Addverb eyes Rs 8,000 cr revenue; to invest Rs 500 cr in manufacturing

Reliance Retail-owned robotics firm Addverb expects to cross Rs 8,000-crore revenue mark in five years, with scaling up of manufacturing operations and diversifying target market base, a senior company official said.

Addverb Technologies co-founder and CEO Sangeet Kumar told PTI that the company will invest Rs 500 crore in its Greater Noida-based robot manufacturing facility in phases to realise USD 1-billion revenue in five 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," Kumar said.

The company has already invested Rs 200 crore in its Greater Noida manufacturing unit which was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath last week.

Addverb manufacturing unit is spread over 6 lakh square feet, out of which the company has built facility in about 2.5 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.

The company at present caters to only industrial customers which include warehouses and factories.

Addverb now plans to diversify the business of the healthcare segment.

"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.