Mumbai-based consumer lighting startup Corvi LED has raised $8 Mn (INR 65.6 Cr) as a part of its Series B funding round from Enam Investments.
The company will use the fresh funds to expand into newer markets, strengthen its distribution network and diversify its product portfolio.
Further the proceeds will be used to scale up operations and invest in marketing and distribution to strengthen the companyโs market presence in B2C and B2B segments.
Corvi LED also plans to introduce new LED products that meet the demand for design and aesthetics.
Founded in 2012, Corvi LED claims to have disrupted the LED industry with innovations that have redefined the category. The company holds over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia.
Vimal Soni, Founder, Corvi LED, said, โWhile innovation has stagnated across the industry after the shift to LED lights, Corvi LED has continued to lead with our focus on design, development and efficiency. This capital will propel our efforts to pioneer advancements in lighting technology, setting standards for sustainability and user experience.โ
He added, โThe LED market in India looks promising due to real estate, urbanisation, smart cities mission, and technological advancements. We are positioned to capitalise on these opportunities and solidify our position as a leader in the industry.โ
Vallabh Bhanshali, Chairman, Enam Group, said, โWe see potential in Corviโs approach to innovation and leadership in the LED sector.โ
Corvi LED has raised a total funding of $13.7Mn (INR 112.34 Cr) till date.
The Indian LED lighting market is projected to grow from $4.2 Bn in 2023 to $6.77 Bn by 2030, with a compound annual growth rate (CAGR) of approximately 20.4% during the forecast period of 2024-2032.
The company competes with Signify NV (formerly Philips Lighting), Surya Roshni Limited, Crompton Greaves Consumer Electricals Limited, and Havells India Limited.
Source:inc42.com
