Prodo raises $1 Mn in Seed Funding Round
The on-demand manufacturing startup, Prodo raises $1 million in a seed funding round. The round was led by Inflection Point Ventures with participation from Titan Capital, LetsVenture and Dholakia Ventures.
It was Founded by Sameen Husain and Abhiroop Srivastava in May 2021, Prodo is an on-demand manufacturing and procurement platform. Prodo helps mid and large companies with their bulk manufacturing requirements. Once an order is placed with Prodo, it’s matched to the right manufacturing unit using data. The customers can live track the journey of the production cycle – from design to delivery.
With 500+ manufacturing units as a part of its network, Prodo is building a globally connected distributed manufacturing ecosystem by standardizing small and medium manufacturers. The company’s goal is to create supply chains that provide the fastest turnaround times for the clients and operational efficiency on each of its SKUs; so that the clients get true value for money.
Sameen Husain, Cofounder & CEO, Prodo said, “India is home to 6 million MSME manufacturers. Currently, most of the MSME manufacturers operate on 50-60 percent of their production capacity, through standardization and demand-supply mapping we plan to unlock a $2 billion manufacturing potential in the next 4 years. We are building a reliable and data-led manufacturing ecosystem.”
Prodo empowers its partner manufacturers by providing them with sustainable demand, working capital, raw material, SOPs and technology to bring them up to the standards of global manufacturing. The company, which works on quarterly to yearly orders for mid and large clients, plans to clock in an order book of 400 crores by FY’24.
Ankur Mittal, Cofounder, IPV said “India’s manufacturing sector is expected to reach a $1 trillion dollar market size by 2030. I believe along with the government’s push, startups like Prodo can become key drivers in unlocking the potential of the sector. We’re excited to be a part of this story.”
Bipin Shah, partner, of Titan Capital said, “Companies onboard multiple vendors; while constantly looking for a direct-from-manufacturer experience. By becoming a mass manufacturer, Prodo is solving this. Moreover, the B2B buying experience today remains largely offline. We believe full stack marketplaces like Prodo, which operate in categories where on-time delivery and quality are crucial, can bring the whole buying experience online.”
This is Prodo’s second round of funding. Earlier the company had raised its pre-seed round of $400,000 led by Titan Capital and LetsVenture in November 2021.
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