Hero Enterprise-backed consumer lighting company, Corvi LED, has successfully raised $8 million in a Series B funding round led by Enam Investments. This fresh capital infusion marks the first funding round for the Mumbai-based firm in seven years, enabling it to accelerate growth and expansion plans.
The new funding will allow Corvi LED to expand into new geographies, diversify its product portfolio, and enhance its technological capabilities, according to the company’s press release. The company aims to strengthen its market presence in both the B2C and B2B segments and is set to introduce a range of new LED products designed to meet modern demand.
“Corvi LED will also strengthen its market presence in B2C and B2B segments and is set to introduce a range of new LED products that meet the modern demand,” the company said.
Founded in 2012 by Vimal Soni, Corvi LED boasts a diverse portfolio of over 100 products across seven categories, including bulbs, tubes, flat, and surface lighting solutions. The company has set global benchmarks with its high-efficiency ratings and innovative features, such as eliminating metal bodies, drivers, and heat sinks.
With over 100 patents and registrations, Corvi LED has established a significant international presence, exporting to 24 countries across Europe, the Middle East, Africa, and South-East Asia. In 2017, Hero Enterprise invested $10 million for a significant stake in Corvi LED Light.
Despite the recent funding success, Corvi LED has faced financial challenges. For the fiscal year ending in March 2023 (FY23), the company reported a minor decline in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22. During the same period, losses increased to Rs 9.74 crore from Rs 7.41 crore. The company has yet to file its annual financial statements for FY24.
The consumer lighting sector has seen a resurgence in strategic funding activities. In May, performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise after 17 years. Similarly, fast fashion omnichannel ethnic wear brand Libas raised $18 million in its first-ever external financing. Last month, the 18-year-old salon chain Jean Claude Biguine (JCB) Salons India secured Rs 40 crore ($4.8 million) from the alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal announced $36 million in its first venture capital funding.
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