Hero Enterprise-backed consumer lighting company Corvi LED raised $8 M Series B funding
Enam Investments led a growth capital round that brought in $8 million for Corvi LED, a consumer lighting company. The new funding for the Mumbai-based company comes after a seven-year break.
According to a press release from the company, this investment will enable Corvi LED to grow into new markets, diversify its line of products, and enhance its technological capabilities.
In addition, Corvi LED plans to expand its market share in both the B2C and B2B sectors and launch a line of new LED products that cater to contemporary needs.
Vimal Soni founded Corvi in 2012. The company offers more than 100 products in 7 categories, including flat, surface, tubes, bulbs, and others. The company claims that by having the highest efficiency ratings and features—like getting rid of heat sinks, drivers, and metal bodies—it has established international standards.
The business states to be in possession of more than 100 patents and registrations, and it has exported to 24 nations in South-East Asia, Europe, the Middle East, and Africa. Hero Enterprise made a sizable $10 million investment in Corvi LED Light in 2017.
Corvi reported a slight decrease in operating revenue for the fiscal year ending in March 2023 (FY23), from Rs 16.65 crore in FY22 to Rs 15.5 crore. Over that time frame, its losses rose from Rs 7.41 crore to Rs 9.74 crore. FY24 annual financial statements have not yet been filed by the company.
Following a protracted hiatus or their first fundraising campaign, a number of well-known businesses have announced raising strategic capital in the last few months. A91 Partners helped the 17-year-old performance-wear brand TechnoSport raise $21 million in May during its inaugural external fundraising campaign. Libas, a fast-fashion omnichannel ethnic wear brand, raised $18 million during its first external financing as well.
JCB (Jean Claude Biguine) Salons India, an 18-year-old salon chain, raised Rs 40 crore ($4.8 million) from Blacksoil, an alternative lending platform, last month. Concurrently, Indkal, a startup focused on consumer electronics, revealed that it had secured $36 million for its initial venture capital funding.
