Gurgaon-based robotics company GreyOrange has raised $30 million (roughly Rs. 192 crores) in a second strategic round of funding (Series B) led by Tiger Global Management and existing investor Blume Ventures.
"We are doubling our team size globally as we steer the company and our products beyond India and into international markets," Co-Founder and Chief Executive Samay Kohli said.
Founded by BITS Pilani alumni Akash Gupta and Samay Kohli, GreyOrange is the maker of AcYut, India's first indigenously developed humanoid robot. The company has a 200-strong engineering team that aims to transform the logistics industry with its high-tech, automated solutions.
GreyOrange has two product lines - Butler, a fleet of mobile robots that can move materials in the warehouse, and Sorter, a fully automated sortation system to consolidate and route packages.GreyOrange's customers include e-commerce and logistics companies like Flipkart, Amazon India, Jabong, Delhivery, GoJavas, Aramex, DTDC, and Kerry Logistics. The company claims to have a 90 percent market share of India's warehouse automation segment, with over 180,000 square feet of warehouse space powered by their solution.
The company had earlier raised its Series A round from Tiger Global and Blume Ventures in April 2014.Headquartered in Singapore, GreyOrange has more than 300 employees in total, 200 of which are in the engineering team. The company also has offices in Hong Kong, Gurgaon, Mumbai, Delhi, Bengaluru, and Hyderabad.
GreyOrange will use this latest round of capital to invest in further research and development for new products, expand its executive team, and accelerate its international expansion into Asia Pacific, Middle East and Europe, the company said in a statement.
(With Inputs from PTI)