Ambani-owned robotics startup, Addverb, plans to invest $500M in manufacturing
Addverb Technologies aims to generate revenue exceeding Rs 8,000 crore in the next five years by expanding manufacturing operations, diversifying markets & investing Rs 500 crore in a Greater Noida facility.
emerging tech
Highlights
- Ambani's company anticipates earning Rs 8,000 crore in revenue within the coming five years
- Addverb currently intends to expand its healthcare business
- The company focuses on serving industrial customers, specifically warehouses & factories
According to a senior official from Addverb, the robotics firm owned by Reliance Retail have set their eyes on surpassing the Rs 8,000-crore revenue milestone within the next five years. This ambitious goal will be achieved through the expansion of their manufacturing operations and diversification of their target market base.
Sangeet Kumar, co-founder and CEO of Addverb Technologies, stated that they plan to invest Rs 500 crore in their robot manufacturing facility located in Greater Noida, with the aim of achieving a revenue of USD 1 billion within the same five-year timeframe. The investment will be implemented in multiple phases to support their growth objectives.
Addverb invests Rs200 crore in its manufacturing facility
According to Kumar, after the completion of this investment, Addverb anticipates achieving a revenue of USD 1 billion, equivalent to over Rs 8,000 crore. Recently, the company inaugurated its manufacturing unit in Greater Noida, which has already received an investment of Rs 200 crore. The facility covers an area of 6 lakh square feet, and currently, the company has utilised around 2.5 lakh square feet for its operations.
Kumar mentioned that in the previous year, the robotics firm achieved a revenue of Rs 450 crore. This year, their target is to reach Rs 1,000 crore. Over the next five years, they have a growth plan in place where they aim to double their revenue annually to ultimately achieve a revenue of USD 1 billion. Currently, the company focuses exclusively on serving industrial customers, specifically warehouses and factories.
Addverb in the field of healthcare
Addverb has outlined its intentions to expand and diversify its business into the healthcare segment. Kumar says, “By the end of this year, we will have products that can be used in hospitals. We are entering into medical applications in a big way. There are certain products which have been under development for the last one and half years. They will be launched by the end of this year.”
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