Warehouse robotics company GreyOrange has raised $135 million in the first close of its Series D funding led by Anthelion Capital (formerly Cowen Sustainable Investments), said its existing investor Blume Ventures on Thursday. The company will deploy the capital “to accelerate its technology leadership, continue its global expansion, and further support the adoption of GreyOrange’s fulfilment orchestration platform in warehouses, distribution centers, and retail stores.”
Blume Ventures’ Co-founder and Partner Karthik Reddy said despite a massive shift in how warehouse automation is being adopted in the US, GreyOrange is nimbly shifting its business model for the best of Fortune500 retail and commerce companies and winning market share and confidence.
“We think it can be the first billion-dollar revenue company in deep tech from India and are proud to further back GreyOrange’s growth aspirations, along with our existing partners and new investor Anthelion,” he said.
The company’s existing investors included Mithril and 3State Ventures other than Blume Ventures.
GreyOrange enables businesses to meet their fulfilment demands with cloud and robotic automation to overcome inadequacies in their warehousing. According to the company, it has deployed over 10,000 robots in companies worldwide.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognize that keeping the needs of our customers at the centre of our product and solution roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta, Co-Founder and CEO, GreyOrange.
The company has so far raised more than $400 million. It had last raised $110 million in June last year, four years after its $140 million Series C round.
According to the 2023 Gartner Hype Cycle for Supply Chain Execution Technologies report, over 75 per cent of companies will have adopted some form of cyber-physical automation within their warehouse operations by 2027.
Another report by business advisory firm Alvarez & Marsal in October this year noted that over 80 per cent of warehouses in India are set to embrace digital enablement or automation by 2030.