Grey Orange Pte. Ltd, which operates the warehouse robotics and automation firm GreyOrange, on Thursday said it has raised $110 million (around Rs 852 crore) from US-based investment firm Mithril Capital Management, along with separate financing provided by funds and accounts under management by BlackRock.
GreyOrange plans to deploy the growth capital to accelerate the startup’s technology, continue its global expansion and further support the adoption of its unique fulfilment platform in warehouses, distribution centers, and retail stores.
It will also use a portion of the debt financing provided by funds and accounts under management by BlackRock, to invest in scaling its headcount in key areas, creating 300 jobs across the customer success, sales, marketing, product and engineering teams, the statement added.
“This growth financing enables us to rapidly deliver our premium solution to meet the expansion demand from existing customers and onboard a high volume of new customers, reach new partners,” said Samay Kohli, co-founder and chief executive officer, GreyOrange.
“Demand for the GreyOrange’s omnichannel fulfilment platform continued to increase consistently with our high expectations as retailers come to terms with the immediate necessity of robotic automation in fulfilment. We are excited about the expansion underway with GreyOrange’s SaaS applications, such as gStore," said Ajay Royan, Managing General Partner at Mithril Capital Management.
Founded in 2009 by BITS Pilani alumni Samay Kohli (chief executive) and Akash Gupta (technology head), GreyOrange is an omnichannel fulfilment platform that gives companies choice, flexibility and resilience in driving digital supply chain transformations. It gives organizations a competitive advantage by increasing productivity, empowering growth and scale, mitigating labour challenges, reducing risk and getting to the market faster. GreyOrange is headquartered in Atlanta with offices across EMEA and APAC.
The Indian robotics startup, according to media reports, was mulling a US listing to raise $500-600 million in April. It was said to be in early-stage discussions with some leading American investment banks for the capital raise which is expected by early next year.
In 2018, GreyOrange raised $140 million (around Rs 1,000 crore) in a Series C investment round led by Mithril Capital.
“The leading brands and retailers we spoke with that use the GreyOrange platform to transform their fulfilment centers and enhance the work environment for their associates experienced substantial productivity improvements,” said Brad Pritchard, managing director and head of venture lending at BlackRock Capital Group.