Reliance Industries-backed robotics firm Addverb Technologies is looking to raise more than $100 million to accelerate investments in humanoid robots, artificial intelligence, and advanced automation technologies, according to Bloomberg.
The fundraising effort comes as the company seeks to strengthen its position in the global robotics industry and expand its international footprint. Addverb, which develops robots for warehouse automation, logistics and industrial applications, has already established operations in markets including the US, the Netherlands and Australia, according to Founder and CEO Sangeet Kumar.
“We want to be in the top 10 in the next five years and top five in the next 10 years,” Kumar reportedly said, adding that the company currently estimates its position at just outside the world's top 30 robotics firms by revenue.
The proposed capital raise would be Addverb’s first major funding round since 2021, when Reliance invested $132 million and acquired a controlling stake in the company. The fresh funds will primarily be used to develop humanoid and quadruped robots, build artificial intelligence systems and collect data to train increasingly sophisticated machines.
Kumar said that Addverb sees significant opportunities in the emerging humanoid robotics segment, where global players such as China’s Unitree Robotics and Tesla’s Optimus are vying for leadership. He said Indian companies can remain competitive by developing proprietary technologies and reducing dependence on imported components.
Founded in 2016 by four former Asian Paints engineers, Addverb has expanded beyond warehouse automation into factory automation, electronics manufacturing, healthcare, defence and research applications. Its customers include Lenskart, Hindustan Unilever and Reliance.
According to Bloomberg, nearly half of Addverb’s revenue now comes from international markets. Kumar expects revenue to reach 13 billion rupees ($136 million) in the current fiscal year, supported by an order book worth about $200 million, while an eventual initial public offering remains a longer-term objective.
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