Food robotics company Mukunda Foods has raised $5 million in its Series A funding round which was led by Zomato, thereby taking the company's post-money valuation to $30 million. Zomato had said in an earlier regulatory filing that it will acquire a 16.66 per cent stake in Mukunda Foods. From Zomato’s standpoint, the acquisition is likely to propel the food deivery major’s plans to expand its footprints in the quick commerce segment which it seeks to do by tying up with cloud kitchens.
Mukunda Foods had previously raised funds from Ncubate Capital, Singapore Angel Network, and Indian Angel Network. So far, the brand has raised a total of around $8 million, including the current fundraising.
The company plans to utilise funds to expand its reach across quick service restaurants (popularly known as QSRs), cloud kitchens and the fine dining segment. The company also plans to use a part of the raised capital to introduce multiple ROI-based models to help the F&B businesses to scale.
Mukunda Foods calls itself a food robotics company that designs and manufactures products that automate the cooking processes for QSR & cloud kitchens. These products enable restaurants to scale rapidly while maintaining consistency in food quality and customer experience across multiple outlets. Mukunda also helps restaurants become more efficient by reducing manpower costs and wastage.
Eshwar K. Vikas, CEO, and co-Founder, Mukunda Foods, 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 & 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."
"Our investment will help Mukunda Foods scale faster, help reduce restaurant food prices, expand margins and enhance customer delight," said a Zomato spokesperson.