Indkal secures $36m to boost electronics production
Bengaluru-based Indkal has completed its first funding round and says it will now expand its product offerings, invest in R&D and strengthen its sales network.
Indkal is a trademark licensing company that manufactures TVs, washing machines, air conditioners and refrigerators for brands such as Acer and Black & Decker among others. Last year, it launched a range of wearables under the brand name, Wobble.
Its debut round was led by Mauritius-based Aries Opportunities Fund. The firm was bootstrapped until the new capital infusion.
Anand Dubey, Indkal Technologies' CEO, told reporters: "We will be utilising the funds to improve product development infrastructure. We will be setting up a large research & development infrastructure very soon, and a big part of the investment is going to go there. Along with that, we will be bulking up on distribution and service to make sure that we reach our customers with our products and then we are able to service them efficiently."
Indkal hopes it can benefit from the industry-wide shift away from manufacturing in China, driven by US sanctions. India is working hard to present itself as a low-cost and flexible alternative. Apple and Google have already committed some manufacturing capacity to companies in the country.
