Corvi LED, a leading consumer lighting company, has successfully raised $8 million in a Series B growth capital round led by Enam Investments. This funding marks a significant milestone for the Mumbai-based firm, coming after a seven-year hiatus.
The news, first reported by Entracker, highlights a crucial step forward for Corvi LED. Previously, Hero Enterprise invested $10 million in the company, acquiring a stake that has helped drive its initial growth.
In a press release, Corvi LED announced that the fresh infusion of capital will be strategically utilized to expand into new geographies, diversify its product portfolio, and enhance its technological capabilities. The company aims to strengthen its market presence in both B2C and B2B segments, with plans to introduce a range of innovative LED products tailored to modern demands.
Founded in 2012 by Vimal Soni, Corvi LED has built a diverse portfolio of over 100 products across seven categories, including bulbs, tubes, flat, surface, and more. The company is known for setting global benchmarks with top efficiency ratings and unique features such as eliminating metal bodies, drivers, and heat sinks.
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According to Tracxn, Corvi LED Limited generated a revenue of ₹16.7 crore for the financial year ending on March 31, 2022. However, the company has experienced a compounded annual growth rate (CAGR) of -15% over the past five years, reflecting a period of financial difficulty. For the same financial year, Corvi LED reported a net loss of ₹7.41 crore.
With a dedicated team of 25 employees as of November 30, 2023, Corvi LED continues to push the boundaries of design and efficiency.
The company’s dedication to excellence has been recognized globally, with numerous accolades including the Red Dot Design Award (Germany), If Design Award (Germany), Good Design Award (Japan), and IDA Awards (USA). Notably, nine of Corvi LED’s products have won the prestigious Red Dot trophy this year alone.
