Byondnxt, the Bengaluru-based direct-to-consumer (D2C) kitchen appliances brand, has successfully raised fresh funding in its latest investment round.
The funding brings in a new set of investors, further boosting the company’s growth trajectory. Interestingly, Zomato, which previously acquired an 8% stake in Byondnxt, chose not to participate in this round, resulting in its shareholding being diluted to 6% on a fully diluted basis.
The fundraising was officially completed on November 30, as per Zomato’s stock exchange filing. This marks another pivotal step for Byondnxt, which continues to attract significant investor interest thanks to its innovative approach to kitchen appliances. The brand’s focus on quality and cutting-edge technology has positioned it as a strong contender in the growing D2C market.
Zomato first acquired an 8% stake in Byondnxt earlier this year, investing approximately ₹6,000 in October. The company’s association with Byondnxt highlights its strategic interest in startups innovating within the food and kitchen technology ecosystem. However, with its decision to sit out this latest funding round, Zomato’s stake has been reduced, signaling a possible shift in focus as it explores other ventures.
Founded by Eshwar Vikas, who also launched Mukunda Foods, and Rakesh Patil, Byondnxt aims to revolutionize the kitchen appliances sector with advanced, user-friendly products. Vikas brings a wealth of experience from Mukunda Foods, a company specializing in smart kitchen solutions for B2B clients, where Zomato had previously invested $5 million in March 2022 for a 16.66% stake.
The synergy between Byondnxt’s vision and Zomato’s tech-driven approach to food services has made the partnership noteworthy.
This funding round comes at a time when Zomato is actively diversifying its portfolio. In September, the Deepinder Goyal-led company backed another startup, AdOnMo, which raised $25 million in a funding round spearheaded by Rigel Capital and Sinar Mas.
Simultaneously, Zomato’s founder, Deepinder Goyal, has announced a new venture named Continue, focusing on health and mental wellness. This move, along with Zomato’s successful ₹8,500 crore (approximately $1 billion) equity raise through a Qualified Institutions Placement (QIP), underscores the company’s intent to explore new avenues while supporting its existing investments.
Byondnxt’s ability to secure fresh funding from new investors reflects the growing confidence in its business model and potential. As it continues to innovate in the kitchen appliances space, the brand is poised to solidify its presence in the competitive D2C market.
For Zomato, its evolving relationship with Byondnxt signals a strategy of selective engagement, focusing on ventures that align with its broader vision while continuing to empower promising startups within its ecosystem.
