Gurgaon-based B2B cloud manufacturing startup CapGrid has raised $7 million in a Series A funding round led by Nexus Venture Partners, along with the participation from Axilor, Anicut Capital, and angel investor Deepak Jain.
The startup plans to use the raised capital to deepen its technology infrastructure and focus on hiring talent. It also plans to scale up cloud manufacturing with its supply partners.
Founded by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is building a digital supply network with advanced technology infrastructure, partnering with hundreds of Tier 2 manufacturers to get precision parts & components sourced, manufactured and delivered to customer’s assembly lines.
The startup said its deep capabilities in illuminating and tapping into the available capacity of QC-certified Tier 2 suppliers enables it to become a cloud manufacturer and aggregate supplier to Automotive and EV OEMs and Tier 1s.
It partners with warehousing and logistics players in an asset-light model to be able to deliver to the customer’s assembly line.
CapGrid claims that currently, it is getting 5,000+ different precision components manufactured through its supplier network of 300+ partners and fulfilling it to the customer’s assembly line, seamlessly owning delivery and quality in the process.
“We have digitalized the entire Source-to-Deliver process. 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 helps 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,” said Dheeraj Kumar Tiwari.
Commenting on the investment, Sameer Brij Verma, Managing Director at Nexus Venture Partners, “We at Nexus are very excited about partnering with CapGrid as they revolutionise precision components sourcing and procurement for the automotive manufacturing sector via their robust network of cloud manufacturers. They are already working with leading OEMs on strategic initiatives like indigenisation, light-weighting, EV transition, procurement consolidation and value engineering.”
Intequant advisors acted as exclusive Financial advisors while JSA Law and Sarvaank Associates was legal and secretarial advisor.
Source @Indianstartupnews
