Automotive sourcing startup CapGrid raises $7M in Series A round led by Nexus Venture Partners
CapGrid will use the fresh funding infusion to deepen its technology infrastructure, focus on talent acquisition, and scale up cloud manufacturing with its supply partners.
, a B2B cloud manufacturing startup for precision parts and components, on Monday raised $7 million in a funding round led by Nexus Venture Partners. Existing investors Axilor and Anicut Capital also participated in this round along with angel investor Deepak Jain, Senior Partner at Bain and head of the automotive practice in India.
According to the company, CapGrid is committed to using this fresh funding infusion to deepen its technology infrastructure, focus on talent acquisition, and scale up cloud manufacturing with its supply partners. The new capital will help them grow 8-10x in the next 15 months, according to the founders.
Founded by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is building a digital supply network with an advance technology infrastructure, partnering with hundreds of Tier II manufacturers to get precision parts and components sourced, manufactured, and delivered to customers' assembly lines.
CapGrid partners with warehousing and logistics players in an asset-light model to be able to deliver to manufacturers across the country
Dheeraj Kumar, Cofounder and CEO, CapGrid, said the company is closely working with multiple automotive and industrial manufacturers in long-term contracts for supply of precision parts and components.
"CapGrid’s work as an aggregate supplier along with its Sourcing and Procurement Control Tower helps customers reduce operational complexity and focus on innovation. We have marquee logos of Indian manufacturers in the immediate pipeline and aim to build decentralised global supply networks to cater to OEMs and Tier 1s across the globe.”
Himanshu Singh Raghuvanshi, Cofounder and COO, CapGrid, said thousands of suppliers are operating at 50-60% capacity and the company allows them to "focus, use, and innovate on their core manufacturing capabilities" by bringing aggregated manufacturing demand.
Nexus Venture Partners said it is very excited about partnering with CapGrid as the company revolutionises precision components sourcing and procurement for the automotive manufacturing sector via its robust network of cloud manufacturers.
"CapGrid is already working with leading OEMs on strategic initiatives like indigenisation, light-weighting, EV transition, procurement consolidation and value engineering. We see India being a global leader in manufacturing in the years ahead and feel CapGrid will increasingly be a partner of choice for OEMs," said Sameer Brij Verma, Managing Director at Nexus Venture Partners.
Edited by Teja Lele