On2Cook India, a food technology start-up that appeared on the first season of business TV reality show ‘Shark Tank’, has recently raised Rs 17 crore in seed funding at a valuation of Rs 100 crore. The funding round was led by angel investor Mayur Desai, who invested Rs 16 crore for 16% equity, and saw the participation of NRI investor Nirbhay Gandhi, who invested Rs 1 crore for 1% equity.
This news comes as a surprise to those who watched the first season of ‘Shark Tank’ as On2Cook was rejected by all the sharks on the show. However, the company has come a long way since then and has made significant progress in developing its product and securing funding.
On2Cook’s device uses a combination cooking technology with induction or flame acting on the food from outside and microwaves from inside. The product is designed to help both domestic and commercial kitchens save up to 70% on time and 50% on energy. Additionally, the food cooked retains water-soluble nutrients while preserving color, texture, and consistency. After being granted patents across India, US, and UK, On2Cook’s invention stands to create a new product category in the kitchen space.
Sanandan Sudhir, the founder and CEO of On2Cook, said, “There hasn’t been a technological shift in the cooking appliances space in the post-industrial world for decades, if not centuries. On2Cook brings cooking into the 21st century. We are happy to join forces with our investors in our tryst to usher in a landmark transition in an industry, and even in the lifestyle of everyone.”
Shaival Desai of the Desai family office, who participated in the funding round, added, “On2Cook brings cooking into the 21st century. We are happy to join forces with Sanandan in his tryst to usher in a landmark transition in an industry, and even in the lifestyle of everyone.”
On2Cook has won several prestigious awards globally, including the iF Design award and the British Invention Show – Diamond Award for the best international invention. The device has been tested with more than 100 chefs and culinary experts across the globe and can be used to cook everything from French fries, chicken to a cake with the softest base. Alongside ensuring faster and better quality food at a much economical price point, On2Cook makes cooking a seamless affair with app connectivity and eventually making the cognitive load negligible.
On2Cook will appear at GulfHost 2022, the Middle East and North Africa’s hospitality and food service event at the World Trade Centre in Dubai, showcasing its innovative product to potential clients.
In conclusion, On2Cook’s success story is an inspiring one for all aspiring entrepreneurs. From being rejected on national television to securing significant seed funding, the company has come a long way in a short amount of time. Its innovative product has the potential to disrupt the food industry and create a new product category in the kitchen space. On2Cook’s journey is proof that persistence, hard work, and innovation can pay off in the end.