The Indus Valley, a Chennai-based D2C kitchenware startup, has raised Rs 23.1 crore ($2.75 million) in its pre-Series A funding round, marking a significant milestone after a 25-month funding hiatus. The round, led by DSG Ventures, saw participation from several prominent investors including White Whale Venture Fund, Candle Advisors, Zend Advisors, and individual backers such as Shavak Srivastava, Rajiv Pillai, and Girish Gupte.
According to the company’s regulatory filing with the Registrar of Companies (RoC), the board has authorized the issuance of 41,485 pre-series A compulsory convertible preference shares (CCPS) at an issue price of Rs 5,580.4 each. The startup has already received Rs 18.62 crore of the targeted amount, with the remaining funds expected to be wired soon.
This funding round represents a significant leap for the company, nearly tripling its valuation from the last round, which pegged it at Rs 116 crore. Although the round is still ongoing, The Indus Valley may continue to raise additional funds to fuel its growth.
The Indus Valley, known for its focus on toxin-free kitchenware, offers sustainable and safe alternatives to chemically coated products. Their offerings include items made from cast iron, copper, clay, wood, and iron, catering to the growing consumer demand for eco-friendly and health-conscious kitchen solutions.
For the fiscal year ending March 2023, the company reported a 68% year-on-year growth in revenue, reaching Rs 38.81 crore. However, losses for the same period increased 2.8 times to Rs 8.98 crore. While the company has yet to file its annual report for FY24, it continues to attract investors keen on capitalizing on the rising trend of sustainable, chemical-free home products.
The Indus Valley’s new funding will help it expand its product offerings, increase brand visibility, and reach new customers as it solidifies its position in the growing kitchenware market.
