Reliance-Backed Addverb Plans $100 Mn Fundraise to Build Humanoid Robots
Reliance-backed Addverb Rechnologies is planning a $100 million fundraise to accelerate development of humanoid and quadrupedal robots, AI systems, and lidar sensors, aiming to reduce reliance on imported components and achieve global leadership in robotics. The company, founded in 2016, expects to return to profitability by fiscal year 2027 and projects revenue of ₹1,300 crore ($136 million) in the current fiscal year, with ambitions to rank among the top 10 robotics firms within five years.
Addverb Rechnologies, a robotics startup backed by Reliance Industries, is raising over $100 million to expand its focus from warehouse automation to humanoid and quadrupedal robots. The funding follows Reliance’s $132 million investment in 2021 and will support AI development, data collection, and lidar sensor production to reduce dependence on imported components. CEO Sangeet Kuman stated the company will prioritize humanoid robots, a segment dominated by competitors like Unitree Robotics and Tesla’s Optimus, alongside Chinese firms backed by government subsidies. Addverb aims to secure a top 10 global position in robotics within five years and top 5 within a decade. Founded in 2016 by four former Asian Paints engineers, Addverb initially struggled with venture capital due to its asset-heavy model but later secured backing from an Asian Paints investor. The company now operates in factory automation, healthcare, defense, and research, serving clients such as Lenskart Solutions, Hindustan Unilever, and Reliance. Currently generating half its revenue outside India with 1,100 employees across 24 countries, Addverb reported losses during expansion but expects adjusted profitability by March 2027. Revenue is projected at ₹1,300 crore ($136 million) this fiscal year, supported by a $200 million order book. An IPO remains unlikely until revenue exceeds ₹4,000–₹5,000 crore, potentially within two years. The company’s growth strategy hinges on humanoid robots, with plans to compete globally while leveraging AI and sensor technology. Addverb’s long-term vision includes becoming a leader in the robotics market through innovation and reduced reliance on foreign components.
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