- Virtual Forest completed first round funding with Napino
- Napino becomes the Manufacturing Partner of Virtual Forest
- The partnership will focus on manufacturing household appliance solutions
Virtual Forest has completed its first round of funding with Napino. The tier 1 supplier to the automotive ecosystem has taken a minority (15 percent) stake in the company. Under the arrangement, Napino will also be the manufacturing partner for the intelligent controllers for the household appliance industry designed by Virtual Forest.
The startup, Virtual Forest was set up in November 2019 with the vision of enabling Indian OEMs to localise supply chains by providing cutting edge R&D capability with very quick design to commercialization timelines in the area of energy efficient home appliances like inverter air conditioners, BLDC ceiling fans and Solar pump controllers.
About the partnership
“The partnership with Napino gives us the manufacturing process needed to support the volumes that the domestic industry needs, which is growing at an average CAGR of 10%percent” says Omer Basith, a founding director and CEO of Virtual Forest. “We realized early on that to be an effective partner to Indian OEMs, we need to not only bring revolutionary green tech R&D capabilities, but ability to support through the product lifecycle with state-of-the-art testing lab and world class manufacturing facilities. We are now fully equipped to being a Virtual Lab and Virtual Factory for Indian appliance manufacturers”, he added.
Commenting on the equity stake and manufacturing partnership with Virtual Forest, Mr. Naveen Kumar CEO of Napino said “In Virtual Forest we have found a team who have been key stakeholders in the appliance and pump ecosystems for over two decades. They have a deep expertise in embedded systems development specifically in motor control engineering. This is coupled with a ground level understanding of the end user requirements, cost appetite and sector dynamics makes them an ideal partner for our foray into consumer durables”.
Napino Auto & Electronics Ltd. is a company committed to achieve greater value for its customers in the field of auto electrical and electronic products. The Company had a turnover of Rs. 815 crore on 2019 and has claimed to increase the same by about 90 % in the ensuring year.
The company has kept abreast with the leading global technologies and consistently developed innovative products and variants for its customers. Moving into the future, Napino aims to expand its presence globally as a one-point solution provider from concept to manufactured products and enhance value for its customers for automotive, IoT and home appliances.