Upliance AI Cooks Up INR 34 Crore in Funding Led by Khosla Ventures to Spice Up the Kitchen Appliance Market
Upliance AI, a Bengaluru-based consumer hardware startup that manufactures and sells kitchen appliances, has made headlines by securing Rs 34 crore (around $4 million) in funding at a valuation of Rs 143 crore ($17 million). Khosla Ventures, an early-stage venture capital firm, led the funding round.
As per the startup, the freshly raised funds will be used to accelerate product expansion by investing in tooling and advanced manufacturing techniques. The startup also plans to leverage the raised capital to build the team and collaborate with content creators for marketing.
upliance.ai | Building AI-powered Home Upliances
Founded by Mahek Mody (ex-Ather Energy) and Mohit Sharma (ex-Chaayos) in 2021, Upliance AI is an AI-powered home appliance brand. The Bengaluru-based home appliance brand launched its first appliance in 2023, an AI cooking assistant that merges machine learning and AI to automate cooking processes, including chopping, stirring, mixing, and heating. It also has a collection of more than 500 guided recipes.
Upliance AI claims to have sold around 1,000 appliances, with 80% of orders originating from the company’s website. Online marketplace Amazon contributed 15%, and offline retail stores the remaining 5%, stated Mody, adding that the firm has generated a total revenue of around Rs 1.5 crore.
As per Mody, the startup’s growth has come a lot from word of mouth. Now, the startup plans to amplify the voices of its current consumers by spending on organic marketing. Mody continued,
“As we scale to more markets and increase our revenue, economies of scale will kick in, and we will head towards profitability on the overall company front.”
Statement from the Investor
Commenting on the development, Rajesh Swaminathan, Partner at Khosla Ventures, highlighted that Upliance AI has built a product that early consumers love, with the potential to change people’s daily eating routines significantly.
“We are excited about the health benefits and AI integration capabilities possible with Upliance AI. These are the bold bets we like to take.”
With the raised capital, Upliance AI aims to boost its revenue to Rs 150 crore in 2024. The Bengaluru-based startup also aims to scale production to 20,000 units per annum in the next six months.
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