CapGrid has raised Rs 46.28 crore, or about USD 4.87 million, in a pre-Series B funding round. Hero Enterprise Partner Ventures led the round as a new investor.
Existing backers Nexus Venture Partners and Anicut Capital also participated, along with Axilor Technology Fund. Nexus and Amit Jain are contributing Rs 1 crore each.
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The Valuation Jump
CapGrid’s post-money valuation rose more than 50 percent to Rs 430 crore, or about USD 46 million. That compares with its previous Series A round of USD 5 million led by Anicut Capital in February 2025.
The board passed a special resolution to issue 2,888 compulsorily convertible preference shares at an issue price of Rs 1,60,263 per share. Hero Enterprise Partner Ventures put in Rs 38.30 crore of the total.
A 50 percent step-up in under two years is a strong mark for a B2B manufacturing platform. It also tells you how the round was priced, since the new investor set the terms on the largest cheque.
Who Owns What
After the allotment, Nexus Venture Partners remains the largest external shareholder with an 18.08 percent stake. Anicut Capital holds 16.40 percent and Axilor Ventures holds 11.94 percent.
Co-founders Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi each hold 18.63 percent. The founders therefore stay ahead of every institutional investor, which is unusual by the time a company reaches this stage.
What CapGrid Does
CapGrid was founded in July 2020 by Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi. It runs an AI-powered platform for B2B manufacturing and sourcing.
Its customer industries span automotive, agricultural equipment, earthmoving equipment, aerospace, oil and gas, consumer durables and electric vehicles. That spread matters, because each of those sectors buys precision components with long approval cycles.
The Numbers So Far
CapGrid is yet to file its FY26 financials. Its operating revenue grew 2.1 times to Rs 209 crore in FY25, from Rs 99.2 crore in FY24.
Net loss declined marginally to Rs 25.92 crore in the same period. Revenue more than doubled while the loss barely moved, which suggests the platform is scaling without widening the gap.
According to the filings, the fresh capital will go towards expansion and growth, and towards meeting additional capital requirements. Smaller competitors in industrial sourcing have found this a hard market to grow in profitably. Execution from here is the part to watch.