Reliance-backed Addverb plans $100 million fundraise as it targets robotics growth
Reliance-backed Addverb Technologies is seeking to raise more than $100 million to expand globally and develop humanoid and quadruped robots. The planned fundraise highlights its push to build proprietary technology, reduce import dependence and prepare for a future IPO.
- Jun 11, 2026,
- Updated Jun 11, 2026 1:52 PM IST
Indian robotics startup Addverb Technologies Ltd. is looking to raise more than $100 million as it seeks to strengthen its position as the country’s leading robot maker and expand its presence globally. The company is pursuing fresh capital after growing in markets such as the US, the Netherlands and Australia, Chief Executive Officer Sangeet Kumar said.
Addverb, backed by Mukesh Ambani’s Reliance Industries Ltd., is also investing in newer technologies, including humanoid and quadruped robots, as it prepares for a possible stock market debut in the next few years. Kumar said the company sees room for an Indian player in an industry dominated by much larger rivals from China, Japan and the US.
“We want to be in the top 10 in the next 5 years and top 5 in the next 10 years,” Kumar, 46, said in an interview at one of Addverb’s two factories on the outskirts of New Delhi. The company estimates that it currently ranks just outside the global top 30 in robotics market share by revenue.
This is Addverb’s first major fundraising effort since 2021, when it raised $132 million from Reliance, which now holds a controlling stake in the company. Founders and employees together own about a fifth of the firm.
Kumar said the fresh capital will be used mainly to develop products such as humanoid and quadruped robots, collect data and build artificial intelligence systems to train advanced machines. Addverb’s robots currently handle sorting, material movement and other tasks for logistics firms, warehouses and electronics companies.
The company sees humanoids as a major growth opportunity in a fast-developing market where companies ranging from Unitree Robotics to Tesla Inc.’s Optimus are competing for leadership. Kumar said Indian companies can still build competitive strengths despite the head start of Chinese firms and advantages such as government subsidies.
One way to improve competitiveness, Kumar said, is to build proprietary technology and reduce dependence on imported parts. As part of that effort, Addverb plans to launch lidar sensors soon after more than two years of development, a move aimed at lowering reliance on overseas suppliers.
Addverb was founded in 2016 as a warehouse automation company by four engineers who had all previously worked at Asian Paints Ltd., India’s largest paints company. Its asset-heavy business model did not attract venture funds, but one of Asian Paints’ backers invested in the startup.
Since then, the company has expanded into robots for factory automation, electronics manufacturing, health care, defence and research applications. Its customers include Lenskart Solutions Ltd., Hindustan Unilever Ltd. and Reliance, among other retail and consumer goods companies.
Addverb now gets half of its revenue from outside India and employs nearly 1,100 people across more than two dozen countries. After posting losses during its international expansion over the past two years, the company is expected to return to the black on an adjusted basis in the fiscal year through March 2027, Kumar said. He said he expects net profit in the following year.
Kumar said revenue will reach 13 billion rupees ($136 million) in the current fiscal year, supported by an order book of about $200 million. He added that an initial public offering remains an important option for scaling up, although the company has no immediate plans to list.
“At this stage, we think we are too small to go for an IPO,” Kumar said. “Probably when we are more than 40 billion rupees or 50 billion rupees in revenue, that is when we would go for IPO.” He said that revenue milestone could be reached within the next two years if the company continues to grow at its current pace.
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Indian robotics startup Addverb Technologies Ltd. is looking to raise more than $100 million as it seeks to strengthen its position as the country’s leading robot maker and expand its presence globally. The company is pursuing fresh capital after growing in markets such as the US, the Netherlands and Australia, Chief Executive Officer Sangeet Kumar said.
Addverb, backed by Mukesh Ambani’s Reliance Industries Ltd., is also investing in newer technologies, including humanoid and quadruped robots, as it prepares for a possible stock market debut in the next few years. Kumar said the company sees room for an Indian player in an industry dominated by much larger rivals from China, Japan and the US.
“We want to be in the top 10 in the next 5 years and top 5 in the next 10 years,” Kumar, 46, said in an interview at one of Addverb’s two factories on the outskirts of New Delhi. The company estimates that it currently ranks just outside the global top 30 in robotics market share by revenue.
This is Addverb’s first major fundraising effort since 2021, when it raised $132 million from Reliance, which now holds a controlling stake in the company. Founders and employees together own about a fifth of the firm.
Kumar said the fresh capital will be used mainly to develop products such as humanoid and quadruped robots, collect data and build artificial intelligence systems to train advanced machines. Addverb’s robots currently handle sorting, material movement and other tasks for logistics firms, warehouses and electronics companies.
The company sees humanoids as a major growth opportunity in a fast-developing market where companies ranging from Unitree Robotics to Tesla Inc.’s Optimus are competing for leadership. Kumar said Indian companies can still build competitive strengths despite the head start of Chinese firms and advantages such as government subsidies.
One way to improve competitiveness, Kumar said, is to build proprietary technology and reduce dependence on imported parts. As part of that effort, Addverb plans to launch lidar sensors soon after more than two years of development, a move aimed at lowering reliance on overseas suppliers.
Addverb was founded in 2016 as a warehouse automation company by four engineers who had all previously worked at Asian Paints Ltd., India’s largest paints company. Its asset-heavy business model did not attract venture funds, but one of Asian Paints’ backers invested in the startup.
Since then, the company has expanded into robots for factory automation, electronics manufacturing, health care, defence and research applications. Its customers include Lenskart Solutions Ltd., Hindustan Unilever Ltd. and Reliance, among other retail and consumer goods companies.
Addverb now gets half of its revenue from outside India and employs nearly 1,100 people across more than two dozen countries. After posting losses during its international expansion over the past two years, the company is expected to return to the black on an adjusted basis in the fiscal year through March 2027, Kumar said. He said he expects net profit in the following year.
Kumar said revenue will reach 13 billion rupees ($136 million) in the current fiscal year, supported by an order book of about $200 million. He added that an initial public offering remains an important option for scaling up, although the company has no immediate plans to list.
“At this stage, we think we are too small to go for an IPO,” Kumar said. “Probably when we are more than 40 billion rupees or 50 billion rupees in revenue, that is when we would go for IPO.” He said that revenue milestone could be reached within the next two years if the company continues to grow at its current pace.
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