Karban Envirotech, a startup that manufactures energy-efficient electronic appliances, has raised Rs 8.93 crore ($1.07 million) in a seed round led by Titan Capital, Rainmatter and All In Capital.
Other investors who participated in the round include Urban Company, JK Family Office and angel investors including Kunal Shah, Anupam Mittal, Bharat Jaisinghiani, Atul Gupta, Abhishek Goyal, Sumer Sethi, Natasha Malpani Oswal, Sarang Iyengar and Karan Jindal.
KARBAN will use the funds to fuel its growth, strengthen its team, support innovation and new product development, the company said in a press release.
Founded in December 2021 by Karan Bansal and Tanya Goyal, Karban has designed and manufactured a bladeless ceiling fan with in-built air purifier and lights. Its unique design helps reduce electricity consumption, and provide multi-utility of air-flow, air-purification, and lighting for homes, offices, hotels, restaurants, among others.
The smart consumer appliances market targeted by Karban in India is pegged at Rs 50,000 crore. It competes with new age companies like Atomberg and established firms such as Havells, Crompton, and Superfan.
