Consumer lighting company Corvi LED has raised $8 million in a Series B funding round led by Enam Investments. This infusion of capital comes after a seven-year gap for the Mumbai-based firm.
The fresh funding will enable Corvi LED to expand into new geographies, diversify its product portfolio, and enhance its technological capabilities, according to a company press release. Additionally, Corvi LED aims to strengthen its market presence in both B2C and B2B segments, introducing a range of new LED products to meet modern demand.
Founded in 2012 by Vimal Soni, Corvi LED offers a portfolio of more than 100 products across seven categories, including bulbs, tubes, flat, surface, and more. The company has set global benchmarks with top efficiency ratings and features such as eliminating metal bodies, drivers, and heat sinks. Corvi LED claims to hold over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa, and South-East Asia.
In 2017, Hero Enterprise invested $10 million for a significant stake in Corvi LED. For the fiscal year ending March 2023 (FY23), Corvi reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22, with losses increasing to Rs 9.74 crore from Rs 7.41 crore. The firm has yet to file its annual financial statements for FY24.
The past few months have seen several established companies raising strategic funds after a long gap or their maiden fundraise. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise, while fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first-ever external financing.
Last month, the 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal announced $36 million in its first venture capital funding.
