India: IAN exits Mukunda Foods, separately invests in Strom Motors

Photo: Reuters

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.