Bengaluru-based startup Indkal Technologies has lately secured $36 million in Series A funding round led by Aries Opportunities Fund from Mauritius. The company was founded in 2020 and specializes in consumer electronics. The fresh capital marks first major fundraising effort since its inception.
The new fund is learned to be used in enhancing product development infrastructure. Indkal will establish a new research and development facility and it will mainly focus on advancing technologies for air conditioners, televisions, washing machines and refrigerators. All these will help it to meet global standards and innovate in the competitive consumer electronics market.
A portion of the capital will also be used in expansion of its distribution channels as well as establishment of a robust service network. The strategic investment highlights the commitment of Indkal to deliver high-quality products and ensure customer satisfaction across regions as well.
Indkal is led by Anand Dubey and mainly operates as a trademark licensing company. It manufactures consumer electronics and appliances under some recognized brands such as Acer and Black & Decker. It lately diversified its portfolio by introducing its own brand named Wobble. It manufactures wearable and audio products under Wobble brand that is believed to contribute to its revenue.
Indkal Technologies has witnessed impressive growth in recent years. Its TV category was a significant contributer to the growth. It reported over 300% growth alone. The company also witnessed a substantial increase in revenue from Rs 61 crore in FY22 to Rs 260 crore in FY23. This marked a fourfold rise. The company also achieved profitability in FY23. It posted a profit of Rs 10.89 crore following a loss in the previous fiscal year.
