EPACK Durable Raises $40 Mn In Affirma Capital-Led 2nd Round
The infusion of fresh equity capital will help the company drive further expansion in capacity and focus on backward integration for multiple components, said a statement
EPACK Durable Private Limited (EDPL) has announced a second round of capital infusion of $40 million led by Affirma Capital. The company raised $24 million from ICICI Venture in its first round of investment last year.
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EDPL currently has an installed capacity of over 2.4 million RAC and 2 million SHA units, and the infusion of fresh equity capital will help EDPL drive further expansion in capacity and focus on backward integration for multiple components, said a statement. The company targets to increase its RAC capacity to 3.6 million units per annum by next year to capture the growing demand for RACs in India and cater to the needs of export markets as well, it added.
EDPL manufactures a range of devices: room air conditioners, including window ACs and split ACs, induction cooktops, mixer grinders, and water dispensers. The company supplies its products to Indian and multinational brands. With plans to add new capacity at existing and new locations and localization of components, EDPL intends to contribute to the Atma Nirbhar Bharat initiative and Make in India agenda of the Government of India, claims the company.
The company also states that it is in the process of setting up a greenfield manufacturing facility in Andhra Pradesh, which is expected to be commissioned next year, and is also plannning the brownfield expansion of its facility at Bhiwadi, Rajasthan, which will be commissioned by the end of the current financial year.
"We are very happy with the formidable presence we have built in the RAC and SHA ODM space. We are very excited to strengthen our relationship with existing and new customers and serve them with a wider range of products. We are very glad to partner with Affirma Capital, which brings onboard significant capabilities to help us build a much stronger business," said Ajay Singhania, MD and CEO, EDPL.
"India has been a core investment destination for us for over 20 years where we have backed leading mid-market enterprises to become national and regional champions. As penetration levels of air conditioners and small home appliances increases, and the industry gets more organized, EDPL is well positioned for significant growth, and we look forward to helping the company's founders in this journey," said Udai Dhawan, Founding Partner, and India Head of Affirma Capital.
