Singapore-based Zimplistic, the parent company of automatic roti maker Rotimatic, has raised $30 million Series C round from Singapore-based PE firm Credence Partners and EDBI. Existing investors NSI Ventures and Robert Bosch Venture Capital also participated in the round.
The Singapore-headquartered company will deploy fund to accelerate R&D efforts as well as expansion.
The brainchild of Indian couple Pranoti Nagarkar and Rishi Israni – Rotimatic claims to be first fully-automatic flatbread making robot. With the portfolio of 35 patents, it has a waitlist worth more than $200 million.
Currently, Rotimatic is available at $999 across seven countries including Australia, United Kingdom, Middle East Canada, New Zealand, Singapore and the United States. It’s yet to make debut in the Indian market.
So far, the company claims to ship 2,000 plus Rotimatic units and prepared over 1.1 million rotis since its inception in July 2014. According to the company – preorders for the Rotimatic at the time of launch priced at $599. Within a week it had amassed $5 million worth of sales.
Importantly, Rotimatic had said in November last year that it achieved a revenue of $20 million within a year of the product launch.
Rotimatic robotic appliance mixes, kneads, flattens, cooks and puffs a roti every minute. Previously, it secured a total of $18.5 million of funding from investors including NSI Ventures and Robert Bosch Venture Capital, the VC arm of German electronics giant Bosch.
Nagarkar, the mechanical engineer from the National University of Singapore came up with a prototype for an automatic roti maker. Two years later, her husband Israni joined the company who helped the machine turn into a smart device by integrating consumer robotics and Internet of Things (IoT).
The development was reported by ET Tech.