Reliance-backed Addverb raises $100 million to take on Tesla, China in robot race

Addverb Technologies Ltd., an Indian robotics startup backed by billionaire Mukesh Ambani’s Reliance, is raising more than $100 million to accelerate growth in humanoid and quadruped robots. The company, founded in 2016 by four engineers, currently ranks just outside the global top 30 in robotics market share by revenue and has expanded its operations to the US, Netherlands, and Australia. CEO Sangeet Kumar stated the funds will support proprietary technology development, including lidar sensors, to reduce dependence on imported components and strengthen competitiveness against rivals like China’s Unitree Robotics and Tesla’s Optimus. Addverb’s robots are used in logistics, warehouses, electronics manufacturing, healthcare, defense, and research, with half its revenue generated outside India. The company employs nearly 1,100 people across over two dozen countries and reported losses during recent international expansion but expects to return to profitability by March 2027. Revenue for the current fiscal year is projected at 13 billion rupees ($136 million), supported by an order book worth about $200 million. Kumar aims for Addverb to enter the global top 10 within five years and top 5 within a decade, leveraging India’s potential to innovate despite China’s head start. The company plans to launch its lidar sensors soon, a key step in cutting reliance on overseas suppliers. An initial public offering remains a long-term goal, with Kumar targeting revenues of 40-50 billion rupees before considering an IPO, potentially within the next two years if growth continues. Addverb’s focus on humanoid robots positions it in a rapidly evolving market, where companies like Tesla and Unitree are competing for dominance. The startup’s strategy includes investing in AI-driven systems to train advanced machines while expanding its customer base, which includes retail and consumer goods firms like Lenskart Solutions Ltd. With a controlling stake held by Reliance and founders/employees owning about a fifth, Addverb is poised to scale its operations globally.