Robotics firm Addverb to invest Rs 500 cr in robot manufacturing facility in Noida

0
426
Robotics firm Addverb to invest Rs 500 cr in robot manufacturing facility in Noida
Robotics firm Addverb to invest Rs 500 cr in robot manufacturing facility in Noida

The Greater Noida manufacturing unit, which was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath last week, has already seen an investment of Rs 200 crore by the robotics firm

Reliance Retail-owned robotics firm Addverb, with the scaling up of manufacturing operations and diversifying target market base, expects to cross the Rs 8,000 crore revenue mark in five years, a senior company official said. To realise USD 1 billion in revenue in five years, the company will invest Rs 500 crore in its Greater Noida-based robot manufacturing facility in phases, said Sangeet Kumar, co-founder and CEO of Addverb Technologies.

“We will invest Rs 500 crore in our manufacturing facility in phases. Once this investment is done, we expect revenue of USD 1 billion, which will be over Rs 8,000 crore,” Kumar said.

The Greater Noida manufacturing unit, which was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath last week, has already seen an investment of Rs 200 crore by the robotics firm.

Addverb’s manufacturing unit is spread over 6 lakh square feet, out of which the company has built a facility of about 2.5 lakh square feet.

“Last year, we had revenue of Rs 450 crore. This year, we are planning to achieve Rs 1,000 crore. Every year in the next five years, we will double our revenue to reach USD 1 billion in revenue,” Kumar said.

At present, the robotics firm caters to only industrial customers, including warehouses and factories.

The robotics firm now plans to diversify its business into the healthcare segment.

“By the end of this year, we will have products that can be used in hospitals. We are entering into medical applications in a big way. There are certain products that have been under development for the last one and a half years. They will be launched by the end of this year,” Kumar said.

Also readUnleashing the Power of Machine Learning – Implementation and Implications

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics