Exclusive: Kitchenware firm The Indus Valley raises fresh funds led by DSG

D2C kitchenware startup The Indus Valley has raised Rs 23.1 crore in its pre-Series A round, led by DSG Ventures. This marks the first investment for the Chennai-based firm after a 25-month hiatus.

The board at Indus Valley has passed a board resolution to issue 41,485 pre-series A CCPS at an issue price of Rs 5,580.4 each to raise Rs 23.1 crore or $2.75 million, its regulatory filing sourced from the RoC shows.

DSG Consumer Partners invested Rs 14.5 crore, while the White Whale Venture fund has put in Rs 3.52 crore. Candle Advisors, Zend Advisors. Individual investors including Shavak Srivastava, Rajiv Pillai, and Girish Gupte invested the rest of the amount.

The company has already received Rs 18.62 crore from the specified amount, with the remaining capital is expected to get wired soon.

According to the data intelligence platform TheKredible, the company has been valued at Rs 303 crore or $36 million post-money. This marks a around threefold increase from its previous funding round, where it was valued at Rs 116 crore. The round appears to be an ongoing one, and the firm may raise more capital.

The Indus Valley specializes in toxin-free kitchenware, offering safe alternatives to chemically coated products. Its products are made from cast iron, iron, copper, clay, and wood. 

During the fiscal year ended March 2023, the company recorded a 68% year-on-year growth to Rs 38.81 crore. The firm’s losses grew 2.8X to Rs 8.98 crore in the same period. The company has yet to file its annual report for the previous fiscal year (FY24).