[Update] Haber Nets $44 Mn For Global Expansion

Update | December 11, 1:03 PM

Artificial intelligence (AI)-based robotics startup Haber has raised $44 Mn (around INR 373.3 Cr) in a mix of equity and debt as a part of its Series C funding round led by Creaegis, BEENEXT and Accel India.

While $38 Mn in the form of equity infusion into the company, the remaining $6 Mn has been infused as debt.

Haber will use the fresh capital to expand its international operations, particularly in the Americas, where the demand for AI-led automation is growing rapidly across industries, the company said in a statement.

“This … lays the foundation for our next big step—expanding into the Americas, where the demand for industrial AI solutions is immense. We also plan to extend our solution to other process manufacturing industries,” said Priya Venkat, cofounder and COO of Haber.

Original | October 10, 6:47 PM

Artificial intelligence (AI)-based robotics startup Haber has raised INR 317.2 Cr (about $38 Mn) from new and existing investors in a fresh funding round.

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

Of the total INR 317.2 Cr funding, INR 33.4 Cr came from Accel India and INR 83.5 Cr from Beenext Capital, the filing showed. The remaining INR 200 Cr was likely infused by Creaegis.

The Pune-based startup plans to use the fresh proceeds for its expansion, growth and to meet its capex requirements.

Founded by Vipin Raghavan, Priya Venkat and Arjunan PN in 2017, Haber makes AI-driven industrial robots which automate the tedious manual process of sample collection, measurement, analysis, and intervention at factories.

Haber caters to industries such as food and beverages and pulp and paper. It claims to have helped its customers save 24 Bn litres of water and eliminate 75,000 tonnes of carbon emissions.

The startup last raised $20 Mn in its Series B funding round led by Ascent Capital in 2021. It competes against the likes of Prosus-backed Detech Technologies, Altizon and Fero Labs, among others.

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

The development comes at a time when the adoption of advanced robotics technology is on the rise in India. 

A number of enterprises operating in healthcare, logistics, warehousing, and retail chain management are scrambling to integrate AI-based automation systems into their business operations as demand booms for quick delivery of products and services.

For instance, Reliance Retail has integrated AI-based automation in its grocery, fashion and lifestyle verticals. A number of Indian startups across sectors and industries, from OYO to Unacademy, are using AI to streamline operations.

On the back of this, the homegrown AI ecosystem has been making massive strides. Earlier this year, Krutrim became India’s first AI unicorn. 

Overall, India has more than 100 GenAI startups which have raised more than $600 Mn since 2019.