Highlights
CapGrid Secures Funding for Expansion
B2B cloud manufacturing startup CapGrid is set to raise Rs 29.16 crore (about $3.5 million) through an extension of its Series A funding round. This new funding is spearheaded by Anicut Capital, with additional participation from Nexus Ventures and Axilor Technology Fund.
According to the regulatory filing accessed from the Registrar of Companies, the board of CapGrid has approved a special resolution to issue 2,452 Series A2 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 1,18,940 each to secure the aforementioned funds.
Anicut Capital has invested Rs 22.4 crore, while Nexus Ventures and Axilor Technology Fund have contributed Rs 3.3 crore and Rs 3.4 crore respectively. The capital raised will be utilised for expansion and to meet additional financial requirements, as stated in the filing.
Funding History and Valuation
To date, CapGrid has successfully raised over $10 million, which includes $7 million from its Series A round led by Nexus Ventures in 2023. As per estimates from Startup Superb, the company’s valuation stands at around Rs 285.5 crore (approximately $34 million) following the new allotment.
About CapGrid
Founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid operates as an AI-driven platform that caters to a wide array of industries, including:
- Automotive
- Agricultural equipment
- Earthmoving equipment
- Aerospace
- Oil and gas
- Consumer durables
- Electric vehicles (EVs)
The platform claims to have formed a network of over 30,000 manufacturers across 15 countries.
Financial Performance
In just three years since its inception, CapGrid has surpassed the revenue milestone of Rs 100 crore. The company demonstrated a year-on-year growth rate of 2.3X, with revenues reaching Rs 101 crore in FY24, up from Rs 44.3 crore in FY23. Nonetheless, the financial results indicated a loss of Rs 26.14 crore during the same period.