On-demand manufacturing startup Prodo has secured a $1 million seed round led by Inflection Point Ventures along with participation from Titan Capital, LetsVenture and Dholakia Ventures.
This is Prodo’s second round of funding. The company had previously raised its pre-seed round of $400,000 led by Titan Capital and LetsVenture in November 2021.
Founded by Sameen Hussain and Abhiroop Srivastava, Prodo is an on-demand manufacturing and procurement platform which helps mid and large companies with their bulk manufacturing requirements. The customers can live track the journey of the production cycle – from design to delivery. The company aims to create supply chains that provide fastest turnaround times for the clients and operational efficiency on each of its SKUs, so that the clients get true value for money.
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 fastest turnaround times for the clients and operational efficiency on each of its SKUs; so that the clients get true value for money.
“India is home to 6 million MSME manufacturers. Currently, most of the MSME manufacturers operate on 50%-60% 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 orderbook of 400 crores by FY24.
Ankur Mittal, Cofounder, IPV stated, “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 drivers in unlocking the potential of the sector. We’re excited to be a part of this story.”
In a statement, Bipin Shah, partner, Titan Capital said, “Companies onboard multiple vendors; while constantly looking for a direct from manufacturer experience. By becoming a mass manufacturer, Prodo is solving for this. Moreover, the B2B buying experience today remains largely offline. We believe fullstack 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.