Addverb, the largest robotics company in India owned by Reliance Retail, has set an ambitious goal to achieve over Rs 8,000 crore in revenue within the next five years. With majority stakeholder Mukesh Ambani, India’s richest man, at the helm, Addverb plans to expand its manufacturing operations and enter new markets to achieve this target. Isha Ambani, Mukesh Ambani’s daughter, leads Reliance Retail.
Addverb Technologies’ co-founder and CEO, Sangeet Kumar, revealed that the company intends to invest Rs 500 crore in its robot manufacturing facility to surpass the Rs 8,000 crore revenue mark in the next five years.
Addverb aims Rs 8,000 crore in next five years!
“We will gradually invest Rs 500 crore in our manufacturing facility. Once this investment is complete, we expect to generate USD 1 billion in revenue, equivalent to over Rs 8,000 crore,” stated Sangeet Kumar in an interview with news agency PTI.
Currently, Addverb operates a manufacturing unit in Greater Noida, which has already received an investment of Rs 200 crore and was recently inaugurated by the Chief Minister of Uttar Pradesh, Yogi Adityanath. This facility spans 6 lakh square feet.
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“Last year, our revenue stood at Rs 450 crore. This year, we aim to achieve Rs 1,000 crore. In the following years, we plan to double our revenue annually to reach the milestone of USD 1 billion,” explained Kumar.
According to a government spokesperson, Addverb, which initially operated from a small 400 square ft room, has emerged as the largest robotics company in the country, boasting an annual turnover exceeding Rs 450 crore. Moreover, the company has directly employed over 2,000 young individuals, with plans to provide employment opportunities to nearly 3,000 more in the future, as claimed by the spokesperson.
The government of Uttar Pradesh asserts that it has extended comprehensive support to Addverb, from allocating land to facilitating the establishment of the industry. Officials revealed that the ‘Boat-Valley’ robotic plant commenced production within a remarkably short span of 18 months in 2021.
With a target of reaching a billion dollars in revenue within five years, the new facility will manufacture 60,000 robots annually and alleviate the burden on the existing plant. Addverb has expanded its presence globally, serving prominent companies and establishing subsidiary companies in various countries.
The company aims for a balanced revenue split between India and overseas markets, while also focusing on human-robot collaboration and affordable technological solutions. Addverb employs AI and computer vision to navigate and perform tasks in inventory management, logistics, and supply chain management.
Reliance Industries’ investment and collaboration with Addverb leverage the potential of 5G technology. The founders are optimistic about the future, noting the changing landscape of mobile robotics in India and the growing demand for automation in various markets.
While Addverb primarily serves industrial clients, the company now intends to develop products for the healthcare sector. “By the end of this year, we will have products suitable for use in hospitals. We are making significant strides into medical applications. Several products have been in development for the past eighteen months, and they will be launched by year-end,” Kumar added.