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[Funding News] Electronics Startup Indkal Secures $36 Mn Funding in Series A Round

By Viestories
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With the help of the Mauritius-based Aries Opportunities Fund, consumer electronics firm Indkal Technologies secured $36 million, or roughly Rs 300 crore.

Through a new R&D center, the strategic funds will assist the infrastructure for product development of air conditioners, televisions, washing machines, and refrigerators, according to a news statement from Indkal. Additionally, the funds will be used to establish service network bases and broaden distribution.

Read also - Trampoline Secures $5 Mn Funding Round led by Matrix and WaterBridge

A company that licences trademarks, Indkal produces a variety of major appliances and consumer gadgets for international names such as Black & Decker and Acer.

Indkal introduced Wobble, a line of wearable and audio devices under its own brand. According to the company, it completed FY24 with sales of Rs 800 crore, while Wobble was supposed to bring in between Rs 250 and Rs 300 crore.

Indkal's annual financial statements filed with the ROC show that its income increased by more than four times, from Rs 61 crore in FY22 to Rs 260 crore in FY23. With a profit of Rs 10.89 crore in FY23 compared to a loss of Rs 11.60 crore the year before, the company also achieved profitability.

About Indkal

Founded in 2020 by Anand Dubey, Indkal Technologies is a technology and innovation company. Indkal excels in delivering extraordinarily high quality and revolutionary consumer electronics products.

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ParkMate has Secured $1.2 Million in a New Funding

ParkMate is the ultimate hassle-free parking solution. Our app-based platform offers a seamless experience by allowing you to 'Order a Valet' at any location.

By Aryan Sharma
New Update
ParkMate has Secured $1.2 Million in a New Funding

Cactus Partners is an early growth-stage startup fund, is leading a fresh round of $1.2 million secured by ParkMate, a supplier of parking solutions. The financing also included participation from current backers including the Marwah Group Family Office and Venture Catalysts.

Funding Utilisation

ParkMate claims that the money will be utilized to accelerate its growth trajectory, make investments in its workforce to attract clients, simplify its business processes, and keep coming up with new ideas.

Read Also - Univest To Secured $16 Million in Funding 

ParkMate, which was founded by Dhananjaya Bharadwaj, provides intelligent parking solutions to government parking contractors as well as corporate hotels, office buildings, and retail centers.

Car owners who use the company's unique DaSH (Drop & Shop) service may park their vehicles at shopping centers, arcades, and business buildings in less than two minutes. It is recognized by the Telangana, UP, Fun Republic, Phoenix Mills, and DLF governments. Another big market for ParkMate is smart cities.

Among its immediate rivals are Park+, Get My Parking, Park Smart, and Parky.

The biggest participant in this market is Park+. The business launched Drive+ in June, establishing itself as a possible rival to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24 in the on-demand driver services market.

Since January 2021, this is Cactus Partners' ninth investment. The company has made investments in businesses including Rubix Data Science, AMPM Fashions, Auric, Indigrid Technology, Lohum Cleantech, Kapture CX, and Vitraya Technologies. 

About ParkMate

ParkMate, the ultimate hassle-free parking solution. Our app-based platform offers a seamless experience by allowing you to 'Order a Valet' at any location. Simply arrive at your destination, and ParkMate takes care of the rest. Our professional valets pick up and drop off your vehicle at the nearest parking facility, while you track its location in real time through the user-friendly app.

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Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Startup Funding News: Stay updated with the latest news and trends in startup funding and investment.