As demand for advanced automation and robotics continues to grow worldwide, Addverb Technologies is preparing for its next phase of expansion by seeking to raise more than $100 million. The move is aimed at strengthening its position in the robotics industry and accelerating investments in emerging technologies.
The company, backed by Reliance Industries, develops robots used for sorting, material handling, and warehouse automation. After expanding into markets such as the United States, the Netherlands, and Australia, Addverb is now focusing on scaling its global presence and exploring opportunities in humanoid and quadruped robotics.
Chief Executive Officer Sangeet Kumar said the company aims to become one of the world’s top 10 robotics firms within the next 5 years and enter the top 5 within the next 10 years. According to the company, it currently ranks just outside the global top 30 in robotics market share by revenue.
This marks Addverb’s first major fundraising initiative since 2021, when it secured $132 million from Reliance, which now holds a controlling stake in the company. Founders and employees collectively own around one-fifth of the business.
The fresh capital will primarily support the development of humanoid robots, quadruped robots, artificial intelligence systems, and data capabilities required to train advanced robotic platforms. The company also plans to reduce dependence on imported components by developing proprietary technologies, including lidar sensors that are expected to launch after more than 2 years of development.
Founded in 2016 by 4 engineers who previously worked at Asian Paints, Addverb began as a warehouse automation company before expanding into factory automation, electronics manufacturing, healthcare, defence, and research applications. Its customer base includes Lenskart, Hindustan Unilever, and Reliance.
Today, nearly 50% of the company’s revenue comes from international markets. Addverb employs around 1,100 people across more than 24 countries. The company expects revenue to reach ₹1,300 crore during the current fiscal year, supported by an order book worth approximately $200 million.
While an initial public offering remains a long-term objective, the company currently has no immediate IPO plans. Addverb expects to consider a listing once annual revenue crosses ₹4,000 crore to ₹5,000 crore, a milestone it believes could be achieved within the next 2 years if current growth continues.
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