Byondnxt, the parent company of the kitchen appliance brand Beyond Appliances, has successfully raised fresh funding from a cohort of new investors. This latest funding round did not see participation from Zomato, which had earlier acquired an 8% stake in the Bengaluru-based startup.
In a recent stock exchange filing, Zomato confirmed that the fundraising was finalized on November 30. Following this, Zomato’s stake in Byondnxt has reduced to 6% on a fully diluted basis.
Founded by Eshwar Vikas, who also established Mukunda Foods, Byondnxt operates as a direct-to-consumer (D2C) brand specializing in innovative kitchen appliances. Rakesh Patil, the company’s co-founder and CTO, contributes significantly to the brand’s technological edge. Earlier in October, Zomato had invested Rs 6,000 to acquire an 8% stake in the startup.
Zomato has a history with the founders, having previously invested $5 million in March 2022 to acquire a 16.66% stake in Mukunda Foods, a B2B supplier of smart kitchen solutions.
This funding round marks the second instance of a Zomato-linked company securing capital in recent months. In September, the adtech startup AdOnMo raised $25 million, led by Rigel Capital and Sinar Mas, further highlighting Zomato’s involvement in nurturing emerging ventures.
Zomato CEO Deepinder Goyal has also been exploring new opportunities, recently launching Continue, a venture focusing on health tracking and mental wellness. On the corporate front, Zomato raised approximately $1 billion (Rs 8,500 crore) through a Qualified Institutions Placement (QIP) of equity shares.
4o