Can an Indian robotics company challenge global industry leaders? Relian-backed Addverb is seeking fresh funding to expand AI, humanoid and automation technologies.
Addverb Technologies, the Reliance Industries-backed robotics and automation company, is seeking to raise more than $100 million to support expansion into artificial intelligence (AI), humanoid robotics and advanced automation technologies as it pursues global growth.
The fundraising initiative marks the company’s first major capital raise since 2021, when Reliance invested $132 million and acquired a controlling stake. The new funding is expected to be directed towards the development of humanoid and quadruped robots, AI systems, data collection capabilities and proprietary technologies aimed at reducing dependence on imported components.
Chief Executive Officer Sangeet Kumar said the company aims to strengthen its position in the global robotics market while preparing for a potential stock market listing.
Kumar said that the company aimed to rank among the world’s top 10 robotics firms within the next five years and among the top five within the following decade, adding that Addverb currently estimated its position to be just outside the global top 30 by revenue-based market share.
Founded in 2016 by four former Asian Paints engineers, Addverb initially focused on warehouse automation before expanding into factory automation, electronics manufacturing, healthcare, defence and research applications. Its customers include companies such as Hindustan Unilever, Lenskart and Reliance.
The company has expanded operations internationally, with business activities spanning more than two dozen countries, including the United States, Australia and the Netherlands. Overseas markets now account for around half of its revenue. Addverb employs nearly 1100 people globally.
Kumar said the company is also investing in technologies that could improve competitiveness against larger robotics manufacturers from China, Japan and the United States. One such initiative involves developing lidar sensors, which are expected to reduce reliance on foreign suppliers.
Addverb expects revenue to reach ₹13 billion during the current financial year, supported by an order book valued at approximately $200 million. While an initial public offering (IPO) remains a long-term objective, Kumar said the company would consider a listing only after reaching annual revenue of ₹40-50 billion, a milestone he believes could be achieved within the next two years if current growth trends continue.
