B2B procurement w'ware co. Capgrid raises $7-M

Gurgaon-based Capgrid, a B2B cloud manufacturing startup for precision parts and components, has raised USD 7 million (about INR 57 crore) in a Series A round led by Nexus Venture Partners with participation from existing investors Anicut Capital and Axilor Ventures. The deal was advised by InteQuant Advisors. Capgrid is currently getting over 5,000 different precision components manufactured through its supplier network of more than 300 partners. Capgrid's AI-powered platform and network of suppliers allows manufacturers to reduce the complexities in the direct material sourcing and procurement process. These capabilities allow manufacturers to expedite the sourcing of the high-complexity categories and consolidate the supplier base for precision components. Capgrid partners with warehousing and logistics players in an asset light model. Currently, the company has access to warehouses in Hosur, Pune, Rajkot, Jaipur, Faridabad and Roorkee. It plans to add more warehouses in Manesar and Chennai. CapGrid, which was founded in 2020, logged revenues of around INR 6 crore in the year-ended March 2022, and is expecting to report revenues of INR 45 crore in FY23.