ICICI Ventures, a private equity firm, led a $21m funding in EPACK Durable, a contract manufacturer of room air conditioners. “RAC penetration in India is lowest with penetration in 7-8% households only. Over the last two decades, EPACK has been building capabilities to manufacture RACs and SHAs. We have built strong business relationships with all key brands. The new capital will help us deepen our manufacturing and R&D capabilities, and gain more market share over the next four to five years,” Sanjay Singhania, EPACK Promoter Director.