CapGrid Secures $7 mn in Series A round led by Nexus Venture Partners
A B2B cloud manufacturing platform for precise parts and components called CapGrid, based in Gurgaon, has raised $7 million (about Rs 57 crore) in a Series A investment that was spearheaded by Nexus Venture Partners.
The current investors Anicut Capital and Axilor Ventures, which were established by Infosys co-founders Kris Gopalakrishnan and SD Shibulal, also participated in the round, as per reported by The Economic Times.
Read also – Vahak acquires Instalogist to expand network
CapGrid is an end-to-end Source-to-Deliver company for the low complexity direct material spend that is primarily focused on the Automotive and EV industries. Dheeraj Tiwari and Himanshu Singh Raghuvanshi are the individuals that co-founded the company.
“Primarily, we are targeting three things. A decent amount will go into building our team. We recently expanded from 24 people to around 45 people. We will also invest in our MSME partners—to increase the utilisation levels of our 25 most hungry suppliers,” Dheeraj Tiwari, who is the company’s chief executive, said to ET.
Read also – TapOnn joins forces with the renowned Marketing Consultant Aarti Samant
Leveraging its AI-enabled Sourcing Platform with more than 30,000 manufacturers and their deep capability intelligence, CapGrid has been able to reduce the sourcing and procurement complexity significantly for leading auto manufacturers.
“They (CapGrid) are already working with leading OEMs on strategic initiatives like indigenisation, light-weighting, EV transition, procurement consolidation and value engineering,” said Sameer Brij Verma, managing director of Nexus Venture Partners.
CapGrid is a company that specialises in business-to-business (B2B) commerce, namely the discovery and procurement of direct-material supplies.
Read also – [Funding alert] GENLEAP Secures Rs 27 Cr in Pre-series A Round