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E-commerce firm CapGrid’s scale spikes 7.7X in FY23, losses cross Rs 1 Cr

  • February 5, 2024
  • By Team TheKredible
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B2B e-commerce company CapGrid has seen a continuous growth with its revenue rising 7.7X to Rs 44.3 crore with over Rs 43 crore coming in from operations in FY23. Along with a significant rise in its revenue, the company also witnessed a spike in losses.

Founded by Dheeraj Tiwari and Himanshu Singh Raghuvanshi, CapGrid is a B2B commerce startup specializing in sourcing and procurement of direct-material supplies. Through its AI-enabled sourcing platform, it serves a spectrum of industries across the automotive industry, agricultural equipment, earthmoving equipment, aerospace, oil and gas, consumer durables and electric vehicles. The company claims to have over 30,000 manufacturers across 15 countries.

The 2020 established company saw the cost of materials as the top expense of the company in FY23 accounting for over 80% of its total expenses in FY23. This segment did not make an appearance in the top expenses of the company the previous fiscal year. While its employee benefits surged to over Rs 5 crore, legal expenses cost over Rs 2 crore for CapGrid in the same fiscal year. Its overall expenses rose 7.6X to Rs 52.7 crore in the fiscal year ending March 2023 as compared to FY22.

The Gurgaon-based company’s losses amounted to Rs 8.4 crore, a 6.9X rise as compared to FY22’s Rs 1.2 crore. Its EBITDA margins and ROCE stood at -18.66% and -15.96% respectively.

CapGrid has raised about Rs 61.2 crore since its inception. The latest fundraise was held early last year and raised Rs 57.1 crore with Nexus Venture Partners as the lead investor. The Series A round also saw the participation of like of Axilor Ventures, Anicut Capital, and Deepak Jain.

Post the infusion of its latest round, the company’s largest shareholders were its founders Dheeraj Kumar Tiwari and Himanshu Singh Raghuvanshi with equal shares of over 25% of the company.