Companies

Peppermint raises seed round funding from Venture Catalysts

Our Bureau Mumbai | Updated on June 17, 2020 Published on June 17, 2020

Industrial robotics start-up Peppermint has raised an undisclosed amount in seed round funding from Venture Catalysts, with participation from Naveen Kshatriya, Former Head of Castrol Asia and ANZ.

Peppermint will use the fresh equity to scale up its manufacturing efforts, strengthen after-sales support infrastructure and foray into new markets, the company said in a statement.

Founded by Runal Dahiwade, Nityanand Prabhutendolkar and Miraj C Vora, Peppermint has built an industrial floor cleaning robot. Launched in February 2020, the robot is designed to service everyday floor cleaning needs at public and industrial spaces such as airports, railways, factories, industries and hotels among others.

“With the onset of Covid-19 pandemic, the need for tech-enabled cleaning and hygiene solutions at workplaces is now higher than ever. Robots and automated machines can play a vital role during this crisis as they can minimise human intervention and enable social distancing,” Apoorv Ranjan Sharma, President and Co-founder at Venture Catalysts said.

“Many countries have already deployed robots that can clean and large surfaces without requiring any human assistance, and India is also ruminating about the potential of cleaning robots in combating the pandemic. Peppermint is well-positioned to take the lead in this area with its state-of-the-art offerings,” he added.

The market for Organised Facility Management in India is projected to grow at 18 per cent on a compounded annual growth rate between 2018 and 2022 to reach the valuation of $20 billion by 2022.

Venture Catalysts, an integrated incubator, invests $250,000–$1.5 million in early stage start-ups.

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Published on June 17, 2020
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