Mivi, a leading domestic consumer electronics brand, has raised an undisclosed amount from N+1 Capital in a debt financing round. N+1 Capital, India’s largest revenue-based growth capital fund, has been affiliated with the previously bootstrapped company as its first financial partner.
Mivi is a one-of-a-kind firm based in Hyderabad that specialises in audio gadgets, with goods ranging from TWS (True Wireless Earphones) to speakers to meet the audio needs of today’s tech-savvy, music-loving Indian people.
In 2020, Mivi launched its own production facility in India, reducing the country’s reliance on China in this sector. Mivi manufactures all of its audio equipment in India, making it the only brand in this market to do so.
Midhula Devabhaktuni, Co-founder, Mivi said, “There is currently a dearth in the country’s consumer electronics market when it comes to quality audio equipment. Mivi was founded to bridge this gap and take the Indian audio gadgets segment to compete with global players. The capital infusion by N+1 capital will set us up on an accelerated growth trajectory, banking on which we will expand our product portfolio across several new and in-demand categories. On the back of our high-quality, made-in-India products, we look forward to becoming the most preferred electronics brand for Indians.”
Ashish Singla, Managing Partner, N+1 Capital, said, “We are excited to support Mivi in its journey to build a homegrown consumer electronics brand. The stellar founding team coupled with their unique ability of inhouse product design manufacturing allows them to offer products tailored to Indian consumers. We look forward to being Mivi’s growth capital partners in their journey”.