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 medium and large companies with their bulk manufacturing needs. When an order is placed in Prodo, it is matched to the correct manufacturing unit using the 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 times for clients and operational efficiency for each of its SKUs; so that clients get real value for money.

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Sameen Husain, Cofounder & CEO, Prodo stated, “India is home to 6 million MSME manufacturers. Currently, most MSME manufacturers are operating at 50%-60% of their production capacity, through in 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 partner manufacturers by providing them with sustainable demand, working capital, raw material, SOP and technology to bring them up to global manufacturing standards. The company, which works on quarterly to annual orders for mid and big clients, plans to clock an orderbook of 400 crores in FY’24.

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

In a statement, Bipin Shah, partner, Titan Capital said, “Companies are on board with multiple vendors; while always looking for a direct from manufacturer experience. By becoming a mass manufacturer, Prodo solves this . In addition, the B2B buying experience now remains offline. We believe that fullstack marketplaces like Prodo, which operate in categories where on-time delivery and quality are important, can bring the entire buying experience online.

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

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