Indkal Technologies a consumer electronics startup has raised $36 million (approximately Rs 300 crore) led by Mauritius-based Aries Opportunities Fund. It is a maiden fund raised by Bengaluru based startup.

This funding will support the company’s product development infrastructure of air conditioners, televisions, washing machines and refrigerators through a new R&D facility, Indkal said in a press release. The capital will also be utilised to expand distribution and set up service network bases. But company hasn’t disclosed the valuation.

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Founded by Anand Dubey, Indkal is a trademark licensing company which manufactures a wide spectrum of consumer electronics and large appliances for global brands like Acer and Black & Decker.

They recently launched a new brand wobble which focus on 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.

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In the TV category, the company claims to have registered over 300% growth in the last three years each.

According to Indkals annual financial statements with ROC, it recorded more than four fold 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.

Most recently, salon chain JCB (Jean Claude Biguine) Salons India raised $4.8 million from alternative credit platform Blacksoil.

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