Japanese conglomerate Mitsubishi is planning to pick a minority stake in GreyOrange Robotics, a warehouse automation startup based out of Singapore and Gurgaon, according to sources familiar with the development.
Tiger Global may also invest in GreyOrange
The investment, pegged at under $20 million, could likewise observe interest of GreyOrange’s current patron Tiger Global and is being organized through a convertible note which could esteem the organization from in any event $300 million to as high as $500million.
GreyOrange competes with Amazon’s Kiva
“The company plans to raise a smaller round right now and then go for larger round of financing by early next year” said one of the sources mentioned above. GreyOrange competes with Amazon’s Kiva in the warehousing automation space.
$30 million rose from Tiger Global and Blume Ventures
GreyOrange has raised $30 million from Tiger Global and Blume Ventures. After this the company is also looking for another round of funding, but valuation mismatch has led to delay in the transaction.
To overcome valuation issues, a potential investment structured through a convertible note would help GreyOrange.
GreyOrange offers ‘Butler’ and ‘Sorter’
GreyOrange offers “Butler” and “Sorter” to its customers. GreyOrange Butler helps in computerized stock stockpiling and renewal, picking and joining orders in satisfaction and circulation focuses. The Sorter, as the name recommends, helps in arranging of requests in stockrooms and conveyance focuses. It routes packages based on weight, volume, goal or any predefined parameter.
GreyOrange is headquartered in Singapore and has offices in India, Hong Kong, Japan, Germany and Dubai. It has its R&D center in Gurgaon.