GreyOrange, the warehouse robotics and automation company, has successfully raised $135 million in its Series D funding round. Anthelion Capital, formerly known as Cowen Sustainable Investments, led the round. The funding round also saw the participation of existing investors, including Mithril Capital (Peter Thiel's investment firm), 3State Ventures, and Blume Ventures.
The company said it will use the money to strengthen its technology leadership, continue its global expansion and expand its offerings to warehouses, distribution centres and retail stores across geographies.
“As we scale our technology and enhance customer experiences and operational efficiency, we recognize that keeping the needs of our customers at the centre of our product and solution roadmap has proven essential for our customers’ success, as well as our own,” said Akash Gupta, co-founder and CEO, GreyOrange.
The large ticket funding round comes after GreyOrange had raised $110 million in growth financing from Peter Thiel's venture fund Mithril Capital in May 2022.
With the latest round of fund infusion, GreyOrange has raised over $400 million from Tiger Global, Flipkart's Binny Bansal and Sachin Bansal, among several others.
"This Series D funding amplifies our commitment to leadership within the AI and robotics orchestration space and affirms our thought leadership within this market," Gupta added.
“Not only has GreyOrange automated the movement of goods within the warehouse, but the company has also built a network that optimizes how retailers move their goods across their entire supply chain,” said Vusal Najafov, co-founder, Anthelion Capital.
"Their capability to improve operational efficiency in various settings and their innovative approach in transforming inventory into a more productive asset in warehouses and retail spaces are key reasons for our excitement in leading this funding round.”
Founded in 2011 by Samay Kohli and Gupta, GreyOrange provides end-to-end automated warehouse fulfillment technology solutions through a combination of autonomous mobile robots and artificial intelligence-based software to large retail brands such as Walmart, H&M, COS, Coupang and GXO Logistics.
"GreyOrange is one of India's proudest deep tech exports and despite a massive shift in how warehouse automation is being adopted in the US...We think it can be the first billion dollar revenue company in deep tech from India and are proud to further back GreyOrange's growth aspirations,” said Karthik Reddy, Managing Partner, Blume Ventures.
Blume had first backed GreyOrange in 2013.
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