Leanworx Raises INE 8.3 crore Seed Round Fund Led by YourNest Venture Capital According to a media release, the funding round comes as part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative aimed at supporting high-growth startups such as Leanworx by providing strategic funding, mentorship, and market access.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Leanworx, a Bengaluru-based startup that helps manufacturing plants with real-time data, has announced a funding of INR 8.3 crore led by YourNest Venture Capital, with INR 6.5 crore from YourNest and INR 1.5 crore from an angel investment group.
According to a media release, the funding round comes as part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative aimed at supporting high-growth startups such as Leanworx by providing strategic funding, mentorship, and market access.
Leanworx is connected to 2,000 machines across various industries and plans to expand into 'high-density manufacturing regions' such as Thailand, Vietnam, Indonesia, and Mexico, and target the FMCG sector. To help in its expansion, the company said it will focus on hiring key personnel to fill roles in the sales department.
The company said that the funds would be utilized to scale marketing and improve lead generation in India and the Southeast Asia region.
D. Srihari - Director, of sales and Marketing, Leanworx Technologies, said "Leanworx is enabling some of India's best-known manufacturing firms to improve their productivity in metal working. This investment will be used to enhance our market reach, geographically to other countries worldwide, and to other industry verticals. It will also be used for product enhancement, to offer better value to our customers. We would like to consolidate our position and become a dominant player in this sunrise domain in India and SE Asia in the near future."
Venkat Raju, venture partner, YourNest, said "Leanworx Technologies aligns with our vision of backing scalable Industry 4.0 solutions. Their proven plug-and-play IoT system addresses critical inefficiencies in manufacturing. We were impressed by their strong early traction, and a robust sales funnel featuring industry leaders. Now with a clear go-to-market strategy and a vast addressable market, Leanworx is poised for rapid growth and should capture a significant market share."
