Manufacturing firms Indkal, Ethereal Machines snag big Series A cheques
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Manufacturing firms Indkal, Ethereal Machines snag big Series A cheques

By K Amoghavarsha

  • 13 Jun 2024
Manufacturing firms Indkal, Ethereal Machines snag big Series A cheques
Navin Jain and Kaushik Mudda, co-founders, Ethereal Machines

Consumer electronics manufacturer Indkal Technologies and precision engineering components maker Ethereal Machines have raised Series A rounds, the companies said on Thursday.  

Indkal Technologies has raised $36 million (RS 300 crore) in a Series A funding round led by Mauritius-based Aries Opportunities Fund. The round also saw participation from other strategic investors, Indkal said, without disclosing their identities.

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The company will use the funds to expand its product offerings and strengthen sales and service network.  

Indkal Technologies, a Bengaluru-based consumer electronics manufacturing startup, was founded in 2020. In FY24, the startup, which was bootstrapped until the current funding infusion, clocked Rs 1,000 crore in gross revenue.   

The company manufactures a wide spectrum of consumer electronics and large appliances for brands across the world. The firm also launched Wobble, its brand of wearable and audio products.  

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Ethereal Machines has raised $13 million (Rs 109 crore) in a Series A funding round led by Peak XV Partners and Steadview Capital. Existing investors Blume Ventures, Enam Investments, and Sandeep Singhal also participated in this round.  

The funds raised will be utilized for research and development (R&D), building a multi-axis computer numerical control (CNC) controller and to commence construction of its second factory in the next 12 months.  

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Founded in 2014 by Kaushik Mudda and Navin Jain, Ethereal Machines produces precision engineering components via its proprietary CNC machines.    

It caters to industries such as aerospace, defence, automobile and healthcare.  

Last year, the startup raised $7.3 million in a funding round from Peak XV Partner’s Surge, Blume Ventures, Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital.   

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The round also saw participation from a clutch of angel investors, including Ganapathy Subramaniam (Celesta Capital), Mathew Cyriac (ex-Blackstone India) and Lip-Bu Tan (Cadence Design Systems).

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