Latest News | Mukunda Foods Raises USD 5 Mn from Zomato, Others

New Delhi, Mar 24 (PTI) Food robotics and automation firm Mukunda Foods on Thursday said it has raised USD 5 million (over Rs 35 crore) in a funding round led by Zomato.

The fresh round of funding takes the company's post-money valuation to USD 30 million, Mukunda Foods said in a statement.

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The company further said it plans to utilise funds to expand its reach across QSRs, cloud kitchens and fine dine segment, besides using a part of the raised capital to introduce multiple models to help the food and beverages (F&B) businesses scale up.

The brand had previously raised funds from Ncubate Capital, Singapore Angel Network, and Indian Angel Network.

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So far, the brand has raised a total of around USD 8 million, including the current fundraising.

Commenting on the fundraise, Mukunda Foods CEO, and Co-Founder Eshwar K Vikas said, "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 and grow fast with our kitchen technologies. This common interest will help the F&B industry greatly."

A Zomato spokesperson said the company's investment will help Mukunda Foods scale faster, help reduce restaurant food prices, expand margins and enhance customer satisfaction.

Last week, in a regulatory filing Zomato had said its board has also approved acquisition of 16.66 per cent stake in Mukunda Foods for an aggregate cash consideration of rupee equivalent of USD 5 million.

Mukunda said it has so far developed six products that have been installed in over 2,000 locations with its kitchen 'bots' helping brands reduce dependability on labour and expand faster, while enhancing consumer experience.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)