The startup’s Series A comes more than a year after its seed round, in which it raised $551K (INR 4.1 Cr)
CapGrid plans to deploy the funding to expand its team, scale up its warehousing and build more cloud manufacturing capacity
Founded in 2020, CapGrid is a cloud manufacturing platform that builds precision parts and components
Gurugram-based B2B cloud manufacturing startup CapGrid, which builds precision parts and components, has raised $7 Mn in its Series A funding round led by Nexus Venture Partners. Existing investors Anicut Capital and Axilor Ventures also participated in the funding round.
CapGrid’s Series A comes more than a year after its seed round, in which it raised $551K (INR 4.1 Cr) from Anicut, Axilor and First Cheque.
The startup plans to deploy the fresh funding to expand its team, scale up its warehousing across major automotive zones and build more cloud manufacturing capacity.
Founded in 2020, CapGrid is a cloud manufacturing platform that builds precision parts and components for various industries, including spare parts and electric vehicles (EVs). The company claims on its website that it has developed 5,000+ unique parts and serves more than 20 B2B customers while maintaining a network of over 300 suppliers.
CapGrid primarily serves original equipment manufacturers (OEMs) and Tier-I suppliers in the automotive sector, which is a vendor that directly supplies parts to the OEMs.
The startup’s AI-based platform allows manufacturers to reduce complexities in the direct material sourcing and procurement processes. Further, CapGrid’s platform allows manufacturers to expedite the sourcing of high-complexity categories and consolidate the supplier base.
CapGrid counts IFB, Ace, Tork Motors, EVage and others among its customers.
CapGrid’s cofounder and CEO Dheeraj Tiwari said, “CapGrid is working closely with multiple automotive and industrial manufacturers as a strategic partner for the supply of precision parts & components. Our technology stack and supplier aggregation capability help customers reduce operational complexity and focus on innovation. With our decentralized global supply network, we can cater to direct material needs to OEMs and Tier 1s across the globe.”
Himanshu Singh Raghuvanshi, the cofounder and COO, added, “CapGrid has illuminated manufacturing capabilities of 30,000+ suppliers across 15 countries and identified thousands of suppliers operating at 50-60% capacity. We allow them to focus, utilize and innovate on their core manufacturing capabilities by bringing aggregated manufacturing demand.”
Currently, the startup operates warehouses in Hosur, Pune, Rajkot, Jaipur, Faridabad and Roorkee, with plans to launch more in Manesar and Chennai within the next three months. CapGrid has partnered with third-party warehousing and logistics players to remain asset-light.
In India’s manufacturing segment, CapGrid competes with the likes of Zetwerk, Nexprt and Groyyo, among others. While Nexprt and Groyyo are early stage startups much like CapGrid, Zetwerk turned unicorn in 2021.
