The Chennai Angels (TCA) on Monday announced an additional investment of Rs 2.5 crore in a bridge round in Good Roots Kitchenware Private Limited, which owns and operates an online healthy kitchen products store The Indus Valley.
The funds will be used by the Chennai-based startup to expand its presence in India’s growing home and kitchen products space.
We are excited to see the growth in The Indus Valley. We believe that the company has great growth potential. This bridge round reaffirms our conviction of the product, the model and core team.Chandu Nair, who led the investment round from The Chennai Angels along with business leaders CK Ranganathan, V Shankar, Sathish Kumar and Lakshmi Narayanan, said
Last year, TCA also infused Rs 1 crore in an angel round in the company.
Founded in 2016 by the husband and wife duo Jagadeesh Kumar and Madhumitha Udaykumar, The Indus Valley designs and sells indigenous cookware products like Tawa (griddle), Kadai (frying pan) and spatulas.
The startup has a primarily online presence and sells its products through its own website, and ecommerce portals like Amazon and Flipkart. Currently, the firm is processing 6000+ online orders every month.
We see this second round of investment from TCA as a token of faith. We have grown 500 percent over the previous Financial Year and are on track for very aggressive growth next year as wellsaid Jagadeesh Kumar of The Indus Valley
“Our vision is to make all kitchens safe for our loved ones. With more people in India moving towards healthier lifestyle choices we are a constant hit among our target group,” added Madhumitha Udaykumar.
According to a report by Research and Markets, the kitchen appliances market is expected to grow at a double digit CAGR of 15.41 percent during the period 2017-2022. Founded in 2007, The Chennai Angels also participated in a $1 million funding round of tea retail chain Chai Kings earlier this January.