Indkal Technologies, a Bengaluru-based consumer electronics startup, has successfully raised $36 million (approximately INR 300 crore) in a Series A funding round.
Spearheaded by Mauritius-based Aries Opportunities Fund, this substantial investment underscores the company’s commitment to expanding its infrastructure and product offerings to revolutionize the consumer electronics landscape in India.
Established in 2020, Indkal Technologies aims to redefine the consumer electronics sector by prioritizing localized product development tailored to the unique preferences and needs of Indian consumers. Anand Dubey, CEO of Indkal Technologies, articulated the company’s strategic vision following the funding round, emphasizing the importance of investing in product development to enhance local manufacturing capabilities.
A significant portion of the funds will be allocated towards company’s research and development infrastructure, with plans to establish a robust support network for distribution and customer service.
With a strong revenue of approximately INR 800 crore in the financial year 2023-24, Indkal Technologies is poised for exponential growth, setting ambitious targets to reach INR 8,000 crore within the next two to three years. The company’s remarkable performance in the television category, achieving over 300% growth annually for the past three years, underscores its potential for further expansion into emerging product categories.
The recent Series A funding round marks a significant milestone for Indkal Technologies, providing the necessary resources to fuel its ambitious growth plans and solidify its position as a key player in the Indian consumer electronics industry. As the company continues to innovate and expand its product offerings, it remains dedicated to driving positive change and enhancing the overall consumer experience in India’s dynamic electronics market.