Kalaari-backed Peer Robotics shuts down operations

Entrackr · 7d

Kalaari-backed mobile robotics solutions platform Peer Robotics has shut down, as the US-headquartered company is no longer operational and unable to continue its business activities. The board of Peer Robotics has passed a resolution during a shareholders’ meeting, approving the removal of the company’s name from the records of the Registrar of Companies (RoC), according to a regulatory filing sourced from the Ministry of Corporate Affairs. "The company has not conducted any business activities for the past two years, and the board of directors believes it will be unable to resume operations in the future," the filing further stated. Founded in 2019 by Rishabh Agarwal and Tanya Raghuvanshi, Peer Robotics is designed to work with humans by mirroring workflows in manufacturing operations on repetitive tasks, saving time, increasing efficiencies, and reducing injuries. The platform offers adaptive robots in manufacturing, assembly lines, and warehousing segments. Peer Robotics has raised $2.3 million in a seed round in 2022, led by Kalaari Capital and with the participation of Axilor Ventures, Connecticut Innovation, and Innopact VC. It was also a part of the Stanley+Techstars Accelerator programme. The company’s financials also indicate a shutdown or inactive status, as it reported nil revenue and a marginal loss in FY24, according to its annual financial statement. Peer Robotics had posted a modest revenue of Rs 34 lakh in FY23, a sharp decline from Rs 1.33 crore in FY22.