Hyderabad-based consumer electronics startup Mivi raises undisclosed amount in debt funding from N+1 Capital

HYDERABAD (Reuters) – Local consumer electronics player Mivi said on Tuesday it had raised an undisclosed amount in a debt financing round from N+1 Capital, one of the largest capital funds revenue-based growth in India.
The so far seeded Hyderabad-based company said it would use the funds to expand its vertical footprint, diversify its product line into new verticals, grow its customer base and further strengthen its internal capabilities.
“The capital injection by N+1 capital will put us on an accelerated growth trajectory, on which we will expand our product portfolio in several new and in-demand categories,” said Mivi co-founder Midhula Devbhaktuni. .
She said the company, which currently manufactures audio products, plans to expand its existing manufacturing facility and also set up a new facility at E-City near Hyderabad International Airport in Shamshabad by the start. of 2023.
“We plan to increase our current headcount from around 700 to around 2,000 and also expand our offerings to include products like soundbars,” Devbhaktuni said, adding that the company is also in talks with some global giants. electronics for others. manufacturing opportunities as well.
Mivi currently manufactures audio products like headphones and wireless speakers from its factory in Hyderabad after moving its manufacturing operations from China in 2020.

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