B2B commerce company CapGrid has announced that it has secured Rs 4.1 crore in the latest seed funding. The round saw participation from Anicut Angel Fund, First Cheque and Axilor Ventures.
Speaking on the announcement, Dheeraj Kumar Tiwari, Co-founder and CEO at CapGrid, commented, “We have been bootstrapped so far and this seed capital will go into hiring the right talent, product innovation and expanding our fulfilment operations. We are eyeing an annual revenue of Rs 200 crore by 2022 end and are certain to leapfrog from here. We have bagged a contract worth Rs 50 crore by way of new customer acquisition. These are exciting times for us and we are certain of exciting times ahead.”
Ashvin Chadha, Co-founder of Anicut Angel Fund, added, “Manufacturing industry, especially the direct material sourcing, has long been underserved and CapGrid had the vision to commission the narrative. Dheeraj and Himanshu are transforming this by addressing industry pain-points such as long-drawn parts sourcing cycle, inefficient vendor development process, unorganized supplier information, and lack of sourcing data.”
Nandan Venkatachalam, Principal, Axilor Ventures, said, “COGS or Directly Material Sourcing is the largest cost centre for manufacturers and has a supply chain riddled with inefficiencies. An average manufacturer goes through a 50-step process across stakeholders and works with over 1,000 suppliers to source direct material, with each layer acting as a cost centre. CapGrid’s new age platform allows manufacturers to automate this process, expand their global sourcing base, reduce costs and drive efficiency. The company has demonstrated global PMF across verticals and we are delighted to back them in their quest to streamline this largely untapped $75 billion opportunity.”
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