Former Xiaomi India CBO raises $4.3 million to build next-gen consumer tech brand

1. Circuit House Technologies secured seed funding in a round led by Stellaris Venture Partners and 3one4
   Capital, with participation from prominent angel investors.

   The funding will be invested in assembling a cross-functional team of experts, advancing R&D efforts,
   and developing cutting-edge consumer electronic products.

National, 6th, July 2024 – Circuit House Technologies, a pioneering venture led by consumer tech industry veterans, has announced $4.3 million in seed funding led by Stellaris Venture Partners and 3one4 Capital, with participation from prominent angel investors including Varun Alagh (Co-founder, Mamaearth), Abhishek Goyal (Co-founder, Tracxn), Himanshu Chandra (Co-founder, Progcap), and a host of strategic investors.

Circuit House Technologies has been co-founded by Raghu Reddy (ex-CBO, Xiaomi India) and Kailash Sankaranarayanan (ex-Senior Director, Flipkart). Raghu played a key role in propelling Xiaomi to become India’s leading Smartphone and Smart TV brand. Recognised among the top 10 contributors globally at Xiaomi, Raghu is known for his strategic acumen and leadership, having built teams that scaled multiple consumer tech categories. Kailash, a marketing leader with over 15 years of experience, has a proven track record of scaling brands, businesses and digital initiatives in HUL, Murugappa and Flipkart.

The funding will be utilized to assemble an exceptional team across multiple functions, advance its R&D efforts on hardware and software, and launch India’s next-generation consumer electronics brand in the coming months.

Raghu Reddy, Co-founder, Circuit House Technologies said, "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 products that spark excitement & joy. We are honored by the support of our esteemed investors, whose backing validates our vision of transforming the consumer tech space and reflects their belief in our team.”

The Indian consumer electronics market, valued at about USD 80 billion in 2023 and projected to grow at a CAGR of ~7% from 2023 to 2030, presents a significant opportunity. Circuit House Technologies aims to establish a strong foothold in this large market, starting with the home entertainment segment.

Rahul Chowdhri, Partner, Stellaris Venture Partners said, “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”.

Akshay Sharma, Vice President, Investments, 3one4 Capital said, “In light of today’s customers' aspirations, we recognize a substantial opportunity for the Circuit House team to build superior products that redefine quality. With Raghu and Kailash bringing over a decade of experience and expertise, we are excited about establishing a prominent Indian consumer electronics brand that rivals the best in the world."

About Circuit House

Founded by industry veterans Raghu Reddy (ex-CBO, Xiaomi India) and Kailash Sankaranarayanan (ex-Senior Director, Flipkart), Circuit House Technologies is committed to delivering cutting-edge, innovative tech products tailored to modern Indian consumers. The company leverages its deep industry experience and technology expertise, harnessing consumer insights to deliver on the promise of superior value and experiences across multiple categories.

For more information, please visit www.circuithouse.tech or contact us at hello@circuithouse.tech.

About Stellaris Venture Partners

Stellaris Venture Partners is an early-stage, sector-agnostic venture capital firm dedicated to supporting fearless founders at the inception of their entrepreneurial journey. Stellaris started its first fund in early 2017 and is currently investing from its second fund of $225 Million. Over the years, Stellaris has built a diverse portfolio, investing in over 40 companies across sectors such as SaaS, Consumer, Financial Services, B2B Commerce, Education, EVs, Healthcare, and more, primarily in Seed and Series A stages.

Stellaris is proud partners of several market leaders - Mamaearth, Whatfix, Propelld, Turno, Dashtoon, and Kiwi, among others.

For more information, visit our website stellarisvp.com.

About 3one4 Capital:

3one4 Capital is an early-stage venture capital firm based in Bengaluru, India. The firm works in select market categories and in the intersection of adjacencies that are large, growing, and ready for unique products and services. The themes pursued are SaaS, Enterprise & SMB Automation, Fintech, Consumer Internet, and Digital Health, with a focus on areas such as machine-driven actionable intelligence services, digital media, ambient intelligence technologies, logistics and distribution, and climate tech.

At 3one4, the team has intentionally built a long-term commitment to responsible investing and to support the evolution of an ecosystem conducive to RI. This active commitment has helped the firm secure the signatory status to the UN PRI, making 3one4 Capital the first Venture Capital signatory from India and the fifth overall asset management firm approved from the country.

3one4 Capital has been ranked by Preqin, a global reference database for asset management, as India’s top performer for two of its funds in the recent Alternative Assets report. The seed and early-stage funds managed by the firm have been recognised for their performance amongst the India-focused venture capital funds in this Asia Pacific-focused report published in 2021. With industry-leading Net IRRs, 3one4 Capital’s Rising I & Fund II are the top two amongst the best performing India-focused VC funds between the vintage years, 2010-2018.

The firm manages INR 4,200 Cr+ (USD 520M+) of committed capital and a combined portfolio of over 80 investments across the early stage.