Direct-to-consumer (D2C) health-focussed kitchenware firm The Indus Valley has raised $17 million (Rs 160.7 crore) in a Series B round led by homegrown private equity firm Gaja Capital.
The Chennai-based cookware company, operated by Good Roots Kitchenware Pvt Ltd, counts DSG Consumer Partners, Rukam Capital and The Chennai Angels among its investors.
Gaja Capital invested the amount for a significant minority stake, said a person familiar with the development. Other investors in the Series B round included DSG Consumer and Rukam Capital, the person added.
Founded in 2016 by Jagadeesh Kumar and Madhumitha Uday Kumar, The Indus Valley offers premium, toxin-free cookware products such as kadais, tawas, appam pans; tableware products such as cutlery, bowls, mortar and pestles, cups and mugs, plates and trays; and drinkware.
Jagadeesh Kumar, co-founder and CEO of the company, said the investment will help accelerate product innovation, strengthen omnichannel distribution, deepen brand presence, and expand the firm’s leadership across safer kitchen categories.
The Series B round was largely a primary issue, with a small secondary component through which some early investors are said to have exited the firm, the person said without divulging further details.
The Indus Valley first raised seed funding of Rs 1 crore from The Chennai Angels in 2019, whose members doubled down on the firm a year later with a Rs 2.5 crore round.
In 2021, it raised Rs 8.14 crore from Rukam Capital, DSG Consumer Partners (DSGCP), and The Chennai Angels.
Thereafter, in 2024, it raised Rs 2.3 crore from DSG Consumer Partners, White Whale Ventures LLP, Rukam Capital and some angel investors. Following this, the founders held a 50% stake in the firm, and some reports pegged its valuation at Rs 300 crore.
Hariharan Premkumar, managing director and head of India at DSG Consumer Partners, noted The Indus Valley’s execution and capital efficiency, saying it achieved scale with “very little” capital. “That foundation makes this next phase even more exciting, as the investment goes toward deepening product and distribution capabilities that will compound on an already strong base,” he added.
Gopal Jain, managing partner at Gaja Capital, said The Indus Valley had “reimagined” cookware for the modern Indian family, proving that toxin-free, non-coated solutions can scale.
“With improving operating leverage, a clear path to profitability, and a rapidly expanding category, The Indus Valley aims to build India’s largest healthy kitchen products platform and reach Rs 1,000 crore in annual revenue by 2030,” the company said in a statement.
The Indus Valley has scaled to an annual revenue run rate of Rs 200 crore, a statement said. According to Traxn, the firm’s FY25 revenue stood at Rs 116.7 crore.
