Mukunda Foods Pvt. Ltd, which manufactures tabletop dosa manufacturing machines, has received a strategic investment from Ncubate Capital Partners, the venture capital arm of the SAR group, headquartered in Gurugram.
Ncubate Capital Partners said in a statement that the investment paved the way for the exit of Mukunda’s first investor, Indian Angel Network (IAN). He did not disclose the financial details of the transaction, however.
Mukunda Foods will use the new capital for expansion and R&D initiatives, the statement added.
The Bengaluru-based company had first fundraising from IAN, a national network of angel investors investing in startups and start-ups, in 2013.
The angel investor network had invested an additional sum of around Rs 1 crore in the company earlier this year, according to VCCEdge, the research arm of News Corp VCCircle.
Founded in 2014, Mukunda Foods’ exclusive product is DOSAMATIC. The machine is used by more than 1,000 customers in more than 20 countries, the statement said. Its clients include IBIS hotels across India, Comesum outlets under IRCTC, ITC hotels, A2B, Indian Army and Indian Navy.
“We are now looking forward to making rapid progress in terms of expanding our market reach, faster iteration of product development cycles, and access to a strong supply chain and management. and financial support from our strategic investor, ”said Eshwar Vikas, Chief Executive Officer and co-founder of Mukunda Foods.
This is the fifth Angel Network outing this fiscal year, the others being Knowcross, Uniphore, Kwench and Sanshadow.
IAN’s internal rate of return (IRR) over an eight-year period was 40% with a failure rate of less than 10%, the statement added.
Last year, the angel investor network closed the first close of its eponymous fund IAN at Rs 175 crore (around $ 27 million) to invest in sectors such as healthcare and medical devices, software as a service (SaaS), fintech, big data, artificial intelligence and hardware.
Its advisory board includes former Infosys Managing Director Kris Gopalakrishnan, Hero Enterprise President Sunil Munjal and Narayana Hrudayalaya President Dr Devi Shetty.
Ncubate Capital Partners
The venture capital firm invests in early stage companies. Its parent company SAR Group is mainly active in water purifiers (Livpure), clean technologies and automotive batteries (Livguard).
In February of this year, the company led an investment in shared living space provider CoLive, owned by CoLife Advisory Pvt. Ltd..
The same month, VCCircle reported that SAR Group had invested in Chennai-based cleantech startup Air OK Technologies.