Anand Mahindra among investors who have pumped Rs 2.5 crore into Kerala startup Genrobotics
In 2018, Genrobotics had raised Rs 1 crore in seed funding from Unicorn Ventures. The Thiruvananthapuram-based startup is known for its manhole-cleaning robot Bandicoot.
Published: 06th October 2020 10:13 PM | Last Updated: 07th October 2020 04:09 PM | A+A A-
Genrobotics founders (L to R) Nikhil NP, Rashid K, Vimal Govind, Arun George (Photo | Express)
KOCHI: Anand Mahindra, billionaire and chairman of Mumbai-based Mahindra Group, is among a group of investors who have put Rs 2.5 crore in Genrobotics Innovations Pvt Ltd., the Thiruvananthapuram-based startup which is known for its manhole-cleaning robot Bandicoot.
Confirming the development, Rashid K, co-founder of Genrobotics, said Rs 2.5 crore comes as pre Series A funding, and it was led by existing investor Unicorn Ventures. The third investor in the current round of funding is the SEA Fund. "Rs 2.5 crore comes from three investors, including existing investor Unicorn Ventures," said Rashid. Anand Mahindra invested in the Kerala startup in his personal capacity.
On his investment in Genrobotics, Mahindra said in a tweet: "One of those investments that make you feel really good. A great bunch of guys serving a great purpose. I hope municipalities across the country buy the machine. I hope they sell their products across the globe and become a prime example of 'Made in India.'"
ALSO READ: Three startups from Kerala among winners of National Startup Awards 2020
Confirming the development, Rashid K, co-founder of Genrobotics, said Rs 2.5 crore comes as pre Series A funding, and it was led by existing investor Unicorn Ventures. The third investor in the current round of funding is the SEA Fund. "Rs 2.5 crore comes from three investors, including existing investor Unicorn Ventures," said Rashid. Anand Mahindra invested in the Kerala startup in his personal capacity.
On his investment in Genrobotics, Mahindra said in a tweet: "One of those investments that make you feel really good. A great bunch of guys serving a great purpose. I hope municipalities across the country buy the machine. I hope they sell their products across the globe and become a prime example of 'Made in India.'"
ALSO READ: Three startups from Kerala among winners of National Startup Awards 2020
In 2018, Genrobotics had raised Rs 1 crore in seed funding from Unicorn Ventures.
Rashid said Genrobotics was getting big orders and the company needs to expand its facilities to meet the growing demand for the manhole-cleaning robot. "We also need to hire more people," he said, adding that the startup will also soon go for a Series A fund mobilisation, where the amount will be bigger. The funds will be utilised for the company's expansion, he said.
"It's a double joy for us. One the day when we got the investment, we were also won the national startup award," said Rashid. Genrobotics emerged winners in the National Startup Awards 2020 announced on Tuesday in the category 'campus-initiated startups' segment.
The Bandicoot robot, which has a presence in six states in India, will be expanded to 11 states. The robot offers human-controlled robots as an alternative to manual scavenging.
Rashid said Genrobotics was getting big orders and the company needs to expand its facilities to meet the growing demand for the manhole-cleaning robot. "We also need to hire more people," he said, adding that the startup will also soon go for a Series A fund mobilisation, where the amount will be bigger. The funds will be utilised for the company's expansion, he said.
"It's a double joy for us. One the day when we got the investment, we were also won the national startup award," said Rashid. Genrobotics emerged winners in the National Startup Awards 2020 announced on Tuesday in the category 'campus-initiated startups' segment.
The Bandicoot robot, which has a presence in six states in India, will be expanded to 11 states. The robot offers human-controlled robots as an alternative to manual scavenging.
