CapGrid Raises $7 Million In Series A Funding Round The fund raised will be utilized to deepen the technology infrastructure, talent acquisition and scale up cloud manufacturing with the supply partners
By Teena Jose
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CapGrid, a B2B cloud manufacturing startup for precision parts and components, 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. The fund raised will be utilized to deepen the technology infrastructure, talent acquisition and scale up cloud manufacturing with the supply partners.
"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 and 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, co-founder and CEO.
CapGrid has been able to reduce the supply chain complexity by 90%, reduce procurement cost to zero and material cost by 3-5% for its customers. The company is currently getting more than 5,000 different precision components manufactured through its supplier network of over 300 partners and fulfilling it to customer's assembly line seamlessly owning delivery and quality in the process. The company leverages an AI-enabled sourcing platform with more than 30,000 manufacturers and their deep capability intelligence to run sourcing 10 times faster, claimed by the company in a statement.
"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," Sameer Brij Verma, managing director at Nexus Venture Partners.
Founded by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is an end-to-end source-to-deliver company for the low complexity direct material spend focused on the automotive and industrial manufacturers.
