Business to business (B2B) commerce company CapGrid has raised Rs 4.1 crore ($550,000) in seed funding from Anicut Angel Fund, Axilor Ventures and First Cheque.
The startup plans to use the funds to boost product innovation, scale operations, and expand its team, said CapGrid in a statement on Wednesday.
Founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is an AI-powered platform. It currently serves a spectrum of industries across the automotive industry, agricultural equipment, earthmoving equipment, aerospace, oil and gas, consumer durables and electric vehicles (EVs). It claims to have over 30k suppliers across 15 countries.
“Strategic sourcing of direct material, which constitutes 60-70% revenue, has been largely untouched by innovation,” said Tiwari. “This seed capital will go into hiring the right talent, product innovation, and expanding our operations. The company is eyeing an annual revenue of Rs 200 crore by 2022 end,” he added.
“The manufacturing industry, especially the direct material sourcing, has long been underserved, and CapGrid had the vision to commission the narrative”, said Ashvin Chadha, co-founder, Anicut Angel Fund.
CENSIE Capital Partners was the financial advisor to CapGrid Solutions in this investment round.