Zomato-backed Byondnxt Smart Home has raised additional capital from new investors for an undisclosed amount.
Zomato, which did not participate in the latest round, saw its stake in the company being reduced to 6% on a fully diluted basis from about 8% at the time of its investment.
Deepinder Goyal-led Zomato acquired an 8% stake with 600 shares in Byondnxt for about Rs 6000 in October this year.
Founded by Eshwar Vikar, Byondnxt is a D2C company focused on the design and manufacturing of kitchen appliances.
According to a report by The Economic Times, Beyond Appliances, Byondnxt’s brand, raised $2 million in a funding round led by Fireside Ventures along with participation from Dharana Capital and angel investors Livspace Co-founders Saurabh Jain and Ramakant Sharma, Design Cafe founder Shezan Bhojani, and Chandru Kalro.
The company plans to use the funds for research and development (R&D) and to accelerate its manufacturing capabilities, according to the report.
Earlier this year, Deepinder Goyal also incorporated a new venture under the name Continue. It was incorporated in April this year and will focus on being a longevity venture around health tracking and mental wellness.
This comes just days after Zomato closed its about $1 billion qualified institutional placement from domestic mutual funds.
