The funding values the firm at $270 million. The founders continue to hold about 25 percent stake in the firm
Homegrown robotics firm Addverb Technologies has received a funding boost of $132 million from Ambani-led Reliance Retail, following which, Reliance will own a 55.7 percent stake in the firm.
The funding values the firm at $270 million. The founders continue to hold about 25 percent stake in the firm.
This comes in the backdrop of Addverb’s recent expansion in the markets of Singapore, Europe, and Australia.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-based Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among its customers. It has deployed robots for over 100 customers.
Addverb had previously raised $11 million in a round led by Jalaj Dani, co-promoter of Asian Paints.
In 2021, Addverb also told media officials that it is looking to expand its robot manufacturing unit in India to boost its output by around 10 times in the next financial year.
“We will deploy the funds to set up a second manufacturing facility in the Delhi-NCR region. We have 550 engineers and we plan to expand it to 2,000 engineers in 2-3 years. We will work with Reliance Retail, Ajio and its energy and petrochemical businesses. We will also work with our other clients like Unilever, Pepsi and Coca-Cola,” said Kumar.
According to the company, the global robotics market was valued at USD 27.73 billion in 2020 and is expected to reach USD 74.1 billion by 2026.