Consumer electronics maker Circuit House Technologies said it has raised $4.3 million in a funding round led by Stellaris Venture Partners and 3one4 Capital.
The round also saw participation from Varun Alagh (Co-founder, Mamaearth), Abhishek Goyal (Co-founder, Tracxn) and a host of strategic investors. The firm did not disclose the valuation at which the funding took place. The funding will be utilised to assemble an exceptional team across multiple functions, advance its R&D efforts on hardware and software and launch India’s next-generation consumer electronics brand in the coming months.
Founded by Raghu Reddy, ex-CBO, Xiaomi India and Kailash Sankaranarayanan, ex-Senior Director, Flipkart, Circuit House will develop and sell consumer electronic products, starting with products in the home entertainment category that will be launched early next year. “At Circuit House, we believe that leveraging innovative technology and unique Indian consumer insights can help deliver a differentiated proposition. Our goal is to build the next-generation Indian consumer tech company, offering cutting-edge home entertainment products that spark excitement and joy,” said Raghu Reddy, Co-founder, Circuit House Technologies.
Significant opportunity
The Indian consumer electronics market, valued at about $80 billion in 2023 and projected to grow at a CAGR of 7 per cent from 2023 to 2030, presents a significant opportunity. Circuit House Technologies aims to establish a strong foothold in this large market, starting with the home entertainment segment.
Rahul Chowdhri, Partner, Stellaris Venture Partners said, “We see tremendous potential in Circuit House Technologies’ approach to the consumer tech market. Raghu and Kailash bring unparalleled expertise and vision to the table and their innovative strategies and leadership inspire great confidence. We are certain they will drive the company to new heights, achieving remarkable success in the industry.”