly disclosed
- Mayur Desai
- Details: Mayur Desai is an angel investor who led the seed funding round for On2Cook. He invested INR 16 crore for a 16% equity stake in the company.
- Investment Focus Areas: Innovative food technology, cooking appliances
- Notable Investments: Not publicly disclosed
- Nirbhay Gandhi
- Details: Nirbhay Gandhi is an NRI investor who participated in the seed funding round for On2Cook. He invested INR 1 crore for a 1% equity stake in the company.
- Investment Focus Areas: Innovative food technology, cooking appliances
- Notable Investments: Not publicly disclosed
What's Next for On2Cook?
On2Cook stands at the cusp of a significant opportunity, driven by its innovative cooking technology that promises to revolutionize meal preparation. With substantial seed funding and a valuation of INR 100 crore, the company is well-positioned to expand its market reach, particularly in both domestic and commercial kitchens. The potential to save up to 70% on cooking time and 50% on energy consumption makes On2Cook an attractive option for efficiency-conscious consumers and businesses alike.
Future fundraising opportunities appear promising, as the company’s successful seed round and high valuation suggest strong investor confidence. Participation in international events like GulfHost 2022 could further attract global investors, paving the way for additional funding rounds to scale operations and enhance product offerings. However, On2Cook may face challenges such as competition from established kitchen appliance manufacturers and the need to continuously innovate to stay ahead in the rapidly evolving food tech industry.
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