[Funding alert] Cookware brand The Indus Valley raises Rs 1 Cr from The Chennai Angels
Chennai-based startup, The Indus Valley, which is engaged in running an online healthy cookware products store, on Wednesday, announced that it has raised Rs 1 crore in an angel round from The Chennai Angels (TCA).
The startup aims to utilise the funds to expand its presence in India’s growing home and cookware products space.
Commenting on the investment, Chandu Nair who lead the investment from The Chennai Angels said,
“Indus Valley is a natural cookware brand designing and selling healthy cookware options that are made using natural materials like iron, clay and wood, working with artisans to produce the products. Their core customers are women in major cities between 25-40 years of age, who are health conscious.”
Founded in 2016 by husband and wife duo Jagadeesh Kumar and Madhumitha Udaykumar, The Indus Valley offers a complete range of all natural home and kitchen products.
“More people in India are moving towards healthier lifestyle choices. Our solution to transform Indian kitchens with healthier cookware products is a constant hit among our target group,” said Jagadeesh Kumar, Co-founder of The Indus Valley.
Another Mumbai-based startup that sells premium kitchen appliances, Wonderchef secured Rs 70 crore from Amicus Capital Partners in 2018. Founded in 2009 by celebrity chef Sanjeev Kapoor and former Sodexo Pass India MD Ravi Saxena, the startup was valued at Rs 700 crore post funding.
Wonderchef, which clocked revenues of $26.3 million in FY 17-18, said last year that it is all set to hit a sales turnover of Rs 600 crore in the next five years.
According to a report by Research and Markets, the kitchen appliances market is expected to grow at a double digit CAGR of 15.41 percent during the period 2017-2022.
Founded in 2007, The Chennai Angels also participated in a $1 million seed funding round of SwitchOn, an industrial technology startup, along with piVentures and Axilor Ventures in June.