An interesting food robotics startup announced a funding of USD 5 million
A food robotics startup has raised funds. What a delightful piece of news it is!
Let us talk about the food robotics industry and the startups working in it. First of all, we should be aware of the term food robotics. The culture of food robotics is highly in fashion. It is used in the production of processed, frozen, dried, and chilled packaged food products. Talking about the food robotics market in the world, it was of the value USD 1.9 billion in the year 2020 and is expected to reach USD 4.0 billion by the year 2026, thus growing at a CAGR of 13.1%.
The important market players in the food robotics industry of the world are ABB Group from Switzerland, KUKA AG from Germany, Fanuc Corporation from Japan Kawasaki Heavy Industries Ltd from Japan, Rockwell Automation Inc from the US, Fuki Robotics from Japan, Apex Automation, and Robotics from Australia, OMRON Corporation from Japan, Asic Robotics AG from Switzerland, Apex Automation and Robotics from Australia, and many others.
Announcement of funding of a food robotics startup
The food robotics startup, Mukunda Foods has raised funds worth USD 5 million, as announced on March 24, 2022. This round of funding that has taken place was led by Zomato.
The startup plans to use the funds raised in expanding its reach across quick-service restaurants, cloud kitchens, and fine-dining restaurants. The value of the startup after this round of funding has come up to USD 30 million. The total funds raised by the startup including this round of funding have increased to USD 8 million. The food robotics startup before this round of funding has also raised some funds in a round of funding that was led by Ncubate Capital, Singapore Angel Network, and Indian Angel Network.
About the food robotics startup that has announced its funding
The food robotics startup, Mukunda Foods was founded in the year 2012 by Eshwar K Vikas (who is also the CEO of the startup) and Sudeep Sabat (who is also the COO of the startup) and has its headquarters in Bengaluru, Karnataka, Mukunda Foods is a kitchen robotics company which till now has developed six products that have been installed in more than 2000 locations.
The food robotics startup is engaged in continuously developing a number of other products and projects. The kitchen bots help reduce the dependability on labor, thus elevating and increasing the experience of the customer, and helping brands expand faster. The startup is passionate about working as an extended R&D arm developing and manufacturing products.
The vision of food robotics is to be the torchbearers of kitchen robotics. The startup envisions the kitchens of the future to be a melting pot of tradition and technology bringing forth convenience to chefs like never before. The core values of the startup are-
Solve customer problems- The startup is quick to identify and accurately respond to the pain points of the customers.
Grow Together- The startup works towards the continuous growth of its stakeholders and the company at large.
Take Ownership- The startup take on tasks, see them through, and always keep an eye out for new opportunities.
Plan and Deliver Excellence- The startup has a smooth-running operation that ensures timely delivery and always meets the highest standards.
Faith- The startup believes in its vision and the ability of its employees to keep pushing the boundaries of what can be achieved.
The journey of the startup is as follows-
The year 2012 was when the startup Mukunda Foods Pvt Ltd was incorporated.
The year 2013 when the startup received its first round of funding from IAN (Indian Angel Network) and started product development on Dosamatic.
The year 2015 when the first beta unit was sold to a restaurant at Rishikesh, Uttarakhand.
The startup has won many awards and recognitions like-
IIGP Stanford winner in the year 2016
IIT-B Eureka Winner in Youth Category in the year 2016
TiE Delhi Spirit Manufacturing in the year 2017
Wadhwani foundation Entrepreneur decade in the year 2018
Tech Exchange Winner in the year 2019
Tata First Dot Judge’s Choice winner
Coming to the history of the startup as in how the idea came into, it began with a question that why the technological advancements have not reached the kitchen. With the invention of the first product, Dosamatic, the food robotics startup closed the gap and gave the kitchen a technological makeover. The technological lag in the kitchen is evident when one looks at how little our cooking utensils have evolved over the ages. The startup, Mukunda Foods decided to close the gap by taking a determined step towards giving the kitchen a technological makeover.
Founded in July 2008 by Deepinder Goyal and Pankaj Chaddah, and having headquarters in Gurugram, Haryana, Zomato is a multinational restaurant aggregator and food delivery company that is engaged in providing information, menus, and reviews of the users of the restaurants and the food delivery options from the partner restaurants in the selected cities.
Zomato has recently declared that it will be starting Zomato Instant, which is a 10-minute delivery initiative. This news has bought in a lot of controversies. It has a net income of around USD 110 million, which is equivalent to INR 816 crore, and is providing employment to more than 5000 people.
The startup has something very different and innovative to offer. We wish the startup a stroke of good luck and hope it has a bright and delightful future ahead!