Investment26 Mar 2024, 05:14 pm
Affordable Robotic & Automation Ltd Secures Rs 38 Crore Funding, Appoints New CTO
AI Summary
Affordable Robotic & Automation Ltd (ARAPL) has secured Rs 38 crore from its parent company for revenue generation and technological advancement, specifically targeting the USA market. The investment comes as part of a larger Rs 48 crore rights issue. ARAPL has also appointed a new Chief Technology Officer (CTO) with 14 years of experience in autonomous vehicles and ADAS. With the new funds, ARAPL plans to enhance its tech infrastructure, expand into the USA market, and develop in-house controller and powertrain. The company is also exploring opportunities in the defence sector.
Key Highlights
- ARAPL secures Rs 38 crore funding from its parent company
- Funds allocated towards revenue generation, USA market penetration, and tech infrastructure
- New CTO brings extensive experience in autonomous vehicles and ADAS
- Plans to develop in-house controller and powertrain
- Exploring opportunities in the defence sector