Lighting product design firm Corvi LED has raised $8 million in funding led by Enam Investments, the company said on Wednesday.
The capital infusion will allow Corvi LED to expand into new geographies with a more robust distribution network, diversify its product portfolio, and further enhance its technological capabilities, the company said in a statement.
"Enam Investments has led a USD 8 million growth capital investment round in Corvi LED," the statement said.
Founded in 2012, Corvi holds over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa, and Southeast Asia.
"While innovation has stagnated across the industry after the shift to LED lights, Corvi LED has continued to lead with our relentless focus on design, development (R&D), and efficiency.
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"This capital infusion will further propel our efforts to pioneer new advancements in lighting technology, setting higher standards for sustainability and user experience," Corvi LED founder Vimal Soni said.
“The LED market in India looks promising due to real estate, urbanization, smart city missions, and technological advancements. We are well-positioned to capitalize on these opportunities and solidify our position as a leader in the industry,” he added.
The funds will be mainly used to scale up operations and make substantial investments in marketing and distribution to strengthen the company's market presence in B2C and B2B segments, the statement said.
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Established in 2012, the company claims to have “employed principles of minimalism to innovate, design, and build LED lights that are brightest, lightest, and slimmest.” The company has three institutional investors, which include Enam Holdings, Hero Enterprise, and Dhoot Instruments. Hero Enterprise.
Among its 749 competitors, Corvi LED Light ranks 29th, as per data platform Tracxn. Its other competitors include Signify, AwoX, and Acuity Brands. As per Entrackr, Corvi reported a slight decrease in operational revenue to Rs 15.5 crore from Rs 16.65 crore in FY22 for the fiscal year ending in March 2023 (FY23).
