Auto parts sourcing startup CapGrid raises $7 million from Nexus Venture, others
- The Series A funding round saw participation from existing investors Axilor and Anicut Capital.
Deepak Jain, a senior partner at Bain and head of the automotive practice in India, also participated. CapGridwill utilise this fresh funding infusion to deepen its technology infrastructure, talent acquisition and scale up cloud manufacturing.
AdvertisementCapGrid, a B2B cloud manufacturing start-up for precision parts and components, on Monday said it has raised $7 million in a Series A funding round led by
Deepak Jain, a senior partner at Bain and head of the automotive practice in India, also participated as an angel investor in the round.
CapGrid is building a digital supply network with an advanced technology infrastructure, partnering with hundreds of
CapGrid will utilise the funds to deepen its technology infrastructure, talent acquisition and scale up cloud manufacturing with its supply partners. Intequant advisors acted as exclusive financial advisors while
The startup offers regular procurement consolidation, NPD (New Product Development), SPD (Spare Parts) sourcing and electric vehicle component sourcing. It is currently getting over 5,000 different precision components manufactured through its supplier network of over 300 partners.
“We at Nexus are very excited about partnering with CapGrid as they revolutionise precision components sourcing and procurement for the automotive manufacturing sector via their robust network of cloud manufacturers,” Sameer
Globally, the components manufacturing segment is worth over $1,000 billion in the automotive space itself, the startup claims.
The company says it leverages an AI-enabled sourcing platform with more than 30,000 manufacturers and their deep capability intelligence to run sourcing 10X faster.
“CapGrid has illuminated manufacturing capabilities of over 30,000 suppliers across 15 countries and identified thousands of suppliers operating at 50-60% capacity. We allow them to focus, utilise and innovate on their core manufacturing capabilities by bringing aggregated manufacturing demand,” said
The Gurgaon-headquartered company claims to have been able to reduce the sourcing and procurement complexity significantly, reduce inventory by half and reduce material cost by 5% for leading manufacturers.
Advertisement“We have digitalised the entire source-to-deliver process. Our technology stack and supplier aggregation capability helps customers reduce operational complexity and focus on innovation. With our decentralised global supply network, we can cater to direct material needs to OEMs (original equipment manufacturers) and Tier 1s across the globe,” said co-founder and CEO
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