Fresh from hitting $20m in revenue, Rotimatic maker Zimplistic raises $30m
Singapore-based Zimplistic announced today it has raised US$30 million in a series C round led by private equity firm Credence Partners and EDBI, the investment arm of Singapore’s Economic Development Board. Existing investors also joined the round.
Zimplistic is known for Rotimatic, a household appliance that automates Indian-style flatbread making. The device solves a problem for households who want to have freshly-baked flatbread for their meals but their busy lifestyles turn them toward ready-made, frozen, and generally unhealthy options.
The startup, led by the husband-and-wife team of Rishi Israni and Pranoti Nagarkar, claimed a revenue of US$20 million last year, which was its first year of selling the Rotimatic. Israni now says the company has 30,000 users, up from 20,000 in November 2017.
With the new funding, the startup says it hopes to turn 25 percent of the world’s flatbread-consuming population into Rotimatic users.
Rotimatic is sold in the US, UK, Australia, New Zealand, Singapore, the Middle East, and Canada. In 2015, it raised a series B round worth US$11.5 million from NSI Ventures and Robert Bosch Venture Capital.
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