Ambani-backed Addverb Technologies seeks $100M to build humanoid robots and challenge China

Ambani-backed Addverb seeks $100M for India robotics push

Ambani-backed Addverb Technologies is raising $100M+ to build humanoid and quadruped robots and AI training systems. The Indian company ranks outside the global top 30 and has yet to report a net profit. Revenue is projected at $136M this year. Addverb Technologies, the Indian robotics startup controlled by Mukesh Ambani's Reliance Industries, is seeking to raise more than $100 million to fund development of humanoid and quadruped robots and build the AI systems to train them. CEO Sangeet Kumar told Bloomberg the raise is the company's first major fundraising effort since Reliance's $132 million investment in 2021. The company currently makes robots for sorting, material movement, and factory automation at logistics firms, warehouses, and electronics companies. It operates across more than two dozen countries, with half its revenue coming from outside India. The ambition "We want to be in the top 10 in the next five years and top five in the next 10 years," Kumar said. Addverb estimates it currently ranks just outside the global top 30 in robotics market share by revenue. That gap is large. The companies above it include Unitree Robotics, which is preparing a $7 billion IPO, Tesla's Optimus programme, and established Japanese and European industrial robotics firms with decades of manufacturing scale. What the money is for The $100 million will fund humanoid and quadruped robot development, data collection, and AI training systems. Addverb also plans to launch proprietary lidar sensors after more than two years of development, reducing dependence on imported components. The proprietary technology push is strategic. Chinese competitors benefit from government subsidies and a dense manufacturing supply chain that Indian firms cannot yet match. Addverb is betting that vertical integration and domestic IP can offset the cost disadvantage. The financials Revenue is projected at 13 billion rupees ($136 million) this fiscal year, supported by an order book of approximately $200 million. The company reported losses during its international expansion but expects to return to adjusted profitability in the fiscal year ending March 2027 and net profit the following year. Kumar said an IPO is a key option for scaling but Addverb has no immediate plans for one. "Probably when we are more than 40 billion or 50 billion rupees in revenue, that is when we would go for IPO," he said, a milestone he believes could be reached within two years at current growth rates. The backstory Addverb was founded in 2016 by four engineers who previously worked at Asian Paints, India's largest paints company. The asset-heavy model failed to attract venture capital, but an Asian Paints backer invested early. Customers now include Lenskart, Hindustan Unilever, and Reliance. The company employs nearly 1,100 people. Reliance holds a controlling stake, with founders and employees owning about a fifth. The flags Addverb has not disclosed its current valuation or the terms of the $100 million raise. The $136 million revenue projection and the $200 million order book are company figures, not independently audited. The humanoid robot market Addverb is entering is crowded and capital-intensive. Whether an Indian startup can compete with Chinese firms' cost structure, Japanese firms' manufacturing precision, and Tesla's brand and capital is an open question. The company's current position outside the top 30 means it needs to grow roughly 5x just to reach the lower end of its five-year target. That is ambitious for a company that has yet to report a net profit.

Ambani-backed robot startup seeks $100 million to take on China

Reliance-backed robotics startup Addverb Technologies is looking to raise over $100 million to fund expansion into humanoid robots, AI and advanced automation. The company, which generates half its revenue overseas, targets a spot among the world's top 10 robotics firms within five years. Indian startup Addverb Technologies Ltd. is seeking to raise more than $100 million, trying to cement its role as the country's top maker of robots. Addverb, whose robots handle sorting, material movement and other tasks at logistics firms, warehouses and electronics companies, is scouting for more capital after expanding in markets including the US, the Netherlands and Australia, Chief Executive Officer Sangeet Kumar said. The startup is investing in new technologies as it eyes growth in areas such as humanoid robots and prepares for a stock market debut in a few years, he said. The startup faces much bigger rivals from countries such as China, Japan, and the US, yet Kumar is betting there's room for an Indian contender in the rapidly developing industry. Backed by billionaire Mukesh Ambani's Reliance Industries Ltd., Addverb has won over several Indian corporations as customers and now is setting its sights further. "We want to be in the top 10 in the next 5 years and top 5 in the next 10 years," Kumar, 46, said in an interview at one of Addverb's two factories on the outskirts of New Delhi. The company estimates it currently ranks just outside the global top 30 in robotics market share by revenue. The fundraising marks Addverb's first such major effort since 2021, when it secured $132 million from Reliance, which now owns a controlling stake in the firm. Founders and employees own about a fifth of the company. It'll use the fresh capital mainly to develop products such as humanoid and quadruped robots, collect data and build artificial intelligence systems to train sophisticated machines. The company sees a major growth opportunity in humanoids, a swiftly emerging market where companies from Unitree Robotics to Tesla Inc.'s Optimus vie for leadership. Kumar believes Indian companies can come up with competitive strengths, even with Chinese firms' head start and advantages including government subsidies. One way to boost competitiveness is to develop proprietary technology and reduce reliance on imported components, Kumar said. Addverb plans to launch lidar sensors soon after more than two years of development, in one move that'll help cut dependence on overseas suppliers. Addverb was founded in 2016 as a warehouse automation firm by four engineers, all of whom previously worked at Asian Paints Ltd., India's largest paints company. The upstart's asset-heavy model failed to win over venture funds, but one of the backers of Asian Paints invested in their firm. The company has since has expanded to robots for factory automation, electronics manufacturing, health care, defense and research applications. Its customers include retail and consumer goods companies including Lenskart Solutions Ltd., Hindustan Unilever Ltd. and Reliance. Addverb makes half of its revenue from outside of India, employing a total of nearly 1,100 people in more than two dozens countries. After reporting losses during its international expansion over the past two years, Addverb is set to be back in the black in the fiscal year through March 2027 on an adjusted basis, Kumar said. He expects net profit the following year. Revenue will hit 13 billion rupees ($136 million) this fiscal year, helped by an order book that stands at about $200 million, Kumar said. An initial public offering is a key option for Addverb to boost scale, though it has no immediate plans for one, he said. "At this stage, we think we are too small to go for an IPO," Kumar said. "Probably when we are more than 40 billion rupees or 50 billion rupees in revenue, that is when we would go for IPO." That sales milestone could be reached as soon as within the next two years if the company continues to grow at the current pace, Kumar said.