New Delhi, May 13 -- Homegrown venture capital firm IvyCap Ventures, which has backed companies such as Purplle, BlueStone, and HyugaLife, is in advanced talks to invest in a consumer appliances firm, two people familiar with the matter told VCCircle.
The firm, which marked the final close of its third fund at Rs 2,100 crore in 2024, is looking to invest in Gurugram-based Nuuklife Consumer Pvt Ltd, which operates the home appliances brand Nuuk, the people said, requesting anonymity.
One person said the VC firm is in talks to invest $9-10 million (Rs 86.1-95.7 crore) in Nuuk, adding that the latter is looking to raise funding at a valuation of Rs 450-500 crore.
Queries sent to Nuuk and IvyCap Ventures remained unanswered till the time of publishing this article.
In March 2025, Nuuk had raised $5 million (Rs 43.5 crore then) in a Series A funding round led by Vertex Ventures Southeast Asia and India, with participation from existing investor Good Capital.
Founded in 2024 by Rivigo co-founder Gazal Kalra and former Noise chief growth officer Shalabh Gupta, Nuuk develops design-first home appliances targeted at millennial and Gen Z consumers. Its portfolio spans fans, vacuum cleaners, garment-care products, juicers, and blenders. Nuuk operates as a subsidiary of Neutopia Technology Pvt Ltd.
The startup is currently expanding into categories such as home environment solutions and meal-preparation devices, while also exploring smart IoT products and other advanced home solutions.
The person cited above said Nuuk is expected to continue expanding its product portfolio while stepping up marketing efforts.
While Nuuk's latest financial data was unavailable, the person said Nuuk scaled up "considerably" in FY26. For FY25, Nuuk's standalone revenue surged 53-fold to Rs 16 crore from Rs 32 lakh a year ago, according to VCCEdge, the data research platform of VCCircle. Its net loss widened to Rs 39 lakh in FY25 from Rs 7 lakh a year ago.
Consumer durables and electronics startups have attracted considerable investor interest in recent months.
On Tuesday, Mekr Technologies raised Rs 67 crore in a Series A funding round led by Avaana Capital.
Late last year, consumer appliances brand EDT secured $1.4 million in a pre-seed round led by consumer-focussed VC firm Sauce VC.
In August 2025, smart kitchen company Beyond Appliances collected $4 million in a Series A funding round led by Fireside Ventures.
Meanwhile, IvyCap is investing out of its third fund, which was launched in 2022. The VC firm had planned to build a portfolio of around 25 companies through the fund, investing at the Series A stage, with average cheque sizes starting at Rs 30 crore, across sectors such as consumer-tech, health-tech, fintech, software-as-a-service (SaaS), enterprise-tech, and deep-tech.
The fund's portfolio includes Celcius, Agraga, Eggoz, Snitch, Beatoven.ai, and Dhruva Space, along with follow-on investments in companies such as BlueStone and Biryani By Kilo.
Published by HT Digital Content Services with permission from VC Circle.