Prodo Closes $1 Million Seed Funding Round
The company's goal is to create supply chains that provide fastest turnaround times for the clients and operational efficiency on each of its SKUs; so that the clients get true value for money
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On-demand manufacturing startup, Prodo has closed a $1 million Seed funding round, led by Inflection Point Ventures, along with participation from Titan Capital, LetsVenture and Dholakia Ventures.
"India is home to 6 million MSME manufacturers. Currently, most of the MSME manufacturers operate on 50 per cent to 60 per cent of their production capacity, through standardization and demand-supply mapping we plan to unlock a $2 billion manufacturing potential in the next 4 years. We are building a reliable and data-led manufacturing ecosystem," said Sameen Husain, co-founder and CEO, Prodo.
With more than 500 manufacturing units as a part of its network, Prodo empowers its partner manufacturers by providing them with sustainable demand, working capital, raw material, SOPs and technology to bring them up to the standards of global manufacturing. The company, which works on quarterly to yearly orders for mid and large clients, has plans to clock in an orderbook of INR 400 crores by FY'24, claimed by the company in a statement.
"India's manufacturing sector is expected to reach a $1 trillion dollar market size by 2030. I believe along with the government's push, startups like Prodo can become key drivers in unlocking the potential of the sector. We're excited to be a part of this story," said Ankur Mittal, co-founder, IPV.
Founded by Sameen Husain and Abhiroop Srivastava in 2021, Prodo is an on- demand manufacturing and procurement platform. Prodo helps mid and large companies with their bulk manufacturing requirements. The company's goal is to create supply chains that provide fastest turnaround times for the clients and operational efficiency on each of its SKUs; so that the clients get true value for money, as per the statement.