EPACK Durable receives equity investment of INR 1,600 Mn to fund its expansion
October 18th , 2021, India: EPACK Durable Private Limitedand funds advised by ICICI Venture, today announced a fresh round of capital infusion of INR 1,600 mn. This round of funding is driven by India Advantage Fund Series 4 and Dynamic India US S4 I, funds advised by ICICI Venture.
EPACKDurable currently has an installed capacity of over 1 mn RAC and 1 mn SHA units and the infusion of fresh equity capital will help Epack todrive further expansion in capacity and focus on backward integration with addition of capacity for multiple components. The Company targets to increase its RAC capacityto 3.0 mn units per annum by 2025, to capture the growing demand of RACs in India and cater to the needs of export markets as well.
EPACKis the second largest ODM for RACs in India.The Company manufactures the complete range of room air conditioners including Windows ACs and Split ACs, with latest technology including fixed speed and inverters. The company also manufactures SHA including induction cooktop,mixer grindersand water dispensers etc. The Company supplies its products to key Indian and MNC brands.With plans to add new capacity at existing and new locations and localization of components, EPACKintends to contribute to the Aatmanirbhar Bharat initiative and Make in India agenda of Government of India.The Company is already in the process of setting up a greenfield manufacturing facility near Bhiwadi in Rajasthan which is expected to be commissioned in Q3 of the current financial year. The company has also announced its plan for setting up a greenfield manufacturing plant in South India which is expected to be operational by Q3 of 2022.
BL Bothra, Chairman, EPACK Durable Private Limited, said, “We are very happy with the formidable presence EPACK has built in the RAC & SHA ODM space. We are very excited to strengthen our relationship with existing& new customers and serve them with wider range of products. We are very glad to partner with ICICI Venture which brings in significant capabilities to help us build much stronger business”.
Sanjay Singhania, Promoter Director, EPACK Durable Private Limited, elaborating on this landmark said, “RACpenetration in India is lowest with penetrationin 7-8% households only. Over the last two decades, EPACK has been building manufacturing capabilities to manufacture Room Air Conditioners and small home appliances. We have built strong business relationships with all key brands.The new capital will help us deepen our manufacturing and R&D capabilities,and gain more market share over next 4-5 years”.
Puneet Nanda, MD & CEO, ICICI Venture Funds Management Company Limited, said“ICICI Venture has consistently backed Indian entrepreneurs and supported the growth of manufacturing industries in India. The recent investment in EPACK Durable is in line with the same philosophy and directly contributes to the Government of India’s vision of an Atmanirbhar Bharat. Over the past few years, EPACK has established itself as a prominent manufacturer of room air conditioners and other home appliances products, with investments in research and quality which allow them to cater to their customers’ diverse needs. We are excited to partner with the promoters and management team at EPACK Durable and look forward to working with them in their growth journey.”