[Funding alert] Robotics solutions startup GreyOrange raises $110M in growth financing round
The round was led by returning investor Mithril Capital and included a debt component from funds and accounts under the management of BlackRock
Delhi-founded and Atlanta-headquartered robotic fulfilment and inventory optimisation startuphas raised $110 million in a growth funding round led by Peter Thiel-backed Mithril Capital Management. Apart from Mithril Capital, other returning investors also participated in the round. The round also includes debt financing from funds and accounts under management by BlackRock.
The company had last raised $140 million in a Series C funding round in 2018 from Mithril Capital and Flipkart co-founder Binny Bansal, among others.
GreyOrange will utilise the current round of capital to accelerate the company’s technology leadership, fund global expansion, and support the adoption of its solutions. The startup will also use part of the debt funding from BlackRock to scale headcount in key areas, adding 300 people under verticals of customer success, sales, marketing, product and engineering teams with a special focus on roles improving customer experiences, said a statement issued by the company.
“We orchestrate fulfillment and optimise inventory in a complex global supply chain environment for more companies that ship millions of items each day than any other player in the market outside of Amazon,” said Samay Kohli, CEO and Co-founder at GreyOrange.
He added, “This growth financing enables us to rapidly deliver our premium solution to meet the expansion demand from existing customers, rapidly onboard our high volume of new customers, reach new partners, and accelerate our unique product roadmap with an expanded suite of software solutions and predictive analytics.”
Founded in 2011 by Samay Kohli and Akash Gupta, GreyOrange offers fulfillment platform to retailers which provides adaptive learning and continuous process automation.
The company’s GreyMatter software utilises machine learning for efficient movement of inventory in warehouses, distribution centres, and retail stores. Earlier this year, the company also launched its mobile-first SaaS (software-as-a-service) app, gStore, for management of in-store inventory as part of its omni-channel fulfilment offering.
The company works with the likes of Walmart and H&M.
Edited by Kanishk Singh