Japanese conglomerate Mitsubishi is reportedly in talks to acquire a minority stake in GreyOrange Robotics — a warehouse automation startup based in Gurugram and Singapore.
Interestingly, Mitsubishi is also one of the client of GreyOrange. The investment is currently being pegged at less than ₹128 crore ($20 million). The company’s existing investor Tiger Global Management could also participate in this round.
Economic Times’ report suggests that the deal is being structured through a convertible note, valuing the company to as high as ₹3,201 crore ($500 million).
The reports states that the company is currently looking to raise a smaller funding round, and will go on to raise a larger funding round early next year.
GreyOrange Robotics, is headquartered in Singapore and has offices in India, Hong Kong, Japan, Germany and Dubai. The company’s research and development centre is in Gurugram.
It designs, manufactures and deploys advanced robotics systems for automation at warehouses, distribution and fulfilment centres. The company offers two products — ‘Butler’ and ‘Sorter’ to its clients.
Butler helps in automated inventory storage and replenishment, picking and combining orders in fulfilment and distribution centres. Sorter, on the other hand, helps in sorting of orders in warehouses and distribution centres. It routes packages based on weight, volume, destination or any other pre-defined parameter.
Till now, the company has raised around ₹192 crore ($30 million) from Tiger Global and Blume Ventures. Reports suggests that the company was looking to raise another round of funding, but valuation mismatch led to delay in the transaction.
Last month, it was announced that GreyOrange has joined the Countdown to Tokyo 2020 Olympics which includes new infrastructure and robotics systems to manage the increasing demands in logistics and supply chain.