GreyOrange, a warehouse robotics and automation startup, has raised $135 million in its Series D funding round to fortify its global expansion plans, advance its technology leadership, and strengthen strategic partnerships while navigating the industry’s ever-evolving landscape and considering potential IPO options.
The series D funding round was led by Anthelion Capital and joined by stalwart investors like Mithril Capital, 3State Ventures, and Blume Ventures, showcasing the continued confidence in GreyOrange’s innovative solutions.
“This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market,” said Akash Gupta, co-founder and CEO of GreyOrange.
With a strategic focus on technology leadership, GreyOrange aims to bolster its global presence and enhance its automated warehouse fulfillment technology offerings. The infusion of capital will propel the company’s expansion into warehouses, distribution centers, and retail stores worldwide.
This financing round follows GreyOrange’s earlier achievement in May 2022, when it secured $110 million in growth financing, primarily led by Mithril Capital. The latest funding brings the total raised by the company to over $420 million, attracting investments from notable entities such as Tiger Global, Flipkart’s Binny Bansal, and Sachin Bansal.
Established in 2011 by Samay Kohli and Akash Gupta, GreyOrange has positioned itself as a key player in the automated robotic fulfillment and inventory optimization sector. The company’s end-to-end solutions have garnered attention from retail giants like Walmart, H&M, COS, Coupang, and GXO Logistics, offering them a competitive edge in productivity, scalability, and customer experience.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognize that keeping the needs of our customers at the center of our product and solution roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta.
Strategic Partnerships and Global Reach
In a recent development, GreyOrange forged a strategic partnership with Hai Robotics, a leading global provider of automated storage and retrieval systems (ASRS). This collaboration enhances GreyOrange’s adaptability to surges in demand and evolving consumer behavior.
While GreyOrange leads the industry, it faces competition from alternatives like Addverb Technologies, backed by Reliance, in the Indian market. The company’s manufacturing units span India, China, and the US, with various research and development facilities in various countries.
“GreyOrange is one of India’s proudest deep tech exports, despite a massive shift in how warehouse automation is being adopted in the US. We think it can be the first billion-dollar revenue company in deep tech from India and are proud to further back GreyOrange’s growth aspirations,” said Karthik Reddy, managing partner of Blume Ventures.
Future Plans and IPO Speculation
Although GreyOrange contemplated an initial public offering (IPO) in the US in 2021, the latest announcement did not disclose any specific plans. The company seems focused on leveraging its latest funding to fortify its market presence and innovation capabilities.
GreyOrange’s successful Series D funding underscores its commitment to reshaping the warehouse automation landscape. The company will grow globally with a robust financial foundation and strategic partnerships.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain,” said Vusal Najafov, co-founder of Anthelion Capital.
“Their capability to improve operational efficiency in various settings and innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round.”
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