prodo: Manufacturing and procurement startup Prodo raises $1 million in seed funding

NEW DELHI: On-demand manufacturing startup Prodo has closed a seed round of $1 million. The round was led by Inflection Point Ventures with participation from Titan Capital, LetsVenture and Dholakia Ventures.

Founded by Sameen Husain and Abhiroop Srivastava in May 2021, Prodo is an on-demand manufacturing and procurement platform. Helps medium to large businesses with their bulk manufacturing requirements. Once an order is placed with Prodo, it is compared to the correct manufacturing unit using data. Customers can follow the production cycle journey live, from design to delivery.

With 500 manufacturing units as part of its network, Prodo is building a globally connected distributed manufacturing ecosystem by standardizing on small and medium manufacturers. The company’s goal is to create supply chains that provide faster customer response times and operational efficiencies on each of its SKUs; so that customers get true value for money.

Sameen Husain, Co-Founder and CEO of Prodo, stated: “India is home to 6 million MSME manufacturers. Currently, most MSME manufacturers are operating at 50%-60% of their production capacity, through standardization and mapping of supply and demand, we plan to unlock $2 billion manufacturing potential in the next 4 years. We are building a trusted, data-driven manufacturing ecosystem.” Prodo empowers its manufacturing partners by providing them with sustainable demand, working capital, raw materials, SOPs and technology to bring them up to global manufacturing standards. The company, which deals with quarterly to yearly orders for medium and large clients, plans to register an order book of Rs 400 crore by fiscal year 2024.

Ankur Mittal, co-founder of IPV, stated: “India’s manufacturing sector is expected to reach a market size of $1 trillion dollars by 2030. I believe that together with the push from the government, start-ups like Prodo can become drivers to unlock the potential of the sector. We are excited to be a part of this story.”

In a statement, Bipin Shah, a partner at Titan Capital, said: “Companies bring in multiple vendors; while constantly looking for a direct from the manufacturer experience. By becoming a mass manufacturer, Prodo is solving this. Additionally, the B2B shopping experience today remains largely offline. We believe that fullstack marketplaces like Prodo, which operate in categories where on-time delivery and quality are crucial, can deliver the full online shopping experience.”

This is the second round of financing for Prodo. The company had previously raised its seed round of $400,000 led by Titan Capital and LetsVenture in November 2021.

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