CapGrid has raised Rs 50 crore in a pre-Series B round led by Hero Enterprise Venture Partners. The Delhi NCR company confirmed the round on 31 October 2026, and the deal values it at Rs 430 crore.
The round included primary and secondary transactions. That detail matters, because not every rupee in the headline total is fresh capital for the company. Regulatory filings reported earlier in October showed Rs 46.28 crore of new capital, with the balance reflecting secondary share sales.
Part of the new primary capital will fund research into higher end engineered precision components. The rest will support business growth, including entry into drone manufacturing and data centres. Those are deliberate moves beyond the automotive work that built the company.
How CapGrid works without owning a factory
CapGrid owns no factories. Its cloud manufacturing platform coordinates design, development, production and delivery through third party manufacturers. Artificial intelligence and machine learning match orders with suppliers and track production schedules and quality requirements.
The company says its supplier partners typically operate at around 60 per cent capacity. By pooling orders from different equipment makers, it puts that spare capacity to use instead of leaving machines idle. A supply chain control tower tracks sourcing, procurement, production and deliveries.
Fourteen fulfilment centres near major equipment maker clusters manage inventory and deliveries to assembly lines. The company also helps customers develop new products, replace imports with local parts and improve component designs and sourcing costs.
The founders and the cap table behind the round
CapGrid was started by Dheeraj Tiwari and Himanshu Raghuvanshi. Tiwari serves as chief executive and Raghuvanshi as chief operating officer. Their company describes itself as a design to deliver business for precision parts and components.
Tiwari is an electrical engineer from NIT Karnataka with an MBA from IIM Kozhikode. He brings more than 18 years of management consulting experience across consumer and industrial sectors in India, Japan, China and the United States.
Raghuvanshi is a manufacturing engineer from NIFFT with an MBA from XLRI Jamshedpur. His background covers management consulting in global automotive and wholesale distribution work.
Hero Enterprise Venture Partners led the fresh capital with Rs 38.30 crore, according to the filings. Axilor Ventures and Anicut Capital put in Rs 3 crore each, while Nexus Venture Partners and angel investor Amit Jain contributed Rs 1 crore each.
After the allotment, Nexus remained the largest external shareholder at 18.08 per cent. Anicut Capital held 16.40 per cent and Axilor Ventures held 11.94 per cent. The round follows a 5 million dollar extended Series A led by Anicut Growth Fund.
Revenue growth that still has to prove the next step
CapGrid reported operating revenue of about Rs 240 crore in FY26, up from Rs 209 crore in FY25. It has set a target of Rs 350 crore for FY27, while its annualised revenue run rate has risen to between Rs 360 crore and Rs 370 crore.
The FY26 figure is company reported, as its FY26 financial statements had not been filed when the earlier filings were examined. Readers should treat it as a company number, not a filed result, until the statements appear.
Growth of about 14 per cent in FY26 is solid, but the FY27 target implies a much faster pace. Hitting it will depend on whether higher end components bring better economics, not just larger orders. More complex parts demand deeper engineering, tighter quality control and longer qualification cycles.
Why drones and data centres change the test
The home market is large. India’s auto component industry recorded turnover of Rs 7.59 lakh crore in FY26, up 12.7 per cent, while supplies to equipment makers rose 16.3 per cent to Rs 6.62 lakh crore. CapGrid already sells into that demand, so the new sectors are expansion.
Data centres offer a different kind of demand. India is on track to reach 2 GW of data centre capacity by the end of 2026, with more than 200 MW expected in the second half of the year. That build out needs precision parts, cooling hardware and electrical components.
Drones add a third test. The sector needs light, precise and reliable parts, and buyers in defence, agriculture and logistics judge suppliers on certification as much as price. CapGrid has not disclosed drone customers or orders, so that part of the plan remains a direction, not a proven business.
What to watch now is execution. The funding gives CapGrid room to hire engineers, qualify complex parts and prove it can serve customers outside automotive. If those parts ship on time and at margin, the valuation step up will look earned.
If they do not, the company will have grown its valuation faster than its proof. That gap is the real story behind the headline round, and the next two quarters of deliveries will start to close it or widen it.
