A Bengaluru-based startup established in 2020, Indkal Technologies Secures $36 Million in Series A funding led by the Mauritius-based Aries Opportunities Fund. This marks the company’s first major fundraising since its inception.
The funding will primarily bolster Indkal’s product development infrastructure, focusing on air conditioners, televisions, washing machines, and refrigerators through the establishment of a new R&D facility. Additionally, the capital injection will support the expansion of distribution networks and the establishment of service centers.
The startup did not disclose its current valuation. Anand Dubey leads Indkal Technologies, which operates as a trademark licensing company producing a diverse range of consumer electronics and large appliances under global brands like Acer and Black & Decker.
Recently, Indkal launched its own brand, Wobble, specializing in wearable and audio products. The company anticipates Wobble to have contributed revenue between Rs 250-300 crore in the last fiscal year, aiding in achieving overall revenues of Rs 800 crore by FY24.
Indkal has demonstrated significant growth in its television category, boasting over 300% growth in the past three years alone.
Financially, Indkal reported a substantial increase in revenue, soaring from Rs 61 crore in FY22 to Rs 260 crore in FY23. Moreover, the company turned profitable in FY23, achieving Rs 10.89 crore in profit after facing an Rs 11.60 crore loss the previous year.