Zimplistic, the company behind the Rotimatic, raises $30 M from EDBI and Credence PartnersTanvi Dubey
Zimplistic, the Singapore-based startup behind the Rotimatic, a high-tech roti maker that captured international markets, has raised a fresh round of funds. The company raised $30 million in a Series C round led by Credence Partners, a Southeast Asian private equity fund, and EDBI, a venture fund that invests in Asian startups.
Managing Partner at Credence Tan Chow Boon said, “We see a growing segment that Zimplistic is addressing with its first-mover Rotimatic product and look forward to helping the company realize its full potential.”
Rotimatic is a robot that makes homemade rotis and wraps with just one touch. It was started in 2008 by Pranoti Nagarkar, and later her husband Rishi Israni joined as Co-founder.
In 2015, Zimplistic completed their Series B funding. They raised $11.5 million in July 2015 from NSI Ventures and Robert Bosch Venture Capital. The fund was used for manufacturing and pushing the product to international markets.
Zimplistic recently announced that they had made $20 million in revenue in their first year of sales. The company has also expanded to five new markets – UK, Australia, New Zealand, Canada, and the Middle East.
“Raising series C, for such a futuristic kitchen robotic product signals the coming of age of this invention. With support from our existing investors such as Robert Bosch Venture Capital and NSI Ventures and with new partners such as Credence and EDBI, we are poised to take the kitchen industry by storm. To date, we have more than 30,000 customers who have made more than 15 million flatbreads and are using Rotimatic on a daily basis,” shared Rishi Israni, CEO and Co-Founder of Zimplistic.
Speaking about where this new round of funding will be used, Pranoti, Co-Founder and CTO, shared, “We at Zimplistic are gearing up for Rotimatic’s next great leap. This new round of funding will empower us to focus on cutting-edge R&D efforts in an endeavour to have Rotimatic in every kitchen across the world.”
Swee Yeok Chu, CEO and President of EDBI, extended her support to Zimplistic and their future plans. She said, “In line with our support of high-growth enterprises, EDBI is delighted to assist Zimplistic in its global expansion plans.”
The company’s aim is to convert 25 percent of the world’s population that consumes flatbreads or rotis into Rotimatic users. Given the demand for flatbreads and the challenges that come with making it, this sure may be a hit with their target audience.