Reliance Retail-owned Addverb, which is India’s largest robotics company, is aiming to surpass Rs 8,000 crore in revenue in next five years. Notably, India’s richest man Mukesh Ambani owns majority stake in Addverb and the company is expecting to hit Rs 8000 crore revenue by increasing its manufacturing operations and opening up new market base. Mukesh Ambani’s daughter Isha Ambani is leading Reliance Retail.
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According to Addverb Technologies co-founder and CEO Sangeet Kumar, the company is planning to invest Rs 500 crore in its robot manufacturing facility to surpass Rs 8,000 crore revenue in next 5 years.
“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,” Addverb Technologies co-founder and CEO Sangeet Kumar told news agency PTI.
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Addverb has a manufacturing unit in Greater Noida and the company has already invested Rs 200 crore in this factory which was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath few days ago. Addverb manufacturing unit in Greater Noida is spread over 6 lakh square feet.
“Last year, we did revenue of Rs 450 crore. This year we are planning to achieve Rs Rs 1,000 crore. Every year in the next five years, we will double our revenue to reach USD 1 billion revenue,” Kumar said.
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Addverb currently caters to only industrial customers but the company is now planning to develop products which can be used in healthcare sector. “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 which have been under development for the last one and half years. They will be launched by the end of this year,” Kumar said.
