Virtual Forest started in 2019 (1), which transforms innovative green technologies from ideas for home appliances. It includes inverter air conditioners, BLDC ceiling fans, and solar pump controllers for houses of India. The Bengaluru-based startup has recently raised undisclosed funding from Napino Auto and Electronics Ltd. The undisclosed amount for Virtual Forest was raised against 15% equity stakes.
In only eight months, the startup has established profound technology collaborations with appliance manufacturers of India. The partnership with the startup allows the manufacturers allows them to have a viable option. It will reduce their dependence on China. Notably, the country supplies over 80% of India’s demand for intelligent motor controllers and human interface electronics.
The Napino is also going to manufacture products designed by Virtual Forest as part of the deal. The partnership with the Gurugram-headquartered firm will give Virtual Forest the necessary support to supply the volumes as per the domestic industry’s needs. Such products’ requirement is growing at a CAGR of 10 percent on average stated Omer Basith, Founding Director and CEO of Virtual Forest.
Virtual Forest Rising as a Virtual Lab and Factory
Omer added that they realized at an early stage that the startup needs to increase its ability to support the lifecycle of its product along with revolutionary green technology to be a significant partner of OEMs of India. The firm can achieve the means via a state-of-the-art testing lab and excellent manufacturing facilities. He added that the firm is now fully equipped to call itself a Virtual Lab and Factory for India’s appliance manufacturers.
In the automotive industry, Napino is among the critical players at present. It aims to expand its presence worldwide as a one-point solution from concept to the final product. It would also tap segments such as automotive, home appliances, and IoT. There is a team in Virtual Forest who are critical stakeholders in the ecosystem of apparatus and pumps for over twenty years.
The startup has root expertise in the development of embedded systems in motor controlling engineering. Along with this, the Virtual Forest team also has a basic understanding of end-user requirements, sector dynamics, and cost appetite, making them an ideal partner for us, says Naveen Kumar, CEO of Napino.
Author: Rucha Joshi
Source : https://timesnext.com/virtual-forest-raises-fundings-from-napino/
Date : 2020-08-31T10:59:51.000Z