Aries Opportunities Fund, based in Mauritius, led the fundraising effort for consumer electronics startup Indkal Technologies, which raised $36 million, or roughly Rs 300 crore. Since its founding in 2020, this is the startup from Bengaluru’s first fundraising effort.
According to a press release from Indkal, the strategic funding will help build a new R&D facility to support the infrastructure for the development of air conditioners, televisions, washing machines, and refrigerators. The funds will also be used to establish service network bases and broaden distribution.
The valuation was not made public by the company.
Under Anand Dubey’s direction, Indkal is a trademark licensing business that produces a variety of large appliances and consumer electronics for international brands such as Black & Decker and Acer.
Wobble, an own brand of wearable and audio devices, was recently introduced by Indkal. The company states that Wobble contributed between Rs 250 and Rs 300 crore in revenue to its FY24 total of Rs 800 crore.
The company says it has grown its TV business by more than 300% in each of the last three years.
Indkal’s revenue increased by more than four times to Rs 260 crore in FY23 from Rs 61 crore in FY22, according to its annual financial statements filed with the ROC. In FY23, the company recorded a profit of Rs 10.89 crore, compared to a loss of Rs 11.60 crore in the year prior.
A number of businesses have announced that they have raised their first funds or strategic capital in the last few weeks. TechnoSport, a 17-year-old performance wear brand, raised $21 million from A91 Partners in May during its first external fundraising campaign. Libas, a fast-fashion omnichannel ethnic wear brand, raised $18 million from ICICI Venture’s fund IAF Series 5 during its first external fundraising campaign.
The alternative credit platform Blacksoil helped salon chain JCB (Jean Claude Biguine) Salons India raise $4.8 million most recently.
