CapGrid Raises $3.5 Million in Extension of Series A Round

B2B cloud manufacturing startup CapGrid has raised Rs 29.16 crore (approximately $3.5 million) in a Series A round led by Anicut Capital, with participation from Nexus Ventures and Axilor Technology Fund.

To raise additional capital, the company passed a special resolution to issue 2,452 Series A2 CCPS at an issue price of Rs 1,18,940 each. The regulatory filing from the Registrar of Companies shows that Anicut Capital contributed Rs 22.4 crore. In comparison, Nexus Ventures and Axilor Technology Fund contributed Rs 3.3 crore and Rs 3.4 crore, respectively.

According to its regulatory filing, CapGrid will use these funds for expansion and growth and to fulfill additional capital requirements. The company has raised over $10 million to date, including its $7 million Series A, which was led by Nexus Ventures in 2023.

Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi founded CapGrid in July 2020. It is an AI-powered platform used in various industries. 

Within three years of operation, CapGrid has surpassed the Rs 100 crore revenue milestone. The company achieved a 2.3X year-on-year growth to Rs 101 crore in FY24 from Rs 44.3 crore in FY23.

However, its bottom line reflected a loss of Rs 26.14 crore in the same period. Despite this, CapGrid's growth and expansion plans are expected to be driven by its latest funding round.

Key Highlights:

* CapGrid raises Rs 29.16 crore (approximately $3.5 million) in extension of Series A round
* Led by Anicut Capital, with participation from Nexus Ventures and Axilor Technology Fund
* Company valued at around Rs 285.5 crore (approximately $34 million) post-allotment
* Raised over $10 million to date, including its $7 million Series A led by Nexus Ventures in 2023
* Achieved a 2.3X year-on-year growth to Rs Rs 101 crore in FY24 from Rs 44.3 crore in FY23