Funding Alert

Haber Raises INR 317 Cr in Series C Funding to Fuel Expansion

• ByStartupStory     |    October 11, 2024

Pune-based AI-based robotics startup Haber has raised INR 317.2 Cr (approximately $38 Mn) in a fresh funding round, according to a filing with the Ministry of Corporate Affairs. The round saw participation from new and existing investors, including Accel India, Beenext Capital, and Creaegis, through Series C compulsorily convertible preference shares (CCPS).

The filing revealed that Accel India contributed INR 33.4 Cr, Beenext Capital infused INR 83.5 Cr, and Creaegis likely invested the remaining INR 200 Cr. This funding round will support Haber’s expansion, growth, and capital expenditure requirements.

Founded in 2017 by Vipin Raghavan, Priya Venkat, and Arjunan PN, Haber designs AI-driven industrial robots that automate the labor-intensive processes of sample collection, measurement, analysis, and intervention within industries like food & beverages and pulp & paper. These robots have significantly impacted industrial efficiency, reportedly helping Haber’s clients save 24 Bn litres of water and eliminate 75,000 tonnes of carbon emissions.

In 2021, Haber raised $20 Mn in its Series B round, led by Ascent Capital. Competing against startups such as Prosus-backed Detech Technologies, Altizon, and Fero Labs, Haber continues to innovate in the AI-powered robotics sector.

While Haber has yet to file its FY24 financials, it recorded a net loss of INR 36.7 Cr on revenue of INR 82 Cr in FY23.

The new funding comes at a time when AI-based automation is rapidly gaining traction across various industries in India. Many enterprises, particularly in healthcare, logistics, warehousing, and retail, are integrating AI and robotics to meet the growing demand for faster services. Reliance Retail, for instance, has incorporated AI automation in its grocery and lifestyle divisions. Startups such as OYO and Unacademy are also leveraging AI to optimize their operations.

India’s AI ecosystem continues to expand, with the country boasting over 100 GenAI startups that have collectively raised more than $600 Mn since 2019. Earlier this year, Krutrim became India’s first AI unicorn, marking a significant milestone in the nation’s AI journey.

 

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