Venture Catalysts and IAN lead INR 5 Cr funding round in industrial robotics startup Peppermint
Underlining its commitment to supporting entrepreneurial innovation in India, Venture Catalysts and Indian Angel Network has led a funding of INR five crore in Peppermint, an industrial robot manufacturing company that makes and deploys commercial housekeeping and service robots. The round also saw participation from Vinners Group and a group of angel investors led by Naveen Kumar Kshatriya.
IAN has invested in a number of manufacturing tech startups and with active mentoring have built world class profitable companies. The investment in Peppermint, demonstrates IAN’s commitment to bring innovation and disruption in a sector which is the backbone of the Indian economy.
The startup will utilise the fresh capital infusion to enhance the current production facility and ramp up its production capacity. A part of the funding will be dedicated towards R&D as the company aims to spur innovation in India’s robotics sector through the implementation of advanced, cutting-edge technology offerings. Peppermint will also allocate the investment in scaling its business across India and the Middle East.
Founded by serial entrepreneurs Runal Dahiwade and Miraj C Vora, Peppermint was incubated at IIT-Bombay’s Society for Innovation and Entrepreneurship. The Pune based startup has built India’s first industrial floor-cleaning robot that leverages a combination of physical scrubbing, chemicals and ultra-violet light to facilitate seamless cleaning of floors. Built and designed in Pune, these robots help in automating housekeeping and service operations across industries, warehouses, airports, offices and public spaces.
Sharing his insights, Runal Dahiwade, CEO and Founder, Peppermint commented, “We have the first-mover advantage in the commercial robotics space in India and our robots have been tested and deployed in various sectors including pharmaceuticals, logistics, manufacturing and hospitality. This fundraise will enable us to ramp up our production, invest heavily in R&D and scale the business across India and the Middle East. We are looking at aggressive growth and we have our eyes set on the European market as well. The latest investment asserts investor confidence in our value proposition and our growth potential.”
