Samreen Ahmad · · 1 min readZomato buys stake in food robotics firm for $5m
Zomato has invested US$5 million for a 16.66% stake in Mukunda Foods, an India-based food robotics company, the food delivery giant revealed in a filing.
Mukunda Foods co-founder and CEO Eshwar K Vikas / Photo credit: Mukunda Foods
The investment takes Mukunda Foods’ post-money valuation to US$30 million.
Mukunda Foods plans to use the capital injection to expand its reach across quick-service restaurants, cloud kitchens, and fine dining segments. Part of the funds will also go toward introducing multiple models to scale its food and beverage business.
“Zomato will use some of the technologies developed by Mukunda Foods in their kitchens,” Eshwar K Vikas, CEO of Mukunda Foods, told Tech in Asia. Zomato recently said it would soon roll out Zomato Instant, a 10-minute food delivery initiative.
Founded in 2012 by Vikas and Sudeep Sabat, Mukunda Foods has so far developed six products in the food robotics segment that have been installed in over 2,000 locations. These products enable restaurants to scale rapidly while maintaining consistency in food quality and customer experience across multiple outlets, said the company.
The brand has previously raised funds from Ncubate Capital, Singapore Angel Network, and Indian Angel Network. It has raised a total of US$8 million so far.
See also: Zomato’s financial health in 5 charts
Editing by Deepti Sri and Arpit Nayak
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