Bengaluru-based Indkal Technologies Private Limited, a consumer electronics startup, on Thursday announced that it has raised $36 million (about 300 crore) in a funding round led by Mauritius-based Aries Opportunities Fund at an undisclosed valuation.
The fresh capital raised will be used to support product development infrastructure of products like air conditioners, televisions, washing machines, and refrigerators through a new R&D facility, the startup said in a statement. The funds will also be utilised to enhance the company’s product portfolio, expand distribution, and set up a wider service network base.
Founded in 2020, Indkal manufactures a wide spectrum of consumer electronics and large appliances for some of the world’s best-known brands. The company recently launched Wobble, its own brand of wearable and audio products.
“Indkal is poised to leverage the immense opportunities that exists in the sector and are confident our association with Aries and other participating investors will lend us the strategic impetus to propel us in the right direction,” said Anand Dubey, CEO of Indkal Technologies.
The startup claims to have had a landmark year in March this year, touching Rs 1,000 crore in gross revenue while remaining bootstrapped during this growth spree.