Corvi LED supported by Hero Enterprise scoops up $8 million in Series B funding
Consumer lighting company Corvi LED has secured $8 million in a growth capital round led by Enam Investments. This is the first funding the Mumbai-based firm has received in seven years. The new investment will enable Corvi LED to enter new markets, broaden its product range, and enhance its technological capabilities, according to a company press release.
Corvi LED will also work on bolstering its market presence in both B2C and B2B segments and plans to launch a new range of LED products designed to meet contemporary demands. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of over 100 products across seven categories, including bulbs, tubes, flat panels, and surface lights. According to the company, it has set global standards with top efficiency ratings and innovations such as the elimination of metal bodies, drivers, and heat sinks.
The company claims to hold over 100 patents and registrations and has exported 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 Light.
For the fiscal year ending in March 2023 (FY23), Corvi reported a slight decline in operating revenue to Rs.15.5 crore from Rs.16.65 crore in FY22. During this period, losses increased to Rs.9.74 crore from Rs 7.41 crore. The firm has yet to file its annual financial statements for FY24.
In recent months, several established companies have announced strategic fundraising efforts after a long hiatus or completed their first external fundraises. In May, 17-year-old performance wear brand TechnoSport secured $21 million from A91 Partners in its inaugural external financing round. Fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first external funding round.
Last month, 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs.40 crore , which is equivalent to $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 round.
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Corvi LED will also work on bolstering its market presence in both B2C and B2B segments and plans to launch a new range of LED products designed to meet contemporary demands. Founded in 2012 by Vimal Soni, Corvi offers a portfolio of over 100 products across seven categories, including bulbs, tubes, flat panels, and surface lights. According to the company, it has set global standards with top efficiency ratings and innovations such as the elimination of metal bodies, drivers, and heat sinks.
The company claims to hold over 100 patents and registrations and has exported 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 Light.
For the fiscal year ending in March 2023 (FY23), Corvi reported a slight decline in operating revenue to Rs.15.5 crore from Rs.16.65 crore in FY22. During this period, losses increased to Rs.9.74 crore from Rs 7.41 crore. The firm has yet to file its annual financial statements for FY24.
In recent months, several established companies have announced strategic fundraising efforts after a long hiatus or completed their first external fundraises. In May, 17-year-old performance wear brand TechnoSport secured $21 million from A91 Partners in its inaugural external financing round. Fast fashion omnichannel ethnic wear brand Libas also raised $18 million in its first external funding round.
Last month, 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs.40 crore , which is equivalent to $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 round.
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