Technology and innovation company Indkal technologies which deals in consumer electronics has recently announced their fundraising round. In the recent round, they have raised $36 million or Rs. 300 crore led by Mauritius-based Aries Opportunities Fund. This funding round was the maiden fundraising round for this company since their inception in 2020.

The raised amount of strategic money will be utilized to support their product development infrastructure of air conditioners, televisions, washing machines and refrigerators through a new R&D facility. The company said that, the fund will be also utilized to expand distribution and set up service network bases. The company did not disclose the actual valuation of them.

The company was established and led by Anand Dubey.The company started as trademark licensing company which manufactures a wide spectrum of consumer electronics and large appliances for global brands like Acer and Black & Decker.

The company recently introduced the brand Wobble, which is offering wearable and audio products. The firm claims that it ended FY24 with Rs. 800 crore and Wobble was expected to contribute with Rs.250-300 crore revenue in the last fiscal year. In the TV category, the company claims to have witnessed over 300% growth in the last three years each.

According to the startup’s annual financial statements with ROC, after the funding round it recorded more than fourfold jump in its revenue to Rs.260 crore in FY23 from Rs. 61 crore in FY22. The company also turned profitable in FY23 with Rs.10.89 crore profit against Rs. 11.60 crore loss in the previous year.