Hyderabad,15th June 2024: Indkal Technologies Private Limited, one of India’s fastest-growing consumer electronics startups has raised $36 million (approximately 300 crores INR). The round was led by Mauritius-based Aries Opportunities Fund at an undisclosed valuation.
Bengaluru-based Indkal Technologies has had an unprecedented run of growth in the consumer electronics and appliances space since its inception in 2020 and had a landmark year in March this year, touching 1000 crores in gross revenue while remaining bootstrapped during this growth spree, which is unique in this space.
The infusion of fresh capital was done through strategic investors to support superior product development infrastructure of products like Air Conditioners, Televisions, Washing Machines, and Refrigerators through a new state-of-the-art R&D facility. The new capital will also be utilized to enhance the company’s product portfolio, expand distribution, and set up a wider service network base.
Indkal is one of the largest trademark licensing companies in the consumer electronics sector in India. The company manufactures a wide spectrum of consumer electronics and large appliances for some of the world’s most loved brands. Indkal recently launched Wobble, its brand of wearable and audio products.
“We are reticent about who we work and partner with, we had that same approach when evaluating our investment options. We found perfect synergies with the Aries team, and we are aligned on the strategies and growth trajectory of the company. Indkal is poised to leverage the immense opportunities that exist in the sector and is confident our association with Aries and other participating investors will lend us the strategic impetus to propel us in the right direction.” Said, Anand Dubey, CEO of Indkal Technologies.
