Rotimatic-maker flips ownership in trade sale
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ZIMPLISTIC, the Singapore-based company behind Indian flatbread-making machine Rotimatic, has been fully sold to an entity called Light Ray Holdings.
Light Ray Holdings is a special-purpose vehicle incorporated in the British Virgin Islands, say regulatory filings. Following the trade sale, Light Ray will now run and fund Zimplistic.
Founded in 2008 by couple Pranoti Nagarkar and Rishi Israni, Zimplistic attracted funding from government-linked investor EDBI, Koh Boon Hwee's private equity firm Credence Partners, early-stage venture capital (VC) firm Openspace Ventures and Robert Bosch Venture Capital, the VC arm of German multinational firm Bosch. It announced a Series C financing round of US$30 million in April 2018.
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