Peppermint Robotics Bags INR 34 Cr From Indian Angel Network, Others

Pune-based Peppermint Robotics has secured INR 34 Cr (around $4 Mn) in a Series A funding round from a clutch of investors, including Indian Angel Network, JDSS and ENRISSION INDIA CAPITAL, among others.

The startup plans to use the fresh capital to fuel its expansion strategy in Europe, Japan and Asia-Pacific (APAC) regions and develop its proprietary systems.

Founded in 2019 by Runal Dahiwade, Peppermint Robotics manufactures robots for automating labour intensive floor cleaning and material handling tasks.

The startup claims to have also developed its proprietary system called Peppermint OS which supports cloud connected dashboards and mobile apps for delivering real-time analytics. It currently offers three cleaning robots namely SD20, SD45 and VC20.

According to Tofler, Peppermint’s standalone operating revenue for the financial year ended March 31, 2024 (FY24) more than doubled to INR 6.26 Cr from INR 2.71 Cr in the previous fiscal year. However, its net loss jumped 30% to INR 5.75 Cr for the period under review from INR 4.43 Cr in FY23.

The development comes at a time when the government is pushing for the development of the deeptech sector in the country.

Meanwhile, the Centre has decided that a larger chunk of the INR 10K Cr Funds Of Funds (FoF) announced in this year’s budget will be allocated to fund startups operating in the deeptech sector.

This came after Union Minister Piyush Goyal gave a reality check to the Indian startup ecosystem comparing the growth of China’s dominance in the deeptech space such as electric vehicle and semiconductor while Indian startups were selling “ice-creams and chips.”

Inc42’s Indian Tech Startup Funding Report, 2024 states that the deeptech sector was among the least favourite sectors for the Indian investors. It could only manage to raise $460 Mn in 73 deals last year, a 7% drop from $496 Mn raised in the previous year.