Consumer electronics brand KREO has picked up Rs 6.5 crore in a seed funding round in a combination of equity and debt financing led by Sauce. VC with significant contribution from the Chona Family Office, Revant Bhate (Co-founder at Mosaic Wellness), Bala Sarda (Founder at Vahdam Teas).
The proceeds will be deployed towards brand building, facilitate product development, supporting growth initiatives, and expand the team, KREO said in a press release.
Co-founded in 2022 by Ishan Sukul, Niraj Chitnis, and Himanshu Gupta, KREO offers innovative and accessible electronics for content creators and gamers. The Bengaluru-based startup’s current product lineup comprises lighting and audio products, tripods, and other accessories. In the coming months, KREO will also introduce mobile and PC gaming products.
KREO claims to have a portfolio of 10 products and it is set to launch over 50 groundbreaking solutions for gamers and creators in the next 12 months. It also claims to experience over 200% growth in the past six months and is on track to achieve an annual revenue run rate of over $6 million (Rs 50 crore) by the end of the current financial year.
The company further aims to tap into India’s rapidly evolving electronic consumer device market which is projected to reach Rs 1,40,000-1,80,000 crore by 2025 with a projected CAGR of 15-20%.