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Now India is preparing to compete with China in the field of robotics. For this, Asia’s richest businessman Mukesh Ambani has come forward. In fact, Indian startup Addverb Technologies Ltd. is running with the support of Mukesh Ambani. It is trying to raise more than 100 million dollars in funds, so that it can cement its place as the top robot manufacturing company in the country.
Addverb CEO Sangeet Kumar said that the company’s robots do sorting, transportation of goods and other work in logistics firm warehouses and electronics companies. After expanding into markets like America, Netherlands and Australia, the company is now trying to raise more capital. He said that the startup is investing in new technology as it is expecting growth in sectors like humanoid robots and is preparing to be listed on the stock market in a few years.
Reliance Industries joined hands
This startup is facing competition from big companies from countries like China, Japan and America, yet Kumar is confident that there is a place for an Indian company in this rapidly growing industry. Billionaire Mukesh Ambani’s Reliance Industries Ltd. After getting the support of Addverb, Addverb has made many Indian companies its customers and now it is thinking of growing further. “We want to be in the top 10 in the next five years and the top 5 in the next 10 years,” Kumar, 46, said during an interview at one of Addverb’s two factories on the outskirts of New Delhi. The company estimates that it is currently just outside the global top 30 in robotics market share in terms of revenue.
Reliance’s controlling power
This fund-raising effort is Addverb’s first major effort since 2021, when it raised $132 million from Reliance. Reliance now has a controlling stake in the company. The founders and employees own about one-fifth of the company. The company will use this new capital mainly to create products like humanoid and quadruped (four-legged) robots, collect data and create artificial intelligence systems to train advanced machines. The company is seeing a big opportunity for growth in humanoids. This is a rapidly growing market where companies ranging from Unitree Robotics to Tesla Inc. Companies ranging from K to Optimus are competing for leadership. Kumar believes that despite the early advantage given to Chinese companies and advantages like government subsidies, Indian companies can also provide strong competition.
Four engineers started the company
Kumar said that one way to stay ahead in the competition is to develop our own technology and reduce dependence on imported parts. Addverb plans to launch the lidar sensor soon after more than two years of development. This will help in reducing dependence on foreign suppliers. Addverb was started in 2016 by four engineers as a warehouse automation company. All of them previously worked in India’s largest paint company, Asian Paints Limited. The company’s asset-heavy model did not impress venture funds, but a backer from Asian Paints invested in their company.
Provides employment to 1,100 people abroad
Since then the company has expanded into the field of manufacturing robots for factory automation, electronics manufacturing, healthcare, defense and research. Its customers include Lenskart Solutions Ltd., Hindustan Unilever Ltd. And retail and consumer goods companies like Reliance are included. Addverb generates half of its total revenue from outside India and employs approximately 1,100 people in more than two dozen countries. Kumar said that after incurring losses during international expansion in the last two years, Addverb will turn profitable on an adjusted basis in the financial year ending March 2027. They expect net profit next year.
No intention to launch IPO
Kumar said revenue will reach Rs 13 billion ($136 million) this financial year, which will be contributed by an order book of about $200 million. He said that IPO (Initial Public Offering) is an important option for Addverb to expand its scope, although there are no immediate plans to do so. Kumar said that at this stage, we feel that we are too small to launch an IPO. Perhaps when our revenue exceeds Rs 40 billion or Rs 50 billion, then we will think about IPO. Kumar said that if the company continues to grow at the current pace, this sales milestone can be achieved within the next two years.
