The Indian Angel Network has announced its investment in Mukunda Foods, a design & development startup that makes equipment for use in the Indian food retail segment.
The startup’s first product, Dosamatic, is a table top Dosa making machine. Mukunda Foods is also an IAN incubatee company, which graduated from the IAN Incubator and raised investment.
This round of investment was led by IAN investors Hari Balasubramaniam and P Gopinath.
Mukunda foods was founded by Eshwar K Vikas & Sudeep Sabat in May 2012 while they were still in college. The DosaMatic is capable of making fresh dosas in a minute at the press of a button, says the company. Mukunda Foods holds the patent for this product.
Eshwar is an Electrical and Electronics engineer from SRM University Chennai and believes that DosaMatic will make Indian dosas as popular as Italian pizzas & American burgers.
Mukunda Foods will use the funds raised to develop the DosaMatic, establish it as a brand, streamline the manufacturing and create sales and service channels.
Recently, Sequoia Capital made an investment of about $3.6mn- $5.4 mn in Indian ready made food company Best Foods Enterprises. The company sells a range of Indian breads, Idli-Dosa batter, Rose Cookies, Diamond Chips and other food items branded as ID Special to retail outlets.