Funding Alert

A startup in manufacturing and procurement Prodo secures seed funding of $1 million

• ByStartupStory     |    November 29, 2022

Prodo, a firm that offers on-demand manufacturing, has raised $1 million in a seed round of financing. Titan Capital, LetsVenture, and Dholakia Ventures all participated in the round, which was led by Inflection Point Ventures.

Prodo is an on-demand manufacturing and procurement platform that was established in May 2021 by Sameen Husain and Abhiroop Srivastava. Prodo assists mid-sized and large businesses with their needs for bulk manufacturing. When an order is placed with Prodo, data is used to match it to the appropriate manufacturing facility. Customers can follow the production cycle in real-time, from design to delivery. By standardising small and medium enterprises, Prodo is creating a network of more than 500 production facilities that are connected to the rest of the world. The company wants to build supply chains that give customers the quickest turnaround times possible and operational efficiency for each of its SKUs so that customers receive real value for their money.

India is home to 6 million MSME manufacturers, according to Sameen Husain, cofounder and CEO of Prodo. We hope to unlock a $2 billion manufacturing potential over the next four years through standardisation and demand-supply mapping. Currently, the majority of MSME manufacturers only use 50–60% of their production capacity. A trustworthy, data-driven manufacturing ecosystem is being developed.

By providing them with sustainable demand, working capital, raw materials, SOPs, and technology to bring them up to speed with international production standards, Prodo empowers its partner manufacturers. The business, which accepts orders from mid-sized and large clients on a quarterly to an annual basis, expects to accrue 400 crores in orders by FY’24.

India’s manufacturing sector is anticipated to reach a $1 trillion market size by 2030, according to Ankur Mittal, cofounder of IPV. I think startups like Prodo can help unlock the sector’s potential in addition to the government’s push. We are delighted to contribute to this narrative.

Companies onboard many providers while continually seeking a direct-from-manufacturer experience, according to Titan Capital partner Bipin Shah. Prodo is resolving this by turning into a mass producer. Furthermore, the B2B purchasing process of today is still predominantly offline. We think full-stack marketplaces like Prodo, which compete in markets where timely delivery and high quality are essential, can digitise the entire purchasing process.

This funding round is Prodo’s second. The company had previously raised its pre-seed round of $400,000 in November 2021, which was led by Titan Capital and LetsVenture.

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