Gurugram-based CapGrid, a business-to-business (B2B) start-up, which manufactures precision parts and components, has raised $7 million (Rs 57 crore)  in a funding round led by Nexus Venture Partners. 

Apart from Nexus Venture, Anicut Capital and Axilor Ventures also joined the round. 

Prior to this fundraising, the company raised Rs 4.1 crore in November 2021 in its seed funding round. The investment round was led by Anicut Capital, Axilor and Firstcheque. 

The company will utilise the funds for technological advancements. Additionally, it will spend money on talent acquisition and scaling up cloud manufacturing with its partners. 

According to its founders, Dheeraj Tiwari and Himanshu Singh Raghuvanshi, the latest funding will help the start-up to grow by 8-10x. 

Talking about the latest fundraising, Tiwari, the co-founder and the chief executive officer (CEO), said, Primarily, we are targeting three things. A decent amount will go into building our team. We recently expanded from 24 people to around 45 people. We will also invest in our MSME partners—to increase the utilisation levels of our 25 most hungry suppliers,”

Addressing the fundraising, Raghuvanshi added, “We have warehouse presence in six cities. There are 12-15 important manufacturing zones in India. As our pipeline grows, our aim is to grow into all of these 12-15 key zones over the next year”.

Currently, CapGrid operates warehouses in multiple cities like Honsur, Pune, Rajkot, Jaipur, Faridabad and Roorke. It is aiming to open new warehouses in Manesar and Chennai within the next three months. 

In financial (FY) 2022, the company clocked a revenue of Rs 6 crore. In this financial year, it is planning to earn Rs 45 crore in revenue.