Business-to-business (B2B) startup CapGrid Solutions Pvt Ltd on Monday said it has raised Series A funding of $7 million (around Rs 57.2 crore) led by venture capital fund Nexus Venture Partners.
The round also saw participation from existing investors including Axilor Ventures, Anicut Capital and Deepak Jain (Bain & Company).
The Gurugram-based firm will use the fresh funds to scale up its technology stack, hiring and boosting its operations.
Founded by Dheeraj Tiwari and Himanshu Raghuvanshi in 2019, CapGrid is focused on sourcing, manufacturing, and delivery of automotive parts and components.
It has an artificial intelligence-based platform that ties up with tier-2 manufacturers to get such parts and components sourced, manufactured and delivered to the customer’s assembly line.
The company claims to manufacture 5,000 different precision components through its supplier network of 300 partners across 15 geographies.
Meanwhile, Nexus Venture Partners is focused on consumer retail, business services, healthcare, education, and enterprise technology. The VC is also in advanced talks to raise a $700 million fund.
“CapGrid is working closely with 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,” said Tiwari.
In 2021, VCCircle had reported that CapGrid raised Rs 4.1 crore in its seed funding round from Anicut Angel Fund, Axilor Ventures and First Cheque.
India's B2B sector has been gaining a lot of traction from investors for quite sometime now.
Earlier this month, B2B wholesale platform Apnaklub had raised $16 million as part of its Series A funding round.
In August last year, B2B software-as-a-service company Emitrr had raised $4 million in a pre-Series A round of funding led by existing investors Chiratae Ventures, Venture Highway, FortyTwo VC, and Axilor Ventures.
Prior to that, business-to-business manufacturing and automation startup Groyyo Pvt Ltd had raised $40 million in a Series A funding round led by Tiger Global.