Indian foodtech href="https://startup.outlookindia.com/sector/fintech/sme-lending-start-up-ftcash-gets-nbfc-license-from-rbi-news-6661">start-up On2cook has raised Rs 17 crore in a seed funding round led by angel investor Mayur Desai at a valuation of Rs 100 crore. The investor infused Rs 16 crore in exchange for 16 per cent equity in the company. NRI investor Nirbhay Gandhi, who also participated in the investment round, put Rs 1 crore against 1 per cent of equity into On2cook.
Sanandan Sudhir, the founder and CEO of On2cook, made an appearance on the first season of the famous TV show ‘Shark Tank India’. Sanandan asked for Rs 1 crore in exchange for 1 per cent of his company. However, all the sharks rejected his pitch as they did not find anything investible.
Sanandan said On2cook’s device combines cooking technology with induction and flame acting on the food from the outside and microwaves from the inside. At Shark Tank, he claimed that On2cook is the fastest cooking device that can cook chicken in seven to eight minutes. He also added that the device saves time and energy for users.
“Engineered to disrupt the food industry, the product is designed to help both domestic, as well as commercial kitchens, save up to 70 per cent on time and 50 per cent on energy. Additionally, the food cooked retains water-soluble nutrients while preserving colour, texture, and consistency. After being granted patents across India, the US, and the UK, our invention stands to create a new product category in the kitchen space,” Sanandan said recently.
Seconding these words, Shaival Desai from the Desai family office added “There hasn't been a technological shift in the cooking appliances space in the post-industrial world for decades, if not centuries. On2Cook brings cooking into the 21st century. We are happy to join forces with Sanandan in his tryst to usher in a landmark transition in an industry, and even in the lifestyle of everyone.”
On2cook is all set to appear in GulfHost 2022 at the World Trade Centre in Dubai.