Reliance-backed Addverb is planning to raise over $100 million.
The move marks the first major round since Reliance’s $132 million investment in 2021, to accelerate a shift from warehouse automation to humanoid and quadrupedal robots.
The funds will support AI systems, data collection and lidar sensor development, as the company targets global leadership in robotics and reduces reliance on imported components.
Reliance-Backed Addverb Plans $100 Mn Fundraise to Build Humanoid Robots
The fundraising marks the company's first major capital raise since 2021, when it secured $132 million from Reliance
Addverb CEO Sangeet Kumar Addverb
Summary
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Addverb Rechnologies, the robotics startup backed by Reliance Industries, is looking to raise more than $100 million as it moves beyond warehouse automation towards humanoid robots and advanced AI systems, said CEO Sangeet Kuman, according to a Bloomberg report.
The fundraising marks the company's first major capital raise since 2021, when it secured $132 million from Reliance, which now holds a controlling stake in the firm.
Addverb said it will use the fresh capital primarily to develop humanoid and quadrupedal robots, collect data and build an artificial intelligence system to train sophisticated machines. The company also plans to launch lidar sensors to reduce dependence on imported components.
The firm was founded in 2016 by four engineers who previously worked for Asian Paints Ltd. Its asset-heavy model initially failed to attract venture capital, though one of Asian Paints' own backers eventually invested in the company, according to the report.
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The company has since expanded into factory automation, electronics manufacturing, healthcare, defence, and research applications, with customers including Lenskart Solutions, Hindustan Unilever and Reliance.
Financials and IPO
Addverb currently generates approximately half its revenue from outside India, employing nearly 1,100 people across more than two dozen countries. After reporting losses during its international expansion over the past two years, Kumar told the company expects to return to a profitable position on an adjusted basis in the fiscal year ending March 2027, with net profit anticipated the following year.
Revenue is projected to reach ₹1,300 crore ($136 million) in the current fiscal year, supported by an order book of approximately $200 million, Kumar told.
An IPO remains a long-term option, "at this stage, we think we are too small to go for an IPO," he said.
"Probably when we are more than ₹4,000 crore or ₹5,000 crore in revenue, that is when we would go for IPO," Kumar added, stating that the sales milestone could be reached within the next two years.
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Addverb's Future Ambitions
According to the report, the company is trying to secure a position in the top 10 companies of the robotic market in the next 5 years and top 5 in the next 10 years.
The company sees humanoids as its primary growth lever, a segment where competitors range from Unitree Robotics and Tesla's Optimus to several Chinese firms that benefit from government subsidies.