Mekr’s Series A Funding Round
Electronics manufacturing platform Mekr has raised ₹67 Cr (about $7 Mn) in its Series A funding round, led by Avaana Capital with Titan Capital Winners Fund participating. The company intends to allocate these funds towards research and development, product engineering, proprietary tooling, and supplier localisation.
Details
Mekr, founded in 2022 by Anand Yadav and Gaurang Kuchhal, plans to expand manufacturing automation, enhance quality systems, and prepare for global market expansion. The company specialises in original design manufacturing for electronic products such as electric kettles, hair dryers, body weighing scales, vacuum cleaners, and tyre inflators.
Company Background
Based in Delhi NCR with a manufacturing facility in Sonipat, Haryana, Mekr operates a digital platform that manages sourcing, components, assembly, and supply chains for electronic product manufacturing. They have developed over 100 SKUs and partnered with more than 40 brands, including Amazon Basics, Croma, Flipkart, and Wipro.
Market Context
The funding comes amidst India’s growing electronics market, projected to exceed $400 Bn by 2030. This has led to increased investor interest in the electronics manufacturing space, as evidenced by recent funding rounds and government approvals for electronics manufacturing projects.
The decision to invest in R&D and product engineering reflects Mekr’s commitment to innovation and quality, which are crucial in a competitive market where consumer expectations for electronic products are high. It demands a deep understanding of materials, manufacturing processes, and market needs from designers and engineers.
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Source: Inc42