Mivi currently manufactures audio products like wireless earphones and speakers out of its Hyderabad facility
Hyberabad-based consumer electronics startup Mivi has raised an undisclosed amount in a debt funding round from N+1 Capital.
The startup, which was so far bootstrapped, said it will use the funds to expand its vertical footprint, diversify its product range to new verticals, grow its customer base, also further bolster its in-house capabilities.
“The capital infusion by N+1 capital will set us up on an accelerated growth trajectory, banking on which we will expand our product portfolio across several new and in-demand categories,” said Mivi co-founder Midhula Devbhaktuni.
She said the company, which currently makes audio products, is looking at expanding its existing manufacturing facility and also setting up a greenfield facility at E-City near the Hyderabad international airport at Shamshabad by early 2023.
“We are looking at ramping up our current headcount from around 700 to about 2,000 people and are also expanding our offerings to include products like sound bars,” Devbhaktuni said, adding that the company is also in parleys with some global electronics giants for third party manufacturing opportunities as well.
Mivi currently manufactures audio products like wireless earphones and speakers out of its Hyderabad facility after it shifted its manufacturing operations from China in 2020.