CapGrid, a B2B automotive parts sourcing start-up, has raised $7 million in a series A funding round led by Nexus Venture Partners. The round also saw participation from existing investors Axilor, Anicut Capital and Deepak Jain, partner at Bain & Company.
The funds raised will be used to deepen the company’s technology infrastructure, acquire talent and scale up cloud manufacturing with its supply partners.
Intequant Advisors acted as exclusive Financial advisors while JSA Law and Sarvaank Associates were legal and secretarial advisors for the deal.
“We have digitalised the entire source-to-delivery 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 help customers reduce operational complexity and focus on innovation. With our decentralised global supply network, we can cater to direct material needs to OEMs and Tier 1s across the globe,” said DheerajKumar Tiwari, co-founder and CEO, CapGrid.
CapGrid has partnered with Tier-2 manufacturers to get precision parts and components sourced, made and delivered to customers' assembly lines. The firm claims it is currently gets over 5,000 precision components made through its supplier network of 300-plus partners in 15 geographies.
“CapGrid has illuminated manufacturing capabilities of over 30,000 suppliers across 15 countries and identified thousands of suppliers operating at 50-60 per cent capacity. We allow them to focus, utilise and innovate on their core manufacturing capabilities by bringing aggregated manufacturing demand,” said Himanshu Singh Raghuvanshi, co-founder and COO of CapGrid.
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“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,” added Sameer Brij Verma, Managing Director at Nexus Venture Partners.
