Addverb has developed highly automated warehouses for brands such as Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico
Bengaluru, NFAPost: Addverb Technologies, which provides robotics and automation tech to customers such as Flipkart, HUL, Asian Paints, and Coca-Cola, has formed a strategic partnership with billionaire Mukesh Ambani’s Reliance, which will see the energy-to-telecom conglomerate investing up to $132 million to become the largest shareholder. With this investment, Reliance will hold around 54% stake in Addverb.
Noida-based Addverb had earlier raised around $11 million in Series A and Pre-Series funding led by Jalaj Dani, co-promoter of Asian Paints, making its total funding close to $143 million, since its inception in June 2016. This round of funding will accelerate the company’s expansion in Europe and US and enable it to set up the biggest robotic manufacturing facility at a single location.
The firm said this manufacturing facility will be completely automated and will propel India as a world leader in the robotic sector. Addverb also plans to start an innovation lab with bases in Europe, US, and India where the best and like-minded brains will come together to solve the complex problems in the field of Human-Robotic collaboration.
Addverb Technologies CEO and Co-founder Sangeet Kumar said Reliance was already one of our esteemed clients with whom we had co-created and delivered highly automated warehouses for their Jio-Mart grocery business.
“This strategic partnership will help us leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots,” said Sangeet Kumar.
Addverb Technologies CEO and Co-founder Sangeet Kumar said this association will also provide us with an opportunity to deploy robots at scale in omni-channel distribution centres across different segments like e-commerce, retail, grocery, fashion, pharma, digital, and petrochemical.
“With this round of funding we are planning to deploy our robots across hospitals and airports,” said Addverb Technologies CEO and Co-founder Sangeet Kumar.
Founded in June 2016, by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar, Addverb Technologies based out of Noida and is now running successfully in its 6th year of operations with 100% subsidiaries in Singapore, Netherlands and Australia.
The company provides products across four verticals in the automation domain – robotics, automated storage and retrieval systems, picking and software. The company was valued at about $285 million during its funding round last year in March, according to data platform Tracxn.
