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

Reliance’s retail-owned robotics business Addverb expects to cross the Rs 8,000 crore revenue mark within five years, while expanding its manufacturing operations and diversifying its target market base, said a senior company official.

Addverb Technologies co-founder and CEO Sanjit Kumar told PTI that the company will invest Rs 500 crore in a major robotics manufacturing facility in Noida in phases to generate US$1 billion in revenue within five years.

“We will invest Rs 500 crore in our manufacturing facility in phases. Once this investment is completed, we expect revenue of US$1 billion, which will be more than Rs 8,000 crore,” said Kumar.

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

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

Kumar said, “Last year, we had revenue of Rs. 450 crore. This year we plan to achieve Rs. 1,000 crore. Every year in the next five years, we will double our revenue to reach US$1 billion in revenue.”

At present, the company provides its services to industrial clients only, including warehouses and factories.

Addverb is now planning to diversify into the healthcare sector.

“By the end of this year, we will have products that can be used in hospitals. We are getting into medical applications in a big way. There are some products that have been in development over the last year and a half. They will be launched by the end of this year.”