This Ambani-backed start-up seeks $100M to make humanoid robots
What's the story
Addverb Technologies, an Indian start-up backed by billionaire Mukesh Ambani's Reliance Industries, is looking to raise over $100 million. The company, which specializes in robotics for logistics and warehousing operations, has expanded its footprint to the US, Netherlands and Australia. Now, it is seeking more capital to fund its growth plans in humanoid robots and prepare for a future stock market debut.
Future plans
Addverb aims to rank among top 10 robotics firms globally
Despite stiff competition from global players in China, Japan, and the US, Addverb is determined to carve a niche for itself in this fast-growing sector. The company has already won several Indian corporations as customers and is now looking to expand further. "We want to be in the top 10 in the next 5 years and top 5 in the next 10 years," CEO Sangeet Kumar said.
Investment details
First major fundraising since Reliance's investment in 2021
This fundraising effort is Addverb's first major one since 2021 when it raised $132 million from Reliance, which now holds a controlling stake in the company. The fresh capital will be mainly used for developing products like humanoid and quadruped robots, collecting data, and building AI systems to train sophisticated machines. Addverb sees a major growth opportunity in humanoids.
Tech development
Kumar calls for proprietary technology development in India
Kumar believes Indian companies can develop competitive strengths even with Chinese firms' head start. He suggested that one way to boost competitiveness is by developing proprietary technology and reducing reliance on imported components. Addverb plans to launch LiDAR sensors soon after more than two years of development, in one move that'll help cut dependence on overseas suppliers.
Company evolution
Diverse customer base and product offerings
Founded in 2016 by four engineers who previously worked at Asian Paints, Addverb started as a warehouse automation company. The firm has since diversified into robots for factory automation, electronics manufacturing, healthcare, defense and research applications. Its customer base includes retail and consumer goods companies such as Lenskart, Hindustan Unilever Ltd, and Reliance.
Revenue growth
Path to profitability for Addverb
Addverb derives half of its revenue from outside India and employs nearly 1,100 people in over two dozen countries. After reporting losses during its international expansion over the past two years, Kumar said the company is set to be profitable in FY2027 on an adjusted basis. He expects net profit the following year with revenue hitting $136 million this fiscal year.