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Byondnxt secures fresh funding, Zomato stake reduced to 6%

EntrackrEntrackr · 7m ago
Byondnxt secures fresh funding, Zomato stake reduced to 6%
Medial

Byondnxt, which operates the kitchen appliances brand Beyond Appliances, has secured additional funding from a group of new investors. Zomato, which recently acquired an 8% stake in the Bengaluru-based startup, did not participate in this latest funding round. In a stock exchange filing on Sunday, Zomato said that the fundraising was completed on November 30, and the Deepinder Goyal-led company’s shareholding in Byondnxt reduced to 6% on a fully diluted basis. In October, Zomato acquired an 8% stake in Byondnxt for about Rs 6,000. Byondnxt, founded by Eshwar Vikas, who also founded Mukunda Foods, is a direct-to-consumer (D2C) brand specializing in the design and manufacturing of kitchen appliances. In March 2022, Zomato invested $5 million to acquire a 16.66% stake in Mukunda Foods, a company that supplies smart kitchen equipment to business-to-business (B2B) clients. Rakesh Patil is the other co-founder and chief technology officer (CTO) of Beyond Appliances. This is the second funding round for a Zomato-backed company in the past three months. In September, adtech startup AdOnMo raised $25 million in a funding round led by the Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas. Meanwhile, Zomato chief Goyal also incorporated a new venture named Continue, which will focus on health tracking and mental wellness. Zomato Limited recently raised Rs 8,500 crore (around $1 billion) through a Qualified Institutions Placement (QIP) of equity shares.

Cult.fit picks bankers for Rs 2,500 Cr IPO

EntrackrEntrackr · 3m ago
Cult.fit picks bankers for Rs 2,500 Cr IPO
Medial

Fitness tech company Cult.fit has chosen banks to manage its upcoming IPO, according to a CNBC-TV18 report. The selected banks include Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial. As per the report, the company plans to raise Rs 2,500 crore (nearly $300 million) through the IPO, which would value it at nearly $2 billion. To date, Cult.fit has raised over $670 million from investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others. In November 2021, Zomato invested $100 million to acquire a 6.4% stake in Cult.fit, valuing it at $1.56 billion at the time. Founded by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit operates over 500 gyms across multiple cities in India. Apart from gyms, the company also runs Eat.fit, a healthy meal delivery service that contributes 24.5% of its revenue. While Nagori has already left Cult.fit to lead its hived-off cloud kitchen vertical, Curefoods, Bansal took on the role of the company’s executive chairman last year. The company also elevated its co-founder Naresh Krishnaswamy to the position of chief executive officer. As per TheKredible, Cult.fit reported a 33.6% increase in its operating revenue to Rs 927 crore in FY24 compared to Rs 694 crore in FY23. It reported a steady loss of Rs 535 crore in FY24, slightly up from Rs 534 crore in FY23.

Posha secures $8 Mn in Series A round led by Accel

EntrackrEntrackr · 2m ago
Posha secures $8 Mn in Series A round led by Accel
Medial

Posha secures $8 Mn in Series A round led by Accel Co-founded in 2016 by Raghav Gupta and Rohin Malhotra, Posha (formerly Nymble) is a kitchen robotics company developing and selling a countertop robot that automates cooking processes. Kitchen assistance robot maker Posha has secured $8 million (about Rs 67 crore) in a Series A funding round led by Accel. The round also saw participation from existing investors, including Xeed Ventures and WaterBridge Ventures, along with angel investors like Flipkart cofounder Binny Bansal and others. The company had previously raised $8.81 million. The fresh funds will be allocated towards expanding the recipe database and improving the user interface experience of the kitchen robot, Posha said in a press release. The company’s main product is a kitchen robot that uses AI, computer vision, and robotics to prepare meals, follow recipes, and adjust ingredients and heat levels. According to the San Francisco-based company, it offers a wide range of recipes across various cuisines and can be tailored to individual tastes. Its robot can autonomously add ingredients, control heat, and adjust spice levels, making it a "private chef in every kitchen." The robot uses vision models and AI to identify ingredients, understand recipes, and make precise cooking decisions. It is designed to simplify the cooking process, making it accessible to people who may not have cooking experience or time. According to market research, the Indian smart kitchen appliance market is expected to reach $19.31 billion by 2030. Posha aims to make home cooking easier and healthier by enabling fresh food preparation. The startup has priced the robot at $1,500 (around Rs 2 lakh) and is also offering a subscription model to access customised recipes. The brand claims that its device has the capability to cook over 1,000 recipes spanning more than 10 cuisines. Other notable players in this space include Evochef, Mukunda Foods, and Beyond Appliances.

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