Electronics manufacturing firm Brandworks Technologies on Tuesday raised $7 million in a Series A round led by early-stage venture capital firm Cactus Partners.
The round also saw participation from Gujarat Venture Finance Limited (GVFL), Legacy Assets, and the Hira Group.
According to the company, the newly raised funds will be used fuel its research and development expansion, enter global markets, and scale-up its manufacturing capabilities.
“This fundraise is fuel for a much larger mission — to make Brandworks a global leader in electronics R&D and manufacturing. We’re here to prove that world-class innovation can be imagined, designed, and built in India, and delivered to the world,” said Ishwar Kumhar, co-founder at Brandworks Technologies.
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The company is an electronics R&D and manufacturing player. It has delivered products across AI hardware, IoT solutions, advanced audio systems, charging technologies, and surveillance systems, among others.
“Electronics manufacturing as an industry is expected to grow at a healthy pace in the foreseeable future, thanks to the “Make in India” initiatives and changing supply chains and geopolitics. High quality and well-managed companies, such as Brandworks, are well poised to grow at a significantly faster pace than the industry. Brandworks has built the business in a very capital-efficient manner so far, and the capital infusion will further accelerate the growth curve. We look forward to working closely with the Brandworks team and support them with strategic resources in addition to capital,” said Amit Sharma, General Partner at Cactus Partners.
This investment also marks Cactus Partners’ eleventh investment from its maiden fund, which has a target corpus of Rs 630 crores, and its third in the manufacturing sector. Other portfolio companies include LOHUM, Indigrid, Kapture, and Vitraya, among others.
Edited by Affirunisa Kankudti
