10 February, 2016, Mumbai: Greenway Appliances has acquired a funding of US $2.5 million in its series A funding round. The round was dominated by former Genpact CEO Pramod Bhasin and some of the other big players of the industry.
Other investors who participated in the round were Acumen, a global non-profit investment organisation focused on poverty issues, and Vikram Gandhi, founder of Asha Impact platform floated to address India’s developmental challenges, reports ET.
Speaking on the funding, Neha Juneja, CEO, Greenway Appliances said, “We form ideal replacements for traditional mud stoves by allowing users to continue using biomass fuels that they have easy access to, but delivering 65 per cent fuel savings and 70 per cent smoke reduction with no noxious fumes.”
However, with this investment, Bhasin, now has more than eight investments under his name and that makes him the most active angel investors. His has invested in NDTV’s Gadget 360, Indifi Technologies, Lexplosion Solutions and many others.
Greenway was floated in the market in 2011 and it excels in making two types of biomass cooking stoves-Greenway Smart Stove and Greenway Jumbo Stove. The smart stove has a loading capacity of 25 kg and is priced at Rs 1,499 while the jumbo stove has loading capacity of 40 kg and is priced at Rs 2,499.