Haber, AI-Based Robotics Startup, Catches $38 Mn (INR 317 Cr) Funding, Company Plans Expansion

Haber, an artificial intelligence (AI)-based robotics business, has raised INR 317.2 crore (about $38 million) in a new fundraising round from both new and existing investors.

In a filing with the Ministry of Corporate Affairs, Haber stated that its board approved a special resolution to raise the funds by issuing Series C compulsorily convertible preference shares (CCPS) to Accel India, Beenext Capital, and Creaegis.

According to the filing, Accel India provided INR 33.4 Cr of the total INR 317.2 Cr funding, while Beenext Capital provided INR 83.5 Cr. Creaegis is expected to have infused the remaining INR 200 crore.

The Pune-based business intends to use the new funds for expansion, growth, and to satisfy its capital expenditure requirements.

Related: Agritech Startup Fyllo Secures A $4M Funding Round With IndiaQuotient, SIDBI Ventures, Among Other Investors

Haber was founded in 2017 by Vipin Raghavan, Priya Venkat, and Arjunan PN. It manufactures AI-powered industrial robots that automate the time-consuming manual process of sample collection, measurement, analysis, and intervention in factories.

Haber serves sectors such as food, drinks, and pulp & paper. It claims to have helped its clients save 24 billion litres of water and avoid 75,000 tonnes of carbon emissions.

The company last raised $20 million in a Series B fundraising round headed by Ascent Capital in 2021. It competes with Prosus-backed Detech Technologies, Altizon, and Fero Labs, among others.

While Haber is yet to file its financials for the fiscal year ending March 2024 (FY24), it reported a net loss of INR 36.7 crore on revenue of INR 82 crore in FY23.

The achievement comes at a time when advanced robotics technology is being more widely adopted in India.

As demand for speedy product and service delivery grows, a lot of businesses in healthcare, logistics, warehousing, and retail chain management are hurrying to incorporate AI-based automation solutions into their operations.

For example, Reliance Retail has implemented AI-powered automation into its food, fashion, and lifestyle verticals. A number of Indian firms, ranging from OYO to Unacademy, are utilizing AI to optimize operations.

As a result, the homegrown AI ecosystem has made significant progress. Krutrim made history earlier this year as India’s first AI unicorn.

Overall, India has more than 100 GenAI businesses that have raised over $600 million since 2019.