CapGrid, a B2B cloud manufacturing start-up for precision parts & components, announced today that it has raised $ 7 million in its latest funding round, led by Nexus Venture Partners. The round also saw participation from existing investors Axilor and Anicut Capital. Deepak Jain, a senior Partner at Bain and head of the automotive practice in India, also participated as angel investor in the round.
Speaking on the funding round, Cofounder & CEO Dheeraj says, “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.” he added
Himanshu, Cofounder and COO, who closely works with the supplier ecosystem, says, “CapGrid has illuminated manufacturing capabilities of 30,000+ suppliers across 15 countries and identified thousands of suppliers operating at 50-60% capacity. We allow them to focus, utilize and innovate on their core manufacturing capabilities by bringing aggregated manufacturing demand.”
Sameer Brij Verma, Managing Director at Nexus Venture Partners, expressed that “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.”
“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 looking to build high quality and agile supply chain while improving margins and OTIF significantly.” says Sameer
Vyom Agarwal, Sr. Vice President at ACE (Action Construction Equipment ltd.), says that “There is a need to reduce the operational complexity of automotive and industrial manufacturing. We have engaged CapGrid as a single window in place of a cluster of suppliers mainly in hardware category to reduce our inventory, consolidate our buying and bring down supply chain complexity”
Intequant advisors acted as exclusive Financial advisors, while JSA Law and Sarvaank Associates was a legal and secretarial advisor.