In a strategic move towards bolstering its technological capabilities and expanding its reach in the market, Arapl RaaS has recently secured significant funding of Rs 38 crore from its parent company ARAPL (Affordable Robotic and Automation Limited).
This infusion of capital comes as part of a larger rights issue totalling Rs 48 crore, indicating strong backing from ARAPL towards the growth and development of its subsidiary, a statement said.
The Rs 38 crore investment is earmarked specifically for Arapl RaaS to fuel its revenue generation phase, particularly targeting the lucrative USA market. A substantial portion of the funds will be allocated towards working capital and refining its technology infrastructure, a critical aspect in maintaining competitiveness and driving innovation in the rapidly evolving landscape of autonomous vehicles and robotic solutions, according to the statement.
Robinson Philipose CEO of ARAPL RaaS said “The successful fundraising and the trust demonstrated by the parent company has remarkably boosted team morale and determination. This positive turn of events underscores the team’s renewed commitment to achieving success against all odds”
One of the primary objectives behind the investment is to penetrate the USA market by appointing sales personnel and deployment engineers. Already, Arapl RaaS has made significant strides in this direction, with several clients onboarded for trial and purchase agreements valued at USD 3 million. Additionally, discussions with other potential clients are underway, signaling a promising trajectory for the company’s expansion efforts, as per the company’s statement.
Arapl RaaS also announced the appointment of a new Chief Technology Officer (CTO). The newly appointed CTO brings to the table a wealth of experience, boasting 14 years in the domain of autonomous vehicles and Advanced Driver Assistance Systems (ADAS). With a distinguished background as the Chief Architect at a renowned technology firm specializing in autonomous vehicles, the new CTO is poised to steer Arapl RaaS towards greater heights of innovation and excellence, the company said.
Furthermore, the establishment of a new office in Gurgaon dedicated to tech development signifies Arapl RaaS’s commitment to fostering a culture of innovation. This office will house a 30- member strong tech team led by the CTO, tasked with developing cutting-edge solutions to propel the company forward, as per the company’s statement.
“The Rs 38 crore funding underscores our faith in Arapl RaaS’s potential to lead the autonomous vehicle and robotic solution space. With an experienced new CTO driving indigenous software development, the company is primed to push technological boundaries. This investment reflects our commitment to Arapl RaaS’s growth and our vision to establish it as an industry frontrunner, delivering value to customers. We are confident in the team’s ability to redefine the future of mobility and automation1”, Said Milind Padole, Managing Director ARAPL.
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