CapGrid, a B2B cloud manufacturing start-up for precision parts & components, announced that it has raised $7 million in its latest funding round, led by Nexus Venture Partners.
The round also saw participation from existing investors Axilor and Anicut Capital. CapGrid is building a digital supply network with an advanced technology infrastructure, partnering with hundreds of tier 2 manufacturers to get precision parts & components sourced, manufactured and delivered to customer’s assembly line.
According to CapGrid, it has been able to reduce the supply chain complexity by 90 percent, reduce procurement cost to zero and material cost by 3-5 percent for its customers.
CapGrid is currently getting 5,000+ different precision components manufactured through its supplier network of 300 plus partners and fulfilling it to the customer’s assembly line seamlessly owning delivery and quality in the process.
Co Founder & CEO, Dheeraj said, “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.”
Himanshu, Cofounder and COO said, “CapGrid has illuminated manufacturing capabilities of over 30,000 suppliers across 15 countries and identified thousands of suppliers operating at 50-60 percent capacity.”
Globally this segment is worth $ 1,000 billion plus in the automotive space itself. CapGrid is committed to utilising this fresh funding infusion to deepen its technology infrastructure, talent acquisition and scale up cloud manufacturing with its supply partners.