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

NEW DELHI: On-demand manufacturing startup, Prodo has closed a $1 million seed round. 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. It helps mid and large companies with their bulk manufacturing requirements. Once an order is placed in Prodo, it is matched to the correct manufacturing unit using data. Customers can live track the journey of the production cycle – from design to delivery.

With 500 manufacturing units as 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 time for clients and operational efficiency in each of its SKUs; so that clients get real value for money.

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Sameen Husain, Cofounder and CEO, Prodo said, “India is home to 6 million MSME manufacturers. Currently, most MSME manufacturers are operating at 50%-60% of their production capacity, through of standardization and demand-supply mapping, we plan to unlock $2 billion in manufacturing potential over the next 4 years. We are building a trusted and data-driven manufacturing ecosystem.” Prodo empowers its manufacturer 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 works on quarterly to annual orders for mid and large clients, plans to clock an orderbook of 400 crores by FY’24.

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Ankur Mittal, Cofounder, IPV said, “India’s manufacturing sector is expected to reach a $1 trillion dollar market size by 2030. I believe that with the government’s push, startups like Prodo can be the drivers in unlocking the potential of the sector. We are excited to be a part of this story.”

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In a statement, Bipin Shah, partner, Titan Capital said, “Companies are in multiple vendors; while constantly looking for direct from manufacturer experience. Being a mass manufacturer, Prodo solves this. Moreover, the today’s B2B buying experience remains mostly offline. We believe that fullstack marketplaces like Prodo, operating in categories where on-time delivery and quality are important, can bring the entire buying experience online .”

This is Prodo’s second round of funding. The company previously raised its pre-seed round of $400,000 led by Titan Capital and LetsVenture in November 2021.

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