On2Cook
Initial Ask – Rs. 1 Cr. for 1% equity at a valuation of Rs. 100 Cr.
About the Company
The company is manufacturing the fastest cooking device on the planet. This product is providing induction from the bottom and a microwave from the top, and due to the double heat induction, the food is very quickly cooked. The product will be sold in the market at a rate of Rs.50,000/-.
The product will require a lot of modifications, and there are no sales of this product.
The product has taken US$16,000 to make the prototype.
Past performance of the Company
It is in its prototyping stage, thus no past performance is recorded.
Industry Overview
The cooking industry is being continued with traditional methods of cooking. Microwave is one of the latest innovations in this industry, which disrupted this industry and
then the oven was electrified in order to make it possible for every home to bake food. However, both of these were then copied by the existing players. Therefore, it is very difficult to make a place in the cooking industry.
However, recently there have been claims that the microwave makes the food unhealthy for consumption. Therefore a lot of households have stopped using the microwave as the nutritional value of the food is eliminated due to that.
Offers made, and the one accepted:
No offers were made!