Consumer electronics startup Indkal Technologies has raised $36 million (approximately Rs 300 crore) led by Mauritius-based Aries Opportunities Fund. This is maiden fundraise for the Bengaluru-based startup since its inception in 2020.
The strategic money will support product development infrastructure of air conditioners, televisions, washing machines and refrigerators through a new R&D facility, Indkal said in a press release. The capital will also be utilised to expand distribution and set up service network bases.
The company did not disclose its valuation.
Led by Anand Dubey, Indkal is a trademark licensing company which manufactures a wide spectrum of consumer electronics and large appliances for global brands like Acer and Black & Decker.
Indkal recently launched Wobble, its own brand of wearable and audio products. The firm claims that it ended FY24 with Rs 800 crore and Wobble was expected to contribute with Rs 250-300 crore revenue in the last fiscal year.
In the TV category, the company claims to have registered over 300% growth in the last three years each.
According to Indkals annual financial statements with ROC, it recorded more than four fold jump in its revenue to Rs 260 crore in FY23 from Rs 61 crore in FY22. The company also turned profitable in FY23 with Rs 10.89 crore profit against Rs 11.60 crore loss in the previous year.
In the past few weeks, a clutch of companies announced raising strategic money or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise while fast fashion omnichannel ethnic wear brand Libas also raised $18 million by ICICI Venture’s fund IAF Series 5 in its maiden external funding.
Most recently, salon chain JCB (Jean Claude Biguine) Salons India raised $4.8 million from alternative credit platform Blacksoil.
