Tiger Global-backed GreyOrange raises $110 Mn round

Tiger Global-backed Indian robotics firm GreyOrange has raised $110 million in a new round. A majority of the latest funding came from its existing investor Mithril Capital Management and a distinguished group of current and new investors, along with separate financing provided by funds and accounts under management by BlackRock. 

GreyOrange’s latest funding round comes four years after the firm raised $140 million in Series C funding. The round was by Mithril Capital with the participation of Flipkart co-founder Binny Bansal, VC firm Blume Ventures and others.

The startup will deploy the capital to accelerate its technology leadership, continue its global expansion and support the adoption of its unique fulfilment platform in warehouses, distribution centres and retail stores.

Founded by Akash Gupta and Samay Kohli, GreyOrange designs, manufactures, and deploys AI-based robotic systems that can automate routine tasks at warehouses and fulfilment centres of large e-commerce and retail firms.

It has manufacturing units in India, China, and the U.S., with R&D units in different countries including India.

GreyOrange also joins the list of several other Indian companies such as Grofers (now Blinkit), Flipkart, Dream11 and Pine Labs that had been planning to list in the U.S.