Zimplistic, the company behind the Rotimatic, has been acquired by Light Ray Holdings. The acquisition actually happened back in October 2020, but the company officially talked with The Spoon about it recently. Terms of the deal were not disclosed. Zimplistic had raised $48.5 million in funding.
In a phone interview at the end of March, Zimplistic Co-Founder and CEO (and inventor of the Rotimatic), Pranoti Nagarkar Israni told me that the company, founded in 2008, was not profitable. “To make the business profitable it needs a lot of cash,” Israni said, adding that investors felt Light Ray was the right deal.
According to The Business Times, Light Ray Holdings is “a special-purpose vehicle incorporated in the British Virgin Islands.” Israni said that Zimplistic had explored possible investments from strategic partners, but said, in the end, Light Ray is “aligned with our vision.” Both Israni, and her husband and Co-Founder, Rishi Israni will remain with Zimplistic in their roles as CEO and CTO, respectively.
To date, Zimplistic has been one of the more successful connected home appliances we’ve covered at The Spoon. More than 70,000 Rotimatics have been sold across 20 countries (45,000 units in the U.S.). More than 111 million rotis have been made with Rotimatics, and Israni said that owners use the Rotimatic and average of 4 -5 times a week. The device, however, is still unavailable in India.
The long-anticipated version 2.0 of the Rotimatic was delayed by COVID. Israni said that there isn’t a set timeline for its release, but it should be available by the end of this year or beginning of next.
Israni said that the company is also moving beyond straight hardware sales and into consumable subscription business. In addition to the machine, Zimplistic will be selling enhancements like beetroot powder and vitamins that can be added to recipes to increase a recipes nutritional value. Israni said these enhancements should be available this summer.
How much is your rotimatic machine