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Nibav Home Lifts, a Chennai-based manufacturer of home elevators, is engaged in negotiations with global private equity (PE) investors to raise $100 million by November this year. The capital raised will be primarily allocated for the expansion of production capacity, boosting its overseas presence, and supporting other initiatives like marketing and research, and development.
Currently, the company produces approximately 350 units per month, and it aims to double this figure by the end of the year, reaching around 700-800 units. Nibav operates four state-of-the-art manufacturing units and two research and development centres in Chennai. Additionally, the company has an extensive global network of 44 outlets spread across countries including India, Malaysia, Australia, Thailand, Mexico, Canada, Kenya, Nigeria, Ghana, the UAE, South Africa, and Switzerland.
“We are in talks with global private equity players to raise around $100 million by November this year. This will be mainly used for our new manufacturing unit, marketing, research and development, and overseas expansion,” explained Vimal R Babu, founder and CEO of Nibav Home Lifts. During the previous calendar year, the company reported revenue of approximately Rs 400 crore and anticipates crossing Rs 1,000 crore during the current year.
The company has plans to establish a new plant in Chennai, which will have a higher capacity of 250 units per month. This addition will soon increase the total capacity to 750 units. The new plant is expected to be finalised within two to three months. “We have received proposals from some investors. Factory expansion will require a higher amount. We expect to touch a valuation of $1 billion next year,” Babu added.
Babu founded the company in 2019, having identified during the construction of his home that India heavily relies on imports for home lifts. Nibav Home Lifts specialises in the manufacture of pneumatic vacuum elevators, featuring a cylindrical vertical shaft and a car operated by controlling air pressure. In May of this year, the company announced plans to recruit over 4,500 employees by the end of December 2023, bringing the total headcount to 6,000.
Earlier this year, Nibav had revealed the opening of its fourth manufacturing facility, encompassing 50,000 square feet and situated in Akkarai on East Coast Road in Chennai. This additional manufacturing capacity has been implemented chiefly to cater to the surging demand in the company’s recently expanded footprint across 14 foreign nations.
