The fresh capital will further bolster the company’s in-house capabilities, helping it expand its presence across new verticals.
Mivi, a leading homegrown consumer electronics brand, has raised an undisclosed amount in a debt funding round from N+1 Capital. The hitherto bootstrapped company has been associated with its first funding partner, N+1 Capital, India’s largest revenue based growth capital fund. The fresh capital will further bolster the company’s in-house capabilities, helping it expand its presence across new verticals.
Headquartered in Hyderabad, Mivi is a one-of-a-kind company specializing in the audio gadgets category, with its products ranging from TWS (True Wireless Earphones) to speakers to address the audio needs of today’s tech-savvy, music-loving Indian population. Realizing the lack of homegrown high-quality audio gadgets in the Indian market, the brand strives to elevate its consumer electronics industry to the next level through its high-quality “Made in India” gadgets at affordable prices.
In order to decrease the country’s dependence on China in this category, Mivi opened its own manufacturing unit in India in 2020. Within an year of launch, Mivi is manufacturing all of it’s audio products in India and is the only brand in this segment that is manufacturing domestically. With this step, Mivi looks to encourage other emerging players in this industry to follow suit and manufacture their products locally to boost India’s economic growth, utilize the existing talent pool, and generate more employment opportunities.
Speaking on the fundraising, Midhula Devabhaktuni, Co-founder, Mivi, said, “There is currently a dearth in the country’s consumer electronics market when it comes to quality audio equipment. Mivi was founded to bridge this gap and take the Indian audio gadgets segment to compete with global players. The capital infusion by N+1 capital will set us up on an accelerated growth trajectory, banking on which we will expand our product portfolio across several new and in-demand categories. On the back of our high-quality, made-in-India products, we look forward to becoming the most preferred electronics brand for Indians.”
“We are excited to support Mivi in its journey to build a homegrown consumer electronics brand. The stellar founding team coupled with their unique ability of inhouse product design & manufacturing allows them to offer products tailored to Indian consumers. We look forward to being Mivi’s growth capital partners in their journey” said Ashish Singla, Managing Partner, N+1 Capital.
India’s smart personal audio market is booming with skyrocketing demand and immense potential, and Mivi plans on leveraging this to the fullest. Furthermore, the brand aims to strengthen its position in the audio category by launching multiple products across categories in 2022. Mivi currently has a 700+ strong team with a female-dominated workforce and is looking to expand its presence PAN India – from tier 1 to tier 3 cities.
Source: Business World