13th June 2024- Indkal Technologies, a Bengaluru-based startup in consumer electronics, has secured a significant investment of USD 36 million (approximately Rs 300 crore). The funding, led by Mauritius-based Aries Opportunities Fund, is earmarked for enhancing product development and expanding infrastructure for air conditioners, televisions, washing machines, and refrigerators, according to CEO Anand Dubey.
Founded in 2020, Indkal Technologies aims to cater to Indian consumers’ needs with localized products. The company, ending 2023-24 at around Rs 800 crore, is poised for rapid expansion. Dubey emphasized the importance of setting up robust support functions to sustain their growth trajectory.
The investment will primarily fuel the establishment of extensive research and development facilities. Additionally, Indkal will focus on bolstering distribution and service networks to ensure efficient customer reach and support.
Dubey expressed confidence in Indkal’s growth trajectory, aiming to reach Rs 8,000 crore in the next two to three years. The company, known for trademark licensing and manufacturing for global brands like Acer and Black+decker, recently ventured into smart wearables with the launch of its brand, Wobble.
With a strong focus on product management and development, Indkal is eyeing leadership in the Indian market. Notably, the company has witnessed remarkable growth, particularly in the TV category, with over 300 per cent growth in the last three years.
Indkal is strategically diversifying its product portfolio, with a significant emphasis on room air-conditioners and recent forays into refrigerators. This move underscores the company’s commitment to exploring high-growth segments within the consumer electronics sector.
Source:Link
