Corvi LED, a prominent player in the consumer lighting sector, has successfully raised $8 million in a Series B funding round led by Enam Investments. This infusion marks a significant financial boost for the Mumbai-based company after a seven-year funding hiatus.
The new capital injection is poised to fuel Corvi LED’s expansion into new geographical markets, enhance its product range diversification, and bolster its technological capabilities, as outlined in a recent press release from the company.
Founded in 2012 by Vimal Soni, Corvi LED has built a robust portfolio boasting over 100 products spread across seven categories, including bulbs, tubes, and flat and surface lighting solutions. Renowned for its cutting-edge innovations, Corvi LED products are acclaimed for their superior efficiency ratings and advanced features, such as eliminating metal bodies, drivers, and heat sinks.
With a strong emphasis on innovation, Corvi LED holds more than 100 patents and registrations. The company has also made significant strides in international markets, exporting its products to 24 countries across Europe, the Middle East, Africa, and Southeast Asia.
Hero Enterprise, a key investor, had previously injected $10 million into Corvi LED in 2017, securing a substantial stake in the company.
Despite reporting a minor decline in operating revenue to Rs 15.5 crore for the fiscal year ending March 2023 (from Rs 16.65 crore in FY22), Corvi LED has ambitious plans for growth. The firm also noted an increase in losses to Rs 9.74 crore during the same period, indicating a strategic need for fresh capital to support its expansion initiatives.
The Series B round for Corvi LED comes amidst a trend where established firms are securing significant funding after prolonged periods. Recently, TechnoSport, a 17-year-old performance wear brand, raised $21 million from A91 Partners, marking its first external fundraiser. Similarly, Libas, an omnichannel ethnic wear brand, secured $18 million in its maiden external financing round.
In a similar vein, JCB Salons India, an 18-year-old salon chain, raised Rs 40 crore ($4.8 million) from Blacksoil, while consumer electronics startup Indkal announced $36 million in its debut venture capital funding round.
The funding secured by Corvi LED underscores growing investor confidence in the potential of consumer electronics and sustainable lighting solutions, positioning the company for accelerated growth and innovation in the global market.
