INDKAL TECHNOLOGIES PRIVATE LIMITED

Business Overview

• Indkal is a Bengaluru-based consumer electronics design/manufacture/distribution company operating an integrated ecosystem across product innovation, marketing and after-sales support, with pan-India distribution across 120+ cities and 18,500+ pin codes and 1M+ products delivered.
• It runs proprietary brands Wobble, smart TVs, formerly "Wobble Displays", and Perrel, plus licensed brands Acer and Black+Decker for TVs, refrigerators, air conditioners, washing machines and smartphones.
• It has also been publicly linked to the Kodak TV license in some press coverage, unconfirmed on official site.
• Source: indkal.com (official site).

Sector & Classification

Consumer Electronics & Durables (electronics manufacturing / wholesale trading, CIN activity group U32100 = "Manufacture of electronic valves, tubes and other electronic components"); exact NIC code not separately disclosed on any source

Directors & Key Management

GST Registrations

Not obtained — no individual GSTIN page found on knowyourgst.com, findgst.in, or mastersindia.co for this legal name (searches 404/500'd); PAN AAHCG4649R (single-source, see above) would underlie any GSTIN but the registration number(s), home state count, and status could not be located on any reliable source in this pass.

Financials

• FY2024, year ended 31 Mar 2024, entity-level, standalone; no subsidiaries disclosed: Revenue ~INR 621.01 Crore, Falconebiz exact figure; Tofler independently corroborates "over INR 500 Cr" and identical 138.12% YoY growth rate — 2-source agreement on revenue.
• EBITDA +140.25% YoY, Net Profit +28.59% YoY, Net worth +35,122.78% YoY, Tofler growth-rate data only — absolute INR values for EBITDA/PAT/net worth/borrowings/total assets are paywalled behind Tofler Pro on every source checked, so exact figures = not obtained.
• Employees: 187, as of Sep 2025, TheCompanyCheck.

Funding History

• Total disclosed funding ~$56M across at least 2 priced rounds (Inc42): Series A ~$36M, 13 Jun 2024, investor undisclosed on Inc42, and a $20M round (~Sep 2025) described by Moneycontrol-sourced coverage as a "Series B bridge round led by existing investors and select family offices" to scale the Wobble Displays TV brand.
• Company reported, per news aggregation, to be in advanced talks to raise up to $80M more for consumer-durables/smartphone manufacturing expansion.
• Tracxn, round-color only, per source-map rule, separately shows "$56.2M over 5 rounds from 13 investors" including PG Electroplast, Logx Venture Partners and Century Private Wealth — this round-count/investor list conflicts with Inc42's simpler 2-round account, so treat the investor names as indicative/partial, not confirmed.
• PitchBook/CB Insights/Crunchbase profiles exist but were not fetched in depth, paywalled/not verified this pass.

Shareholding

• Not obtained — shareholding/cap-table data is paywalled on Tofler, TheCompanyCheck and Falconebiz alike; no MCA filing PDF located via news mirrors in this pass.

Loans & Charges

• Open charges ~INR 250 Crore
• Satisfied charges ~INR 157.5 Crore, TheCompanyCheck, corroborated by Falconebiz's identical figures.
• Lender breakdown: open, open, ₹40 Cr 10 Sep 2024, ₹30 Cr 5 Feb 2026
• Two independent sources agree on totals — confirmed.

Related Parties

• Common-director group entities, TheCompanyCheck, single source — partial: Indkal Services Private Limited, Bangalore, active, Shwand Consulting Private Limited (Pune, active), Ajay Pandey Entertainment LLP (Mumbai, active), Amazonia Plantation Private Limited (Mumbai, active), Fulcrum Glocon LLP, Navi Mumbai, active, Futuretech Project Consultants LLP (Mumbai, active), Suraa Beverages Private Limited (Thane, active), Incantarium Impex LLP (Pune, active), Jmag Enterprise LLP, Pune, struck off.
• Note: most of these look like unrelated directorships of individual directors rather than a corporate group/promoter structure — do not treat as a formal Indkal "group."

Credit Ratings

• Not obtained.
• No CRISIL/ICRA/CARE rating found for "Indkal Technologies Private Limited" specifically.
• Caution/entity-confusion trap: a search surfaced a CRISIL rating, "BBB-/Stable/A3", for "Inckah Infrastructure Technologies Private Limited" — a different, similarly-spelled company — which must NOT be attributed to Indkal.

Legal & Compliance

• Indian Kanoon shows a recurring commercial/trademark-style dispute and other matters, source: indiankanoon.org: Indkal Technologies Pvt Ltd vs Bhagwati Products Ltd — Delhi High Court filings Feb–Mar 2023, plus Karnataka High Court Civil Misc.
• Petition No.
• 313/2023 with orders 19 Jan 2024 and 12 Dec 2024, and a further Bhagwati Products Ltd vs Indkal order 20 Aug 2024, recurring litigation, unclear final outcome — not obtained.
• Indkal Technologies Pvt Ltd vs Acer Incorporated — Karnataka HC Writ Petition No.
• 26718/2025 (8 Sep 2025).
• Indkal Technologies Pvt Ltd vs Kms International — Bangalore District Court (7 Mar 2026).
• Indkal Technologies Pvt Ltd vs Priyanka Singh — Bangalore District Court (5 Jan 2026).
• Case subject matter/outcomes not detailed by the source
• Treat as case-index listing only.

Competitive Landscape

• Indian consumer-electronics contract manufacturers/brand licensees of comparable or larger scale: Dixon Technologies, large-scale EMS, listed, Amber Enterprises, listed, RAC/durables EMS, PG Electroplast, listed EMS, also a reported Indkal investor per Tracxn — potential related-party overlap to flag, Super Plastronics Pvt Ltd, Kodak/Thomson/BPL TV brand licensee, closest direct comp in the brand-licensed-TV space, Epack Durable, listed, RAC/durables EMS, Voltas Beko (JV, appliances).
• Scale tag: Dixon and Amber are considerably larger listed players, multi-thousand-crore revenue
• PG Electroplast, Epack similar-to-larger mid-cap listed peers
• Super Plastronics is the closest unlisted, similarly-sized direct competitor in branded-TV licensing.

Frequently Asked Questions

Sources

tofler.in, thecompanycheck.com, falconebiz.com, indkal.com (official site), indiankanoon.org, inc42.com, duckduckgo/html.duckduckgo.com (used to surface Moneycontrol/CRISIL snippets and cross-check DIN), tracxn.com (funding round color only, per source-map rule — not used for shareholding/financials)