Indian robotics startup GreyOrange raises $110 million in the current funding
GreyOrange, an Indian Robotics firm backed by Tiger Global has raised $110 million. The current funding came after four years of Series C funding in which it raised $140 million and summed the company’s raise to $170 million.
Most of the funding came from the company’s existing investors including Mithril Capital Management with a distinguished group of present and new investors as well as separate financing offered by BlackRock. GreyOrange would use the funds to speed up its global expansion and help the adoption of a unique platform in the warehouses and retail stores.
Samay Kohli, the co-founder and CEO of GreyOrange said that this growth financing would help to deliver the best solution to meet the customer’s expectations and reach to the partners to enhance the unique product roadmap with the expanded software solutions. He also added that the company chose the blend of equity and debt as the most effective plan which would support its growth in future. The company was founded in 2011 by Samay Kohli and Vikas Gupta and designs manufacture as well as deploys the AI-based robotic systems.
The company is anticipated to grow to $35.3 billion from $6.9 billion in 2021 by 2026 having a compound growth rate of 38.6%. According to the recent news, the startup is also planning to launch its IPO hoping to raise $500-$600 million in the process. The company was formed in India but was shifted to Atlanta, Georgio three years later.
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