Prodo, a startup specialising in on-demand manufacturing, raises a $1 million seed investment.
The funding round was led by Inflection Point Ventures, with participation from Titan Capital, LetsVenture, and Dholakia Ventures.
Prodo was founded by Sameen Husain and Abhiroop Srivastava in May 2021.
This startup is a platform for on-demand production and purchasing. It aids mid-sized and large businesses with their needs for bulk manufacturing. When an order is placed with Prodo, data is used to match it to the right manufacturing facility. Customers can see the production cycle in real-time, from design to delivery.
By standardising small and medium enterprises, Prodo is creating a network of 500 production facilities that are connected to the rest of the world. The company wants to build supply chains that provide clients with the quickest turnaround times possible and operational efficiency across all of its SKUs so that customers receive real value for their money.
Sameen Husain, Cofounder & CEO, Prodo stated, “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.”
By providing them with sustainable demand, working capital, raw materials, SOPs, and technology to bring them up to speed with international production standards, Prodo empowers its partner manufacturers. The business, which accepts orders from mid-sized and large clients on a quarterly to an annual basis, expects to accrue 400 crores in orders by FY’24.
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 tells The Economic Times, “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 investment round is Prodo’s second. The company had previously raised its pre-seed round of $400,000 in November 2021, which was headed by Titan Capital and LetsVenture.