Zoho invests in 2 manufacturing startups to create job opportunities
"The investments are part of its ongoing efforts to build deep-tech know-how and manufacturing capabilities in India," the company said.
IANS
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NEW DELHI: Cloud software major Zoho on Saturday informed its investment of an undisclosed amount in manufacturing startups Karuvi and Yali Aerospace which would create jobs in smaller towns and villages.
The company said that the investments are part of its ongoing efforts to build deep-tech know-how and manufacturing capabilities in India.
"Manufacturing and technology capabilities are critical to a nation's economic prosperity. For our country to gain in this area, conscious attention to building expertise that is currently scarce becomes necessary," said Sridhar Vembu, CEO and Co-founder of Zoho.
Established in 2022, Karuvi is a mechatronics startup that has launched 10 tools ranging from drills and power saws to angle grinders.
The company, currently established in Chennai, plans to open a manufacturing unit in Tenkasi this year.
The Karuvi products are manufactured with around 95 per cent locally sourced components.
"We will be adding more tools to our portfolio and plan to have at least 30 products by the end of 2025. We are also working to create a network of suppliers so that we can source all components locally," said MSD Prasad, CEO, Karuvi.
Yali Aerospace is an aerospace startup based out of Thanjavur in Tamil Nadu.
Their current model can deliver emergency medical supplies, covering over 300 kilometres in 120 minutes.
"We are in talks with the Directorate General of Civil Aviation (DGCA) to get approvals to start a pilot project to create a network between hospitals, especially in the hills where transportation is a challenge," said Dinesh Baluraj, CEO and Founder, Yali Aerospace.
