Gurugram-based B2B manufacturing startup CapGrid has raised ₹46.28 crore (about $4.87 million) in a pre-Series B round led by new investor Hero Enterprise Partner Ventures, with existing backers Nexus Venture Partners, Anicut Capital and Axilor Technology Fund participating — a strong signal in startup funding in India for B2B manufacturing platforms.
A 50% valuation step-up
Hero Enterprise Partner Ventures anchored the round with ₹38.30 crore, while Axilor Technology Fund and Anicut Capital put in ₹3 crore each, and Nexus Venture Partners and angel Amit Jain contributed ₹1 crore each. The board passed a special resolution to issue 2,888 compulsorily convertible preference shares at ₹1,60,263 apiece, per regulatory filings.
The company's post-money valuation jumped more than 50% to ₹430 crore ($46 million), versus its $5 million Series A led by Anicut Capital in February 2025. Post-allotment, Nexus Venture Partners remains the largest external shareholder at 18.08%, followed by Anicut at 16.40% and Axilor at 11.94%.
Founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi, CapGrid is an AI-powered sourcing platform serving automotive, agricultural equipment, aerospace, oil & gas, consumer durables and EV manufacturers. The funds will go towards expansion and growth plus additional capital requirements.
Why it matters for founders
A 50% step-up on a B2B manufacturing round shows late-early-stage capital is available for platforms with real throughput, not just ARR multiples. CapGrid's co-founders retaining 18.63% each — more than any institution — also shows founders can keep control through Series A/B when the pricing is set by a strong new lead.