Byondnxt, the company behind the kitchen appliances brand Beyond Appliances, has raised additional funding from a group of new investors. Zomato, which previously acquired an 8 per cent stake in the Bengaluru-based startup in October for approximately Rs 6,000, did not participate in this latest funding round.
As per a stock exchange filing on Sunday, Zomato’s stake in Byondnxt has reduced to 6 per cent on a fully diluted basis following the fundraising, which was completed on 30 November.
Byondnxt, founded by Eshwar Vikas, who also started Mukunda Foods, is a direct-to-consumer (D2C) brand specializing in kitchen appliance design and manufacturing. Zomato had previously invested USD5 million in Mukunda Foods in March 2022, acquiring a 16.66 per cent stake in the company, which supplies smart kitchen equipment to B2B clients.
Rakesh Patil, the co-founder and CTO of Byondnxt, is also integral to the company’s operations.
This marks the second funding round for a Zomato-backed company in the last three months. In September, AdOnMo, an adtech startup, raised USD25 million in a funding round led by Singapore-based VC Rigel Capital and Indonesia's Sinar Mas.
Meanwhile, Zomato’s CEO, Deepinder Goyal, has also founded a new venture called Continue, which will focus on health tracking and mental wellness. Zomato recently raised Rs 8,500 crore (around USD1 billion) through a Qualified Institutions Placement (QIP) of equity shares.
