Indian Technology Startup Muse Wearables has raised funds to the tune of US$ 3 Million (Rs. 22 crore Approx) which will enable it to launch a new wearable tracker by August 2020, which has the potential to detect Covid-19 a few days before the symptoms appear.
This round of funding has come from their existing investors and new investors led by Dr. Bhaskar Rao Bollineni, Managing Director of Kims hospitals.Previously, Muse Wearables had raised Rs. 6.85 crore from Keiretsu Forum, Lead Angels and other HNIs including noted Film Director Mr. S.S. Rajamouli (of ‘Baahubali’ fame) between 2017-19.
Speaking about his motivations in investing in Muse Wearables, Mr. Bhaskar Rao Bollineni, Managing Director, KIMS Hospitals, said,“We are excited to be part of the next phase of Muse Wearables. As an IIT Madras incubated start-up, Muse Wearables and its young founders’ vision completely aligns with ours. We are happy and proud to see the breakthroughs they have achieved in the wearables segment. Muse wearables are bound to achieve phenomenal growth by leveraging their strong innovative culture, agile execution capabilities, and global relationships.”
With the new funding round, Muse wearables will also increase their production cycles and scaling sales, targeting 200,000 product sales this year with plans to achieve 10,00,000 product sales by 2022 across the world. An introductory video about Muse Wearables can be found on their official website.
Muse Wearables sells the world’s first payment-enabled hybrid smartwatches across 70 countries with its wearable payments service live in 29 countries.A shining example of the ‘Make In India’ campaign, all products of the startup are completely conceived, designed, and assembled in India and sold abroad. It is a global brand made in India.Muse Wearables Startup was founded by Mr. K.L.N Sai Prasanth and Mr. Yathindra Ajay K.A, graduates of IIT Madras, and Ms. K. Prathyusha, an NIT Warangal Graduate.
Thanking the investors for their faith in their startup, Mr. K.L.N. Sai Prasanth, Co-Founder and Chief Executive Officer, Conzumex Industries, which operates the brand ‘Muse Wearables,’ said,“The investors believe in our innovations and believe that we can create a huge difference in the consumer tech space. Prior to this funding round, our production cycles were big as we used to rotate the sales revenues to produce more products. This funding round helps us to scale faster and establish a strong brand in the market with shorter production cycles.”
Muse Wearables was incubated by IIT Madras Incubation Cell. Muse Wearables is based out of Bengaluru with registered offices in Chennai, Singapore and London. It currently caters to nearly 70 countries through ‘Direct to Consumer’ Business Model (selling products through online platforms directly to the consumer).
In the next five years, Muse Wearables aims to be a leading innovative technology company in India and build a global consumer brand with cutting-edge innovations across consumer electronics, consumer health tech, digital id and cashless payments.
Highlighting the mid-term goals of the startup, Ms. K. Prathyusha, Co-Founder, Chief Operating Officer, and Head of Hardware Engineering, Conzumex Industries, said,“We are coming up with a new offline retail strategy and will establish our retail presence by the end of 2021 in 1,000 stores across the 70 countries we operate in. We will also focus on establishing our brand.”
Conzumex boasts a fast-paced lively work culture with a diverse set of people. As part of its scaling efforts, it is now looking to strengthen its team across different business verticals.
Mr. Ajay Yathindra, Co-Founder and Chief Product Officer, Conzumex Industries, said, “While creating solutions to these two issues, Muse Wearables has filed two patents and created a subsidiary company called Muse Nanobots to scale the recently-developed Antiviral nanotechnology. Today, Muse Nanobots is producing Antiviral Textiles to companies in India and for global markets.”