B2B cloud manufacturing CapGrid has raised $7 million in its new round led by Nexus Venture Partners with participation from existing backers Axilor and Anicut Capital. Deepak Jain also participated as angel investor in the round.
The startup had raised Rs 4.1 crore ($550,000) in its seed round from Anicut Angel Fund, Axilor Ventures and First Cheque in November 2021. The firm plans to utilise the fresh funds to expand the team and scale up its warehouse presence across major automotive zones.
Founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is an AI-powered platform that serves a spectrum of industries across the automotive industry, agricultural equipment, earthmoving equipment, aerospace, oil and gas, consumer durables and electric vehicles (EVs). It claims to have over 30,000 suppliers across 15 countries.
The Gurugram-based startup said that it is currently getting over 5,000 different precision components manufactured through its supplier network of over 300 partners and fulfilling it to the customer’s assembly line seamlessly owning delivery and quality in the process.
The firm claims to have recorded Rs 6 crore in revenue in FY22 and targets Rs 45 crore topline in FY23.
Nexus Venture Partners focuses on startups working in enterprisetech, consumer internet, healthcare, media, software, big data analytics and fintech. It recently invested in Covvalent and Investmint and had backed Snapdeal, Shopclues, Delhivery, Rapido, Unacademy, Pratilipi, Olx, Postman, and Yolobus among others in the past. The firm is reportedly eyeing to close $700 million worth fund to back US and Indian startups.
Source @Entrackr
