Manufacturing Startup CapGrid Bags $3.3 Mn From Anicut Capital, Nexus Ventures

Unicommerce Shares Dip 4% To Hit Fresh 52-Week Low

SUMMARY

The company has raised the funding amount from its extended Series A funding round, led by its existing investor Anicut Capital

The funding round also saw participation from other existing investors such as Nexus Ventures and Axilor Ventures

Anicut Capital infused INR 22.4 Cr into the company in the latest funding round

B2B cloud manufacturing startup CapGrid Solutions has bagged INR 29.16 Cr ($3.3 Mn) from its extended Series A funding round, led by its existing investor Anicut Capital.

The funding round also saw participation from other existing investors such as Nexus Ventures and Axilor Ventures.

As per the company’s regulatory filing with the Ministry of Corporate Affairs (MCA), it secured the fresh capital by issuing 2,452 Series A2 compulsory convertible preference shares (CCPS)

At its meeting on 18 January, the CapGrid board of directors approved the issue of the Series A2 CCPS at a face value of INR 100 and an issue price of INR 1,18,940.18 per share.

Anicut Capital infused INR 22.4 Cr into the company in the latest funding round.

In 2023, the startup had raised $7 Mn in a Series A round, led by Nexus Ventures, along with participation from Anicut Capital and Axilor Ventures. The company then said that it wanted to expand its team, scale up its warehousing across major automotive zones, and build more cloud manufacturing capacity.

Founded by Dheeraj Tiwari and Himanshu Raghuvanshi in 2021, CapGrid builds precision parts and components for various industries, including spare parts and electric vehicles (EVs). Its AI-based supply chain platform helps businesses by finding suitable partners, analysing capabilities, managing production timelines, and ensuring timely delivery of components.

CapGrid primarily serves original equipment manufacturers (OEMs) and Tier-I suppliers in the automotive sector.

The funding comes at a time when India’s manufacturing sector sees a lot of traction from investors and the government.

A few weeks ago, Inc42 had exclusively reported that B2B manufacturing and supply chain enablement startup Groyyo was planning to raise around $40 Mn from Tiger Global and other investors at a valuation of about $200 Mn (around INR 1,700 Cr).

In June 2024, B2B apparel sourcing and manufacturing startup ZYOD raised $18 Mn (around INR 150.2 Cr) in a Series A funding round led by RTP Global.

Not just the investors, the government too is bullish on the manufacturing sector. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Commerce & Industry a week ago announced a strategic partnership with ITC Limited to boost startups in the manufacturing sector.