India's Beyond Appliances raises $11.4M Series B to build new plant
What's the deal? Smart kitchen technology company Beyond AppliancesDealroom has a profile for this one. Try Dealroom → has raised 1.1 billion rupees (about $11.4 million) in a Series B round led by Fireside VenturesDealroom has a profile for this one. Try Dealroom →, with participation from Dharana CapitalDealroom has a profile for this one. Try Dealroom → and other investors. The Bengaluru-based startup, which operated as Byondnxt Smart HomeDealroom has a profile for this one. Try Dealroom →, will use the money to expand manufacturing, step up research, and enter new kitchen categories.
What's the endgame? Beyond Appliances plans to set up a new plant to complement its existing facilities in Sonipat and Bengaluru. That added capacity supports its goal of building a 5 billion rupee annual recurring revenue business over the next three years.
What's next? The company plans to enter the oven category within 9 to 12 months, targeting cooking rather than reheating. "We feel that microwaves are primarily used for reheating food, while there is still an opportunity to build a better product focused on the actual cooking process and the needs of Indian kitchens," said co-founder and chief executive officer Eshwar K Vikas.
It currently sells Android and Plug-N-Play chimneys, smart hobs, and cooktops. New categories are expected to contribute 15 to 20% of current revenue as they scale.
By the numbers: The company said 15% of its revenue comes through customer referrals, and its marketplace share has doubled over the past year. It plans to expand its offline presence to 10 additional cities over three years, selling through its direct-to-consumer platform, marketplaces, offline retail, and experience centres.
The signal: Investors are backing appliance startups that pair product design with in-house manufacturing. "Very few early-stage brands demonstrate the depth of fundamentals that Beyond Appliances has built at this stage of its journey," said Shuchi Pandya, principal at Fireside Ventures.
Read more: thehindubusinessline.com
Image credit: Generated with Gemini
