Bengaluru-based startup Upliance.ai has successfully raised INR 34 crore (approximately $4 million) in its latest seed funding round, led by Khosla Ventures, a significant milestone in the company’s growth journey. The funding will be instrumental in ramping up the production of its AI-powered cooking assistant and expanding its revenue streams.
Despite an appearance on Shark Tank India Season 3, Upliance.ai did not secure any deals from the sharks. However, this setback hasn’t dampened the startup’s spirits as it continues to pursue its expansion plans vigorously.
Founded by Mahek Mody and Mohit Sharma, Upliance.ai has garnered support from notable investors such as Rainmatter Fund and Rukam Capital. The recent infusion of funds from Khosla Ventures further validates the startup’s innovative approach and potential within the home appliance market.
The funding round has propelled Upliance.ai to a valuation of INR 143 crore. While the identities of other investors remain undisclosed, the backing from Khosla Ventures underscores the startup’s appeal to top-tier investors.
The capital injection will enable Upliance.ai to accelerate the production of its AI-powered cooking assistant, aiming to reach 20,000 units annually within the next six months. Additionally, the company plans to scale its revenue to INR 150 crore by the end of 2024.
Commenting on the fundraise, Mahek Mody, CEO of Upliance.ai, expressed excitement about the partnership with Khosla Ventures, stating, “Their investment is a validation of both the potential of Upliance.ai and the traction we have seen in the market.”
Rajesh Swaminathan, partner at Khosla Ventures, highlighted the transformative potential of Upliance.ai’s product, emphasizing its ability to revolutionize daily eating routines and promote health benefits through AI integration.
Upliance.ai’s journey has been marked by steady growth, with the startup generating a revenue of INR 1.5 crore by January 2024 and selling close to 1,000 units of its AI cooking assistant. With plans to expand its consumer base and enhance marketing efforts, Upliance.ai is poised for further success in the competitive kitchen appliance sector.
The success of Upliance.ai reflects the growing interest in deeptech startups among investors, with significant capital inflows observed in the sector despite challenges such as longer gestation periods and extensive research and development requirements.
As the startup continues to innovate and expand its market presence, it remains committed to delivering cutting-edge solutions that redefine the cooking experience for consumers worldwide.