In one of the biggest funding rounds for a robotics startup globally, GreyOrange raised $140 million in Series C investment led by US-based investment firm Mithril Capital. Flipkart co-founder Binny Bansal and existing investor Blume Ventures also participated in the current round.
Mithril Capital, co-founded by legendary Silicon Valley investor Peter Thiel and Ajay Royan, recently raised its second fund of $850 million. Thiel has backed a number of companies over the years including Facebook, and also co-founded digital payments company PayPal.
The Singapore and Gurugram-headquartered warehouse automation firm, GreyOrange, has manufacturing units in India, China and the US, with R&D units in India and Singapore. In August, the company established a new R&D center in Boston, Massachusetts and also has plans to expand across Asia and Europe.
Founded in 2011 by Akash Gupta and CEO Samay Kohli, GreyOrange designs, manufactures and deploys artificially-intelligent robotics systems that can automate routine tasks at warehouses and fulfillment centres of large e-commerce and retail firms.
GreyOrange currently handles warehousing for companies such as Flipkart, Jabong, Myntra and PepperFry. It has two flagship products – Butler and Linear Sorter – and has launched The Butler PickPal, which is an automated picking system.
The company will launch more new products in the future, as it expands its capabilities in warehousing automation.
The latest funding in GreyOrange is also part of a broader trend in the Indian start-up ecosystem where mid to late-stage startups have been raising multiple rounds of capital in quick succession at increasingly higher valuations.
The Mint newspaper reported that investors have already struck nearly two dozen deals of $100 million or more this year, compared with 22 last year, while at least a dozen more such deals including mega funding rounds at Oyo, Byju’s, Swiggy and Zomato, ShareChat, BigBasket and others are in the works.
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