, a Bengaluru-based startup which operates in consumer electronics, has raised $36 million (around Rs 300 crore) in a funding round.
This infusion would help the company grow and develop its infrastructure of products like air conditioners, televisions, washing machines and refrigerators, Indkal Technologies CEO Anand Dubey told PTI.
The Series A funding round was led by Mauritius-based Aries Opportunities Fund. However, the company has not disclosed the valuation on which the funds were raised.
“We needed to invest in product development. Locally being able to make better products which are more localised are more suited for Indian consumers and their needs in consumer electronics and durables, and that became a big part of why we raised investment,” said Dubey.
Indkal Technologies, which ended 2023-24 at around Rs 800 crore, is expanding at a fast pace and wants to set up support functions “aggressively” as distribution and service infrastructure to support the kind of growth it aspires for, he said.
“We will be utilising the funds to improve product development infrastructure. We will be setting up a large research & development infrastructure very soon, and a big part of the investment is going to go there. Along with that, we will be bulking up on distribution and service to make sure that we reach our customers with our products and then we are able to service them efficiently,” he added.
Asked about the growth, Dubey said, Indkal was “able to achieve certain strong metrics”.
“We would continue with the current growth trajectory and even try to pump it up. We are looking to get to about Rs 8,000 crore in the next two to three years in terms of growth,” he added.
Indkal, founded in 2020, is one of the largest trademark licensing companies in the consumer electronics sector in India. It manufactures consumer electronics and large appliances for some global brands like Acer and Black+Decker.
It recently announced its entry into the fast-growing smart wearable space and launched Wobble, its own brand of wearable and audio products.
“We want to be leaders in product management and development in the country, and that remains a big area of focus and the kind of product categories that we are operating in, they have great growth potential,” said Dubey.
In the TV category, the company has had over 300% growth in the last three years each, Dubey added.
Indkal is also taking a “heavy bet” on categories such as room air-conditioners, and also looking at categories like refrigerators, which it entered a month ago.
Edited by Jyoti Narayan
