Reliance-backed Addverb expects industrial automation to pick pace
Reliance-backed Addverb provides software-supported automation robotic solutions to a range of Indian and global companies that are spread out in over 26 countries. The homegrown robotics company expects a 60% to 70% jump in revenue from outside of India by next year. Of this, a major chunk is expected to come from the U.S. alone (80%) as demand for automation grows.
The 60% of the Noida-based company's current revenue comes from India. The company is doubling its revenue on year-over-year basis, with a significant portion coming from the Indian manufacturing sector.
Addverb designs and manufactures robots in India and offers software support to its clients. To make robots, the company sources motors and sensors from Germany, batteries from a vendor in India, and built critical components like circuit board in-house.
Bir Singh, Chief Business Officer (CBO), Addverb explained to The Hindu that earlier the European and Japanese machines were not able to solve for the local problems like of dust. 'With dust, sensors were not able to send the right data, leading to unwarranted results.' So, the founding team decided to build these machines in India.
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Founded as consultancy in 2016 by a four-member team, the company focused on making hardware and software in-house in India. It took them three years to get to that stage.
With an initial $1 million funding from Asian Paints in 2016, and then another $10 million in 2019, Addverb ventured into making automated machines. Now, their robots are being deployed in warehouses, manufacturing units, defense equipment manufacturing units and hospitals.
Subsequently, in 2021, Reliance invested $130 million in Addverb, and took 54% stake in the company. The four founders own 20% of the company and the remaining 26% is owned by an Employee Stock Ownership Plan (ESOP).
Addverb claims to hire engineers from top-tier engineering institutes in the country, and from various robotics clubs at colleges across India. Despite this, the company faces challenges in hiring candidates for its advanced robotics division.
Mr. Singh said that automation does not take away jobs, rather it changes people's skill sets and makes them more efficient and future ready. He noted that the company has a research facility in Fairmont, U.S.
During Covid-19, Addverb's business jumped on e-commerce boom, which subsequently ebbed. Now, the company is looking to build solutions for the rapidly growing quick commerce industry. One of the key challenges they see in this nascent industry is the space constraint in dark stores.
In terms of competition, Addverb senses the threat from Chinese manufacturers, and acknowledges the need for continuous improvement and innovation in the field of automation by investing in research and development and expanding its international reach.
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