Consumer electronics startup Indkal Technologies has raised $36 million (approximately Rs 300 crore) in its Series A funding round, led by the Mauritius-based Aries Opportunities Fund. This marks the maiden fundraiser for the Bengaluru-based startup since its inception in 2020.
The strategic capital will be directed towards enhancing the product development infrastructure for air conditioners, televisions, washing machines, and refrigerators through the establishment of a new R&D facility, according to a press release by Indkal. Additionally, the funds will be utilized to expand distribution channels and set up service network bases.
Indkal, led by Anand Dubey, operates as a trademark licensing company that manufactures a broad range of consumer electronics and large appliances for global brands like Acer and Black & Decker. Recently, the company launched its own brand of wearable and audio products under the name Wobble. The firm reported ending FY24 with Rs 800 crore in revenue, with Wobble contributing Rs 250-300 crore.
In the television category, Indkal has reported over 300% growth each year for the past three years. According to its annual financial statements filed with the Registrar of Companies (ROC), Indkal recorded a more than fourfold increase in revenue to Rs 260 crore in FY23, up from Rs 61 crore in FY22. The company also achieved profitability in FY23, posting a profit of Rs 10.89 crore compared to a loss of Rs 11.60 crore in the previous year.
This funding round comes amidst a wave of strategic fundraises by various companies. In May, the 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise, while the fast fashion omnichannel ethnic wear brand Libas secured $18 million from ICICI Venture’s IAF Series 5 fund in its maiden external funding. Most recently, salon chain JCB (Jean Claude Biguine) Salons India raised $4.8 million from the alternative credit platform Blacksoil.
Indkal’s valuation remains undisclosed. The fresh infusion of capital is expected to significantly bolster its market presence and operational capabilities.
