Addverb Technologies, an automation solutions provider for warehouses and factories, announced that it will be constructing one of the world's largest robot manufacturing unit in Noida, Uttar Pradesh.
In January this year, Mukesh Ambani's Reliance Industries acquired a 54% stake in Indian robotics startup Addverb Technologies for $132 million valuing it at and is $270 million (Over Rs 1500 crores). With this round of funding, a mix of primary and secondary capital, the the company has so far received a total funding of $143 million.
Sangeet Kumar, our co-founder and CEO, said that Addverb will continue to operate as an independent entity and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida.
Addverb is currently in the process of identifying for land in NCR region to build the world's largest robots factory to accelerate expansion in Europe and the US.
The company said that funding will also help deploy its robotic products at scale in omni-channel distribution centers across different segments like e-commerce, retail, grocery, fashion, pharma, digital and petrochemical.
The two companies also plan to collaborate on building 5G robotics and battery systems and harnessing carbon fiber to build affordable, advanced robots.
Addverb was founded by former Asian Paints executives Sangeet Kumar, Satish Shukla, Bir Singh, Neeraj Sharma, Prateek Jain, and Amit Kumar in 2016. The company counts Amazon, Coca-Cola, Flipkart, and ITC among its clients.
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