19 February, 2016, Bangalore: Ark Robot came out as a winner in ‘Make In India’ contest and as a result, the company gets an equity investment of worth close to US $300K as prize money from chip maker Qualcomm.
This contest was organised by the by the Department of Industrial Policy and Promotion (DIPP) in association with Qualcomm ventures which is the venture investment firm of QualcommInc. ‘Make In India Contest’ was judged by the bench of judges comprising of DIPP secretary Amitabh Kant, Kris Gopalakrishnan (co-founder of Infosys), Ravi Gururaj (founder and CEO of QikPod.com), Sunil Lalvani (president of Qualcomm India) and Karthee Madasamy (vice president, Qualcomm Ventures India). QPrize is a global seed investment competition that Qualcomm Ventures runs as part of its engagement with early-stage entrepreneurs. The event was the part of the ongoing ‘Make In India Week’.
The Bangalore based company; Ark Robot works under iFuture Robotics Pvt Ltd. It is an intelligent warehouse startup that serves clients in industry segments such as e-commerce, automotive and logistics. Company plans to utilise the raised amount in its further development and expansion. However, the competitor of Ark Robot, Grey Orange had managed to raise seed funding of US $30 million funding from big investors such as Tiger Global Management and Blume Ventures in August last year.