Consumer lighting company Corvi LED has raised $8 million in growth capital, led by Enam Investments. This funding marks the first infusion of capital for the Mumbai-based firm in seven years. The new funds will enable Corvi LED to expand into new regions, diversify its product offerings, and enhance its technological capabilities.
Founded in 2012 by Vimal Soni, Corvi LED offers a portfolio of over 100 products across categories such as bulbs, tubes, flat panels, and surface lights. The company has set global standards with high-efficiency ratings and innovative features like eliminating metal bodies, drivers, and heat sinks. Corvi LED holds over 100 patents and registrations and has exported its products to 24 countries across Europe, the Middle East, Africa, and Southeast Asia.
In 2017, Hero Enterprise invested $10 million for a significant stake in Corvi LED. For the fiscal year ending in March 2023 (FY23), Corvi reported a slight decrease in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22, while its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm has not yet filed its annual financial statements for FY24.
The recent funding will help Corvi LED strengthen its presence in both B2C and B2B markets and introduce new LED products designed to meet modern demands. This move comes as other established companies, such as performance wear brand TechnoSport and fast fashion ethnic wear brand Libas, have also announced new funding rounds after long gaps.
Last month, 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal announced $36 million in its first venture capital funding.
