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Mumbai
Start-up CapGrid has announced plans to increase its warehouse network from the current four to 15 in key manufacturing zones to achieve its short-term business plan.
“In 12 to 18 months, we aim to increase our revenues ten-fold and hire 200-300 people from the manufacturing sector. We are also looking to expand our warehouse network from current 4 to 15 in key manufacturing zones,” said Dheeraj Kumar Tiwari, co-founder & CEO, CapGrid.
He said in the medium term, the firm plans to build a robust supply base and establish India on the global map as the best sourcing destination. Currently the firm is catering to almost all segments of automotive manufacturers including EV players, but would soon venture into segments such as consumer durables, Mr. Tiwari said.
“With the power of tech-enabled consolidation of demand, we free-up customers’ bandwidth and reduce costs for them to focus on strategic areas such as R&D, product launches and branding. With our suppliers, we make sure they get a consolidated demand to utilise their infrastructure investments, boost revenues and bring demand opportunities for them that they on their own couldn’t access,” he said. He said the firm was in the process of raising Series A capital.
“We have received an emphatic response from leading Venture Capital Funds even in these so called ‘funding winters’ and will close the fundraise soon,” he added. To cater to growing demand, the firm is planning to strengthen the team and technology where it will make sizeable investment.
It is also planning to deploy capital for creating a “robust supply base by helping MSMEs utilise their unutilised capacities and generating better return on their infrastructure investments,” Mr. Tiwari said.
The firm has a client base of over 15 brands and a supplier base of over 200. “Our aggregation model has helped our customers focus more on faster product roll-outs and MSMEs in newer business opportunity previously inaccessible to them,” he said.
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