D2C kitchenware startup The Indus Valley has raised Rs 15.33 crore or $1.87 million in a Seed 2 round led by existing investors DSG Consumer Partners and Rukam Capital. This is the first funding round of the Chennai-based startup in 2022.
The board at The Indus Valley has passed a special resolution to issue 66,690 Seed 2 compulsory convertible preference shares (CCPS) at an issue price of Rs 2,299 per share to raise Rs 15.33 crore or $1.87 million, regulatory filing with the Registrar of Companies (RoC) shows.
DSG Consumer Partners has spearheaded the financing round with Rs 12 crore or $1.46 million followed by Rukam Capital which infused Rs 2.58 crore. The remaining sum was invested by TCA Investors including Indiaxis Investments, Zend Advisors, Candle Advisors, Rajiv Pillai, Girish Gupte, Shavak Shrivastava, Chandu Nair, Kayar Raghavan, Anusha Narayan, Corrigendum and Mahendra Singh Negi.
Six-year-old The Indus Valley offers toxin-free kitchenware, providing alternatives to chemically coated products. According to the company, its products are made of cast iron, iron, copper, clay and wood. The company sells these products via marketplaces Amazon, Flipkart and its own website.
As per Fintrackr’s estimates, the company has been valued at around Rs 116 crore or a little over $14 million (post-money). It has raised nearly $3 million in total funds to date including a seed round in October 2021.
While The Indus Valley is yet to disclose its financial numbers for FY22, its operating revenue grew over two folds to Rs 12.12 crore in FY21 from Rs 5.8 crore in FY20. As per annual financial statements with the RoC, the company’s losses surged 91% to Rs 86 lakh in FY21 as compared to Rs 45 lakh in FY20.
Update: We have removed the company’s cap table from the story.