Smart home appliances startup Up receives $1.3 million in pre-seed investment from Zerodha’s Rainmatter
- ByStartupStory | November 10, 2022
Consumer electronics company Up, formerly known as React Labs, has acquired $500,000 in pre-seed investment from Nithin Kamath-led Rainmatter. The Bengaluru-based firm, founded by Mahek Mody and Mohit Sharma, raised $1.3 million in its pre-seed round. Up was funded by the co-founders of Ather Energy, Unacademy, Stanford Angels, and Entrepreneurs India. In addition, early Tesla investor Tim Draper participated in the company’s pre-seed fundraising round. Furthermore, customers participating in the brand’s beta testing program have become mini-angel investors. The capital will be used to carry out the startup’s ‘upliance’- delishUp go-to-market strategy. The gadget, utilized in almost 250 Bengaluru households, has a cutting-edge touch screen with a limitless number of pre-programmed guided recipes, as well as a jar that heats and cooks and provides controlled chopping, stirring, and other culinary activities.
“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,” said Mahek Mody, co-founder and chief executive officer (CEO) of Up.
The delishUp gadget is designed for people who have never cooked before. It provides recipes, shows nutrition information, and calculates calorie counts for meals. The device, which has been tested in 250 Bengaluru households, includes a touch screen with various pre-programmed guided recipes, as well as a jar that heats and cooks and provides controlled chopping, stirring, and other culinary operations. DelishUp deliveries will commence in December of this year. Through the Qualcomm Design in India Challenge, Up is a member of Qualcomm’s 2022-23 accelerator program (QDIC). The technological partnership will aid in the realization of its potential in smart linked consumer technologies in Indian homes. “Helping people become healthy is something we’re really passionate about at Rainmatter. 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,” said Nithin Kamath, co-founder, and CEO, of Zerodha.
“The next generation of smart and 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,” said Siri Srinivas, principal investor, at Draper Associates.
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