Consumer electronics startup Indkal Technologies has successfully raised $36 million (approximately Rs 300 crore) in its Series A funding round, led by the Mauritius-based Aries Opportunities Fund. This marks the first significant capital injection for the Bengaluru-based company since its inception in 2020.
The newly acquired funds will be directed towards enhancing Indkal’s product development capabilities, specifically for air conditioners, televisions, washing machines, and refrigerators, through the establishment of a new R&D facility. Additionally, the capital will support the expansion of the company’s distribution channels and the creation of service network bases.
Indkal, under the leadership of Anand Dubey, operates as a trademark licensing company, producing a diverse array of consumer electronics and large appliances for global brands such as Acer and Black & Decker. In a strategic move to diversify its portfolio, Indkal recently launched Wobble, its proprietary brand of wearable and audio products. The firm reported ending FY24 with a revenue of Rs 800 crore, with Wobble contributing between Rs 250-300 crore.
In the television segment, Indkal has experienced impressive growth, boasting over 300% growth in the past three years. Financial records reveal that Indkal’s revenue soared to Rs 260 crore in FY23, a significant increase from Rs 61 crore in FY22. The company also turned profitable in FY23, achieving a profit of Rs 10.89 crore compared to a loss of Rs 11.60 crore in the previous fiscal year.
Indkal’s funding milestone comes amidst a flurry of fundraising activities within the industry. Recently, several companies have announced strategic investments or their first fundraisers. In May, TechnoSport, a performance wear brand, secured $21 million from A91 Partners in its inaugural funding round, while fast fashion omnichannel ethnic wear brand Libas raised $18 million from ICICI Venture’s IAF Series 5 fund in its first external funding round.
Indkal’s successful Series A funding underscores the growing investor confidence in the potential of innovative consumer electronics startups and sets the stage for its continued expansion and product innovation in the competitive market.
