Zimplistic, the company behind smart flatbread maker Rotimatic, today announced it made US$20 million in revenue during its first 12 months of sales.
The Singapore-based startup has also launched its product in four new markets – Australia, Canada, New Zealand, and the UK – and is seeking investors for its series C fundraise, with the aim of expanding to India and the Middle East next year.
It is rare to see Singapore startups like Zimplistic build a hardware product, let alone achieve a sizable revenue figure and reach the series C stage. It previously raised a total of US$20 million across its series A and B rounds from investors including NSI Ventures and Robert Bosch Venture Capital, the VC arm of German electronics giant Bosch.
Husband-and-wife founding team Pranoti Nagarkar and Rishi Israni built Rotimatic to solve a seemingly simple problem. Flatbreads are eaten with almost every meal by many families in India and diasporic communities. They come in various forms – from the simple and ubiquitous roti and chapati, to the multi-layered paratha. The nutritional value of these flatbreads, which are typically made with wholewheat flour, often makes them a healthier choice than plain white rice, or leavened breads made with refined flour.
The problem is that the process of making them by hand is time-consuming and labor intensive, requiring a certain level of skill. Dough needs to be made in advance, proofed, then kneaded, divided, and rolled-out. The constraints of the domestic kitchen usually mean that only one flatbread can be cooked at a time.
As a result, many people get drawn to easier-to-prepare but less healthy options, such as ready-made, frozen roti, which likely contain a range of obscure preservatives. Or they order in butter-drenched naan from their local restaurant.
With Rotimatic, users simply pour the right ingredients into the machine, select the thickness and doneness they desire, and press the start button. The device is able to churn out one ready-to-eat flatbread per minute.
In the eight years that have passed since Nagarkar first came up with the concept, Zimplistic has grown into a company of more than 120 employees. It holds 37 patents on the technology that makes Rotimatic tick.
It has also focused on product development around its core offering. A mobile app is in the works which will allow users to switch on and control their Rotimatic while away from home, meaning they can have freshly cooked roti ready upon returning from work.
The company is also working on firmware updates for the machine so that it can tackle other types of flatbreads, such as Mexican tortilla and pizza bases, as well as gluten-free options. Zimplistic said in its statement that Rotimatic has more than 20,000 users worldwide who have made over 8,000,000 roti using the machine to date.
Tech in Asia has contacted Zimplistic for additional information on its earnings and planned funding round.
This post Rotimatic maker turns over $20m in its first year appeared first on Tech in Asia.
from Startups – Tech in Asia http://ift.tt/2AgyhVT