After opening its first factory in Greater Noida three months ago, Bengaluru-based robotics company Addverb Technologies is preparing to set up its second factory in India. Since Reliance Retail bought a 55% stake in the company, Addverb has seen rapid demand for bots, especially from e-commerce, logistics and FMCG companies in India and around the world. The company aims to generate revenues of $1 billion in the next five years and expand into the international market.
billion dollar company in five years
Like the first, Addverb’s upcoming facility will also be in Greater Noida and will manufacture 60,000 autonomous type moving shuttles and robots annually. The company has planned the new 15-acre facility, which will be commissioned in the next three months. The new unit will significantly reduce the load on the existing unit, which currently produces 50,000 robots. As co-founder Satish Shukla told The mediaThe new facility will be dedicated to large-scale manufacturing while the existing facility will do specialized manufacturing.
Addverb Technologies was founded in 2016 by Sangeet Kumar and Shukla, under the direction of Jalaj Dani, investor and founder of Asian Paints. In its life, Addverb has provided its products and solutions to many giant companies such as HUL, Reliance, Flipkart and Amazon. In a previous interview with AimCo-founder Sanjit Kumar said, “In the domestic market, we already have a strong presence in FMCG, regulated retail, e-commerce, grocery, beverages and tyres. For this quarter, we are keen on pharmaceuticals, electronics, automobiles, airports and hospitals. Several airports are being established in India, and our mobile robots can help create highly automated, reliable and flexible baggage handling systems.”
It expanded its global presence by acquiring clients in Europe, Australia and Southeast Asia and established 100% subsidiary companies in Singapore, Holland and Australia. Currently, 80% of Addverb’s he won It comes from India and the rest from overseas markets. In the next five years, the company hopes to become a multi-billion dollar company with revenues of 50-50% from India and overseas markets. The company also wants to be a leader in human-robot collaboration and provide affordable technology solutions.
Artificial intelligence is an important component of Addverb’s operations. According to the founders, the company uses computer vision to navigate, sense, and calculate their reaction. Their AI-enabled bots are trained to handle redundant tasks in areas such as inventory management, logistics, and supply chain management.
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Early this year, Reliance Industries purchased a majority stake in Addverb for US$132 million. In addition, the company has placed an order of US$1 billion with Addverb. At the time of the acquisition, Shukla said the amount received will be used to build new factories and expand into new markets. The demand for robots has grown in India. “We are also seeing great demand in Southeast Asia, Australia, the US and the Middle East,” added Shukla.
The 5G spectrum allocation was completed in August and Reliance is one of the holders. This is expected to bring not only stocks but also the combination of telecom prowess and automation solutions from Addverb Technologies. It will give the robotics company an edge over its contemporaries. Reportedly, Addverb has begun working with Reliance on automating their warehouse with 5G-enabled robots and robots.
The company’s founders are optimistic about the company’s future, especially after the pandemic has transformed consumer habits, such as online shopping. They say that in the past 2-3 years, the mobile bot landscape in India has changed, to the point where the sizes of e-commerce companies operating in India are on par with the US market.
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