The cash will be used by the Pune-based firm to expand its production capacity, enhance R&D expenditure, and enter the Middle East market.
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Peppermint funding news
Peppermint, an industrial robot manufacturing business that develops and installs industrial cleaning and service robots, has received a Rs 5 crore investment round sponsored by Venture Catalysts and Indian Angel Network. Vinners Group and a team of angel investors led by Naveen Kumar Kshatriya also participated in the round.
The new funding will be used to improve the startup’s present production facilities and increase its production capacity. A portion of the funds will go to research and development, as the business seeks to boost creativity in India’s robotics sector by using innovative, cutting-edge technology. Peppermint will also use the funds to expand its operations in India and the Middle East.
Peppermint was developed at IIT-Bombay’s Society for Innovation and Entrepreneurship and was founded by serial entrepreneurs Runal Dahiwade and Miraj C Vora. The Pune-based firm claims to have developed India’s first industrial ground robot, which cleans floors using a combination of manual scrubbing, chemicals, and ultraviolet radiation. These robots, which were developed and constructed in Pune, aid in the automation of housekeeping and maintenance services in factories, warehouses, airports, offices, and public places.
“We have the first-mover edge in the commercial robotics field in India,” said Runal Dahiwade, CEO and Founder of Peppermint. “Our robots have been tested and deployed in different industries like pharmaceuticals, logistics, manufacturing, and hospitality.” This funding will allow us to increase production, spend substantially on research and development, and expand our business across India and the Middle East. We’re aiming for rapid expansion, and we’ve set our sights on the European market as well. Investors have trust in our value offering and development potential, as evidenced by this recent investment.”
Peppermint’s products include robotic scrubber driers, sweepers, moppers, carpet cleaners, and more, and it is now operating in India and the United Arab Emirates. The additional investment will help the firm grow its production capabilities, as well as its after-sales infrastructure and geographic reach.
“Over the past few years, players in the new automation market in India have innovated products and solutions to cater to the immense and diverse demand in the manufacturing sector, leveraging cutting-edge hardware and establishing their proprietary software,” said KRS Jamwal, Lead Investor at IAN.
“Peppermint is in a great position to make substantial advancements in India’s automation and robotics business. As of 2020, the organized Facility Management Services market in India and the United Arab Emirates has exceeded $30 billion and is anticipated to expand at an exponential rate in the following years. Dr. Apoorva Ranjan Sharma, President and Co-founder, Venture Catalysts, stated, “We believe the Peppermint team is well-equipped to capitalize on this growth potential and accelerate fast on the strength of its state-of-the-art, avant-garde, made-in-India robots.”