Reliance-Backed Addverb Eyes $100 Million for Robotics Push

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Reliance Industries Ltd-backed Addverb Technologies is looking to raise more than $100 million to expand its robotics business, as the Noida-based automation firm pushes deeper into global markets and newer robot categories.

Chief Executive Officer Sangeet Kumar told Bloomberg that the company plans to use the funds to develop humanoid and quadruped robots, strengthen artificial intelligence capabilities and reduce dependence on imported components through more in-house technology development.

Addverb, founded in 2016, supplies automation and robotics systems for warehouses, logistics operations and manufacturing facilities. 

The company has expanded into markets including the US, the Netherlands and Australia. International business now accounts for about half of its revenue, Bloomberg reported.

Kumar said Addverb expects revenue to hit ₹13 billion in the current fiscal year, backed by an order book of about $200 million. 

The company is also targeting a return to profitability in FY27 after spending heavily on overseas expansion.

The fundraising would be Addverb’s first major capital raise since Reliance Retail Ventures acquired a majority stake in the company for $132 million in 2022. Addverb said at the time that the investment gave Reliance a 54% stake and would help it build more advanced and affordable robots.

Addverb has been moving beyond warehouse automation into industrial robots, including humanoid and quadruped systems. The company unveiled its wheeled humanoid robot, Elixis-W, at LogiMAT India 2026 earlier this year.