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EPACK Durable Raises $40 Million in Second Round of Financing Led by Affirma Capital

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  • EPACK Durable is an outsourced design manufacturer of room air conditioners.
  • The company is proposing to invest more than $40 million in brownfield and greenfield expansion.
  • It aims to increase its capacity to 3.6 million RAC units by next year.

EPACK Durable (EDPL) said today it has raised $40 million — in a second round of funding led by Affirma Capital. Last year, the company raised $24 million from ICICI companies in its first investment round.

EDPL is an outsourced design manufacturer for room air conditioners or RACs in India‘. It produces window ACs, split ACs and other small home appliances or SHAs.

The company has installed capacity to produce more than 2.4 million RACs and 2 million SHAs per year. The infusion of new equity will help EDPL drive capacity expansion; and will also help focus on backward integration for multiple components.

“We are very pleased to partner with Affirma Capital, which brings significant capabilities on board to help us build a much stronger company,” said Ajay Singhania, MD & CEO of EDPL.

India’s RAC penetration is among the lowest in the world at 7-8% of households, BL Bothrarevealed chairman of EDPL.

“Over the past two decades, EDPL has built up production capacity to produce room air conditioners and small household appliances. We have built strong business relationships with all major brands,” said Bothra.

EPDL is in the process of setting up a new production facility in Sri City, Andhra Pradesh, which is expected to be commissioned next year.

“India has been a key investment destination for us for over 20 years, supporting leading medium-sized companies to become national and regional champions. As the penetration levels of air conditioners and small home appliances increase, and the industry becomes more organized,” Udai Dhawanco-founder and head of Affirma Capital in India.

The company has also announced its plan for brownfield expansion of its facility in Bhiwadi, Rajasthan, which will be commissioned by the end of the current financial year. It aims to increase RAC capacity to 3.6 million units per year next year.

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