The startup will utilize the funding to scale its production capacity, increase research and development (R&D) investment and expand to the Middle East
Pune-based Peppermint—an industrial robot manufacturing company that makes and deploys commercial housekeeping and service robots—announced on Wednesday to have raised INR 5 crore in a funding round led by Venture Catalysts and Indian Angel Network. The round also saw participation from Vinners Group and a group of angel investors led by Naveen Kumar Kshatriya.
“We have the first-mover advantage in the commercial robotics space in India and our robots have been tested and deployed in various sectors including pharmaceuticals, logistics, manufacturing, and hospitality. This fundraise will enable us to ramp up our production, invest heavily in R&D, and scale the business across India and the Middle East. We are looking at aggressive growth and we have our eyes set on the European market as well. The latest investment asserts investor confidence in our value proposition and our growth potential,” said Runal Dahiwade, chief executive officer and founder, Peppermint.
The startup will utilize the fresh capital infusion to enhance the current production facility and ramp up its production capacity. A part of the funding will be dedicated towards R&D as the company aims to spur innovation in India’s robotics sector through the implementation of advanced, cutting-edge technology offerings. Peppermint will also allocate the investment in scaling its business across India and the Middle East.
There is immense opportunity in India for technologies based on high-quality hardware assembly, with a differentiation provided by the operating system or software - with the product as a whole providing a service. Over the past few years, players in the automation and robotics market in India, leveraging cutting-edge hardware, and developing their own proprietary software, are innovating products and systems to cater to the immense and diverse demand in the industrial sector. At IAN, we are focused on supporting innovative ventures that have out-of-the-box ideas and apply their unique potential to meet the needs of society. Our investment in Peppermint Robots demonstrates IAN’s sector-agnostic approach to building sustainable companies with an impact. We are glad to become a part of their growth journey. Automating services like housekeeping in the commercial and industrial sector, which is already looking to automate labor-intensive tasks, will make the process cost-efficient and hassle-free,” added KRS Jamwal, lead investor, IAN.