Affordable Robotic and Automation Ltd’s shares were up by 1.50 per cent after the company reported that its subsidiary Arapl RaaS secured a funding injection of ₹38 crore from its parent company ARAPL, as part of a larger rights issue totaling ₹48 crore.
The investment will primarily be directed towards fueling Arapl RaaS’s revenue generation phase and refining its technology infrastructure, with a focus on autonomous vehicles and robotic solutions. ₹
Arapl RaaS has also appointed a new Chief Technology Officer (CTO) with experience in autonomous vehicles and Advanced Driver Assistance Systems (ADAS).
Additionally, the company is establishing a new office in Gurgaon dedicated to tech development and housing a team focused on developing solutions under the leadership of the CTO. The company also plans to create in-house controllers and powertrains to expand its revenue streams beyond autonomous vehicles.
“The ₹38-crore funding underscores our faith in Arapl RaaS’s potential to lead the autonomous vehicle and robotic solutions space. With an experienced new CTO driving indigenous software development, the company is primed to push technological boundaries. This investment reflects our commitment to Arapl RaaS’s growth and our vision to establish it as an industry front-runner, delivering value to customers. We are confident in the team’s ability to redefine the future of mobility and automation,” said Milind Padole, Managing Director, ARAPL.
The shares were up 1.50 per cent at ₹442.50 at 1.50 pm on the BSE.
