Total amount raised
$2.8 Millions
Latest funding date
Location
On2Cook has successfully raised $675,080 in a Seed round, attracting investment from R. K. Financial Services and The Kunvarji Group. The company is making waves with its innovative smart cooking device that promises to revolutionize the kitchen experience.
Keep reading to explore the intricacies of On2Cook's fundraising journey and the investors backing this cutting-edge technology.
What Is On2Cook?
On2Cook, founded in 2022, is based in Gandhinagar, Gujarat, India. The company operates in the consumer electronics and commercial kitchen equipment industries, specializing in innovative cooking devices.
With a team of 11-50 employees, On2Cook has developed a revolutionary smart cooking device that combines microwave and induction technologies to reduce cooking time by 70%. The company aims to enhance kitchen efficiency while preserving nutritional value.
How Much Funding Has On2Cook Raised?
- Pre-Seed Round
- Amount Raised: $80,000
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype of their smart cooking device.
- Seed Round
- Amount Raised: ₹170,000,000 (approximately $2,000,000)
- Date: November 2022
- Lead Investors: Mayur Desai
- Valuation at Round: $12.5 million
- Motivation Behind the Round: To support the development and commercialization of their innovative cooking device.
- Seed Round
- Amount Raised: $675,080
- Date: June 2024
- Lead Investors: R. K. Financial Services, The Kunvarji Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and market their smart cooking device and expand their operations.
Total Amount Raised: $2,755,080
Current Valuation: $12.5 million
Key Investors
- R. K. Financial Services
- Details: R. K. Financial Services is a financial services firm that participated in the Seed funding round for On2Cook. The firm is known for its strategic investments in innovative startups.
- Investment Focus Areas: Financial services, technology, startups.
- Notable Investments: Not publicly disclosed.
- The Kunvarji Group
- Details: The Kunvarji Group is a diversified conglomerate with interests in various sectors. They invested in On2Cook during the Seed funding round.
- Investment Focus Areas: Real estate, financial services, agriculture, technology.
- Notable Investments: Not publicly disclosed.
- Dr. Mayur Desai
- Details: Dr. Mayur Desai is an angel investor who led the Seed funding round for On2Cook, investing Rs 16 crore for a 16% equity stake.
- Investment Focus Areas: Early-stage startups, innovative technologies.
- Notable Investments: Not publicly disclosed.
- Nirbhay Gandhi
- Details: Nirbhay Gandhi is an NRI investor who participated in the Seed funding round for On2Cook, investing Rs 1 crore for a 1% equity stake.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: Not publicly disclosed.
What's Next for On2Cook?
On2Cook stands at the cusp of a significant opportunity, poised to revolutionize both domestic and commercial kitchens with its innovative cooking device. The potential to save 70% on cooking time and 50% on energy makes it an attractive option for a wide range of consumers and businesses. The company's participation in international events like GulfHost 2022 further amplifies its global reach and market potential.
Future fundraising looks promising as On2Cook is already in talks to raise an additional INR 3 crore. The successful seed funding round and the unique technology position the company well for attracting further investments. However, challenges such as market adoption, competition from established brands, and scaling production could pose hurdles. Yet, with its current momentum, On2Cook is well-equipped to navigate these challenges and continue its growth trajectory.
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