Circuit House Technologies, a consumer electronics company founded by Raghu Reddy, the former CBO of Xiaomi India, has raised $4.3 million. Stellaris Venture Partners and 3one4 Capital led this funding round.
The firm did not reveal the valuation of the funding but mentioned that the entire $4.3 million came from equity funding. This is the company’s first institutional funding. Several angel investors, including Mamaearth co-founder Varun Alagh and Tracxn co-founder Abhishek Goyal, also joined in the funding.
“We see tremendous potential in Circuit House Technologies’ approach to the consumer tech market. Raghu and Kailash bring unparalleled expertise and vision to the table, and their innovative strategies and leadership inspire great confidence. We are certain they will drive the company to new heights, achieving remarkable success in the industry,” said Rahul Chowdhri, partner at Stellaris Venture Partners.
Circuit House will develop and sell consumer electronic products, beginning with home entertainment items launching early next year. Reddy and Kailash Sankaranarayanan founded the company in March this year. Reddy was previously the chief business officer at Xiaomi India, while Sankaranarayanan was the senior director and revenue head of grocery at Flipkart.
“Today’s modern, aspiring Indian consumer expects superior and relevant local experiences. At Circuit House, we believe that leveraging innovative technology and unique Indian consumer insights can help deliver a differentiated proposition. Our goal is to build the next-generation Indian consumer tech company, offering cutting-edge home entertainment products,” Reddy said.
