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Delhi-based digital manufacturing platform, Mekr has announced that it has raised Rs 5.8 crore in series seed round funding led by Titan Capital and Better Capital, in participation from 2AM VC.
The funds raised will be utilized in strengthening sales, supply chain, tech and project management team, and working capital requirements.
Speaking on the funds raised, Gaurang Kuchhal, Co-founder & CEO of Mekr, “People often have a preconceived notion that it is not possible to beat China product costings. However, this is not true in reality. At Mekr, for all our projects, we have been able to match China pricing while delivering great product quality and a seamless manufacturing experience.”
Commenting on the investment in Mekr, Bipin Shah, Partner at Titan Capital, “Today electronics import comes second only after oil in India. Surprisingly, we have so much dependence on imports for electronics. Now, globally there is a shift in supply chains due to Covid and global geopolitical situations.
“India can make most of it due to its favorable conditions like – Manpower-talent, electricity rate, land availability (SEZ), domestic market size, and government policies and support. Companies like Mekr will be pivotal in strengthening the Indian manufacturing ecosystem and making most of the manufacturing wave,” Shah added.
Further talking about the funding round, Vaibhav Domkundwar of Better Capital said, “Mekr is building the Aatmanirbhar Manufacturing Platform of India to empower domestic product companies of all sizes with quality, scaling, and price economics to compete with global competitors for the domestic as well as global markets. We are fortunate to be the founding stage partner to Anand and Gaurang as they build an important piece of the puzzle for leapfrogging Indian companies towards manufacturing leadership.”