Indian Angel Network (IAN) has exited its investment in Mukunda Foods, a maker of dosa machines, as part of the latter’s latest funding round. Separately, the country’s largest angel network has invested an undisclosed amount in Strom Motors.
IAN marks exit from Mukunda Foods
Tabletop dosa machines maker Mukunda Foods Pvt. Ltd has raised funding from Ncubate Capital Partners, which will pave the way for its earliest investor, Indian Angel Network (IAN), to make an exit, reported VCCircle.
Financial details of the transaction were not disclosed.
Bengaluru-based Mukunda Foods will use the funding proceeds for expansion and R&D initiatives.
Mukunda Foods first raised funding from IAN, a network of angels that invest in startups and early-stage ventures, in 2013. The company raised an additional sum of around Rs 1 crore from IAN earlier this year.
IAN backs Strom Motors
Mumbai-based electric vehicle startup Strom Motors, operated by E14 Technologies, has raised an undisclosed amount in angel funding from Indian Angel Network, per an announcement on Thursday.
The round was led by IAN members Neeraj Garg, Sanjay Bhasin and Anirudh Agarwal, who will also be strategic members on the board of Strom Motors.
The investment will help Strom Motors consolidate its leadership position in the technology-enabled mobility industry, setting up product sales, accelerate its geographical expansion and increase its consumer base across markets, the statement added.
Strom Motors will also use the funds to set up its assembly plant in Mumbai for Strom-R3, which has already received over 100 pre-orders from the Maharashtra region, the company claimed.