[Funding alert] Venture Catalysts and IAN lead Rs 5 Cr funding round in industrial robotics startup Peppermint
Venture Catalysts and Indian Angel Network have led a funding of Rs 5 crore in Peppermint, an industrial robot manufacturing company that makes and deploys commercial housekeeping and service robots. The round also saw participation from Vinners Group and a group of angel investors led by Naveen Kumar Kshatriya.
The startup will utilise the fresh capital infusion to enhance the current production facility and ramp up its production capacity. A part of the funding will be dedicated towards R&D as the company aims to spur innovation in India’s robotics sector through the implementation of advanced, cutting-edge technology offerings. Peppermint will also allocate the investment in scaling its business across India and the Middle East.
Founded by serial entrepreneurs Runal Dahiwade and Miraj C Vora, Peppermint was incubated at IIT-Bombay’s Society for Innovation and Entrepreneurship. The Pune-based startup claims to have built India’s first industrial floor-cleaning robot that leverages a combination of physical scrubbing, chemicals and ultra-violet light to facilitate seamless cleaning of floors. Built and designed in Pune, these robots help in automating housekeeping and service operations across industries, warehouses, airports, offices and public spaces.
Runal Dahiwade, CEO and Founder, Peppermint, said,
“We have the first-mover advantage in the commercial robotics space in India and our robots have been tested and deployed in various sectors including pharmaceuticals, logistics, manufacturing and hospitality. This fundraise will enable us to ramp up our production, invest heavily in R&D and scale the business across India and the Middle East. We are looking at aggressive growth and we have our eyes set on the European market as well. The latest investment asserts investor confidence in our value proposition and our growth potential.”
Currently operational across India and UAE, Peppermint’s offerings include robotic scrubber driers, sweepers, moppers, carpet cleaners and more. With the new investment, the company will amplify its manufacturing efforts, bolster its after-sales support infrastructure and expand its geographical footprint.
KRS Jamwal, Lead Investor at IAN, said,
“Over the past few years, players in the automation and robotics market in India, leveraging cutting-edge hardware, and developing their own proprietary software, are innovating products and systems to cater to the immense and diverse demand in the industrial sector. At IAN, we are focused on supporting innovative ventures that have out-of-the-box ideas and apply their unique potential to meet the needs of society.”
“Peppermint is uniquely positioned to make significant strides in the automation and robotics industry in India. The organised Facility Management Services market in India and UAE has crossed $30 billion as of 2020 and is expected to record exponential growth in the coming years. We believe the Peppermint team is well-equipped to bank on this growth opportunity and scale rapidly on the back of its state-of-the-art, avant-garde, made-in-India robots,” added Dr Apoorva Ranjan Sharma, President and Co-founder, Venture Catalysts.