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Zerodha’s Rainmatter invests in smart connected home appliance company – Up

Up has closed its pre-seed round at $1.3 million Read more at: https://www.cxotoday.com/press-release/zerodhas-rainmatter-invests-in-indias-first-smart-connected-home-appliance-company-up/

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Consumer Hardware Startup, Up (previously React Labs) raised $500,000 from Nithin Kamath led Rainmatter as a part of its pre-seed funding. Founded by Mahek Mody and Mohit Sharma, the Bengaluru based startup closed its pre-seed round at a total of $1.3 Million. Up has received investment from co-founders of Ather Energy, Unacademy and the Stanford Angels & Entrepreneurs India. Additionally, early Tesla investor Tim Draper, impressed by the startup’s innovative  technology and vision for Indian home appliances, was an early participant in the company’s pre-seed funding round.  Moreover, consumers from the brand’s beta testing program have also turned into mini-angel investors in Up.

The funds will be utilised to execute the go-to-market strategy of the company’s first ‘upliance’- delishUp. The device, which has been used at 250+ young Bengaluru homes, features a cutting-edge touch screen with unlimited in-built guided recipes, coupled with a jar which heats and cooks, and offers controlled chopping, stirring and other culinary functions. Designed & Made in India, Up is making cooking healthy food at home easy and accessible for millennials and Gen-Z in India.

Mahek Mody, Co-founder & CEO, Up said, “Everyone knows the best way to manage your health is to eat home cooked food, and with this new funding we are looking forward to taking delishUp to consumers across the country. Most other services available in the market focus on the exercise or ‘calories out’ options, but nearly none of them are offering users the superpower to take control of ‘calories in’. Nitin & the whole Zerodha-Rainmatter family are the flag bearers of health and nutrition in the Indian startup sector. Them discovering and using delishUp and following that with an investment is a massive vote of confidence”

Nithin Kamath, Co-founder & CEO, Zerodha said “Helping people become healthy is something we’re really passionate about at Rainmatter. When Mahek and Mohit showed us delishUp and what they were trying to build, we really liked it. We could instantly see that this could go a long way in helping people eat healthy. We’re really excited to join Up in this journey.”

Siri Srinivas, Principal Investor, Draper Associates said  “The next generation of smart & connected innovation will be designed to elevate the quality of our domestic lives. The next generation of smart and connected devices for the world will be built in countries like India and by the upcoming generation of hardware startups. Up‘s mission aligns with ours – taking long odds on extraordinary outcomes. We are excited to be a part of their growth and look forward to seeing the delishUp in Indian homes soon.

“With delishUp, people with no experience in the kitchen now have the ability to prepare hassle-free, nutritious meals for themselves. The recipes on the ‘upliance’ have been designed in-house, taking into account ingredients that are easily available, their nutrition and also has the macros and calories calculated for all meals. The connected features offer unlimited recipes, and added functions like grocery shopping, menu planning and more.  The promise of healthy and tasty home food is indeed the best superpower for nearly all young Indian homes, as witnessed by the brand’s consumers turning into mini angel investors.

The startup is also part of Qualcomm’s 2022-23 accelerator program through the Qualcomm Design in India Challenge (QDIC). This is a recognition of Up’s ability to design and build products in India for Indians. Through QDIC, the startup is on a path to build a technical collaboration with Qualcomm to unlock the potential in smart connected consumer technology in Indian homes. Since their beta-testing phase, the startup has seen an influx of enquiries and consumers have been signing up for the Early Access of the delishUp before deliveries begin in December, 2022.

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