Gurugram-headquartered B2B cloud manufacturing start-up, CapGrid, has raised funding worth $7 million in the latest funding round, led by Nexus Venture Partners. Other existing investors including Axilor and Anicut Capital also participated in the round.
“We have digitised 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 & 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 & CEO, CapGrid.
CapGrid has partnered with a host of Tier 2 manufacturers to get precision parts and components sourced, manufactured and delivered to customers’ assembly line thereby, playing a role as a cloud manufacturer and aggregate supplier to automotive manufacturers and EV OEMs. Further, it has joined hands with warehousing and logistics players to further smoothen its operations.
“CapGrid has illuminated manufacturing capabilities of over 30,000 suppliers across 15 countries and identified thousands of suppliers operating at 50-60% capacity. We allow them to focus, utilize and innovate on their core manufacturing capabilities by bringing aggregated manufacturing demand.” said Himanshu, co-founder and COO, CapGrid.
The company said that it has been able to reduce the supply chain complexity by up to 90 percent, reduce procurement cost to zero and material cost by 3-5 percent for its customers.
“CapGrid is 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” said Sameer Brij Verma, managing director, Nexus Venture Partners.
CapGrid is currently getting over 5,000 different precision components manufactured through its supplier network of over 300 partners and fulfilling it to the customer’s assembly line seamlessly. Globally this segment is worth $1,000 billion in the automotive space itself.