Chennai headquartered Good Roots Kitchenware, which owns digital-first kitchenware products brand The Indus Valley, has raised $0.3 mn in a bridge funding round from investor network The Chennai Angels.
The round was led by The Chennai Angels member Chandu Nair. Other members CK Ranganathan, V Shankar, Sathish Kumar and Lakshmi Narayanan participated in the round.
This is the company’s second capital infusion from The Chennai Angels. In August, it raised $0.1 mn from the angel investor platform, according to information on The Chennai Angels website.
The company will use the fresh capital to boost its presence in the home and kitchen products market.
Founded in 2016 by Madhumita Udaykumar and Jagadeesh Kumar, the platform offers plastic-free kitchenware products that are made from wood, cast iron, soapstone and clay. The company has a pan-India reach and sells its products on ecommerce platforms Flipkart and Amazon. Logistics firm Delhivery is its shipping partner.
Earlier, Kumar, an IIM Raipur alumnus, worked at Linde India and Healthkart.com, while Udaykumar, also a management graduate, worked with Deloitte.
The Indus Valley claims to process over 6,000 orders a month.
“We see this second round of investment from The Chennai Angels as a token of faith. We have grown 500% over the previous financial year (FY19) and are on track for very aggressive growth next year as well,” Kumar said.
Founded in 2007, The Chennai Angels has more than 100 angel investors, with an investment portfolio of over 30 companies. Recently, it led a $1 million funding round in omnichannel tea retailer Chai Kings, along with Hyderabad Angels and TiE India Angels.