Food robotics company Mukunda Foods has raised $5 million in a funding round led by Zomato, taking the company's post-money valuation to $30 million.
The brand has previously raised funds from Ncubate Capital, Singapore Angel Network, and Indian Angel Network. So far, the brand has raised a total of around $8 Million, including the current fundraising.
What will the funds be used for?
The company plans to utilize funds to expand its reach across QSRs, Cloud Kitchens and Fine Dine segment. The company also plans to use a part of the raised capital to introduce multiple ROI based models to help the F&B businesses scale.
Mukunda Foods is a food robotics company that designs and manufactures products that automate the cooking processes for QSR & Cloud kitchens. These products enable restaurants to scale rapidly while maintaining consistency in food quality and customer experience across multiple outlets. It also helps restaurants become more efficient by reducing manpower costs, wastage and increasing kitchen throughput, it said in a press statement.
Mukunda Foods has automated the preparation of multiple cuisines like North Indian Food, South Indian Food, Chinese Food, fried food, pizzas, Continental & Biryani. Some of their most celebrated products are Wokie, a fully automated cooking station for Asian and work-based recipes, Eco-Fryer, an automatic fryer, Rico, rice, pasta and noodle-making machine, and Dosamatic, a fully automatic dosa machine, it said.
'Investment to help reduce restaurant food prices'
Eshwar K. Vikas, CEO, and Co-Founder, Mukunda Foods, adds, "Zomato and Mukunda Foods share the vision of reaching every restaurant and helping them grow. While Zomato does it by helping restaurants reach more customers and increasing their revenues, we help the F&B brands increase their profitability andgrow fast with our kitchen technologies. This common interest will help the F&B industry greatly."
"Our Investment will help Mukunda Foods scale Faster, help reduce restaurant food prices, expand margins and enhance customer delight," said Zomato spokesperson.
