Mumbai, 2nd February, 2024: Following a much-anticipated debut on Shark Tank’s Season 3, upliance.ai, the creators of the very first designed, built, and made-in-India AI Cooking Assistant, are set for an ambitious 2024. They aim for 10X growth, eyeing a revenue of ₹150 crores and plan to scale production to 20,000 units per annum in the next 6 months. The D2C home appliances brand, led by founders Mahek Mody and Mohit Sharma, former executives at Ather Energy and Chaayos, showcased their flagship product, upliance on the show. One of the world’s first cooking appliances integrated with ChatGPT, seamlessly integrating top-notch hardware and software innovations, upliance has crafted over 35,000 delicious meals in Indian homes since its 2023 launch. The dish “Kadai Paneer” was cooked live in front of the Shark Tank judges where upliance’s automated cooking, chopping and stirring features were demonstrated. Despite declining an offer from Peyush Bansal, CEO of Lenskart, upliance.ai effectively demonstrated their innovation at the show.
The global smart kitchen appliances market, valued at $18.75 billion in 2023, is projected to grow at a CAGR of 17.9% from 2024 to 2030. This growth is fueled by factors like the rise in single-person households, increased disposable income, smart home adoption, online purchases of small household appliances, and the growing demand for smart and connected home appliances. These trends are particularly relevant in India, given its youthful population and growing middle class. Recognising this, upliance.ai developed a device catering to diverse demographics, achieving remarkable sales in 2023, selling out its stock by August with nearly zero marketing expenses. Demonstrating a robust market presence, upliance.ai has sold around 800 devices, maintaining a consistent 40% month-on-month growth. Notably, August 2023 revenue reached ₹26,00,000, reflecting an Annual Recurring Revenue (ARR) exceeding ₹3 Crore – all of this within just 8 months of beginning deliveries.
Co-founders Mahek Mody and Mohit Sharma commented on their experience on the TV show and said, “We are grateful for the Shark Tank journey. It served as an exceptional platform, allowing us to showcase upliance on a national platform. With upliance.ai already selling out through positive word of mouth, we anticipate a substantial surge post-show, leveraging newfound exposure and our owners’ community to grow in the coming year. As we reflect on the market response, we are extremely proud that 60% of our sales have been driven by our existing owners who are passionate about what we are building and believe in our vision of the future of Indian homes. Peyush Bansal’s offer goes beyond mere endorsement for us; it symbolises recognition of our product’s value and potential by a respected business leader, fortifying our position as innovators in the smart kitchen industry.”
upliance.ai‘s revolutionary AI Cooking Assistant transforms home cooking, championing that anyone should be able to cook, irrespective of skill sets. With a proven track record of saving nearly ₹50,00,000 on ordering in, the upliance empowers owners to make healthy home-cooked meals without much hassle. The integrated weighing scale ensures precision, priced at ₹23,999, it stands as a daily cooking investment, offering an alternative to eating out or relying on assistance. The device replaces over 10 kitchen appliances and combines 16 cooking functions into one smart ‘upliance’. upliance has secured a valuable first-mover advantage, integrating generative AI to dynamically generate recipes from across the internet and convert them into algorithms that allow them to be cooked automatically. With voice control, ChefGPT, and AI-powered grocery
management, upliance.ai combines convenience with food science, tailoring the cooking experience to individual tastes and preferences.
Having successfully navigated Shark Tank and backed by prominent investors such as Rainmatter, Rukam Capital, and Draper Associates, upliance.ai is poised to grow as India’s fastest-growing D2C hardware startup through substantial expansion. The plan involves scaling manufacturing, reaching 20-25 cities, and establishing a robust presence in over 10,000 stores across India, complemented by 30 company-owned experience centres. This strategic vision marks the next chapter in upliance.ai‘s journey within the innovative home tech solutions space.
