GreyOrange Funding, Investors & Competitors

GreyOrange has raised $423M across 5 funding rounds, most recently a $135M Series D in December 2023.

Last GreyOrange funding round

$135M

Series D · Dec 2023

Cumulative funding GreyOrange raised

$423M

across 5 funding rounds

Key investors in GreyOrange

  • Blume Ventures
  • Mithril Capital Management
  • Tiger Global
  • BlackRock
  • Sahin Boydas
  • Flipkart
  • 3STATE Ventures
  • Dileep Nath

GreyOrange Overview

About GreyOrange

GreyOrange supplies AI-driven software and autonomous mobile robots for warehouse fulfillment. With operations in the United States, Singapore, Germany, Japan, and India, its GreyMatter OS orchestrates robots and workers using real-time data on orders and inventory. The systems optimize picking, sorting, and packing for e-commerce giants.


Founded

2011

HQ

United StatesAtlanta, GA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

GreyOrange Funding History

GreyOrange has raised a total of $423M across 5 funding rounds.

GreyOrange's first fundraising round was a $9M Series A in April 2014. The most recent completed round was a $135M Series D in December 2023.

GreyOrange funding rounds

GreyOrange funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2023Series DAnthelion Capital (lead); Sahin Boydas; 3STATE Ventures; Blume Ventures; Mithril Capital Management$135MGreyOrange is a leader in AI-driven fulfillment automation, offering a hardware-agnostic software platform with certified robotic and sensing technologies to transform warehouse and retail store operations. The company provides omni-channel fulfillment and inventory optimization solutions to retailers, warehouse operators, and third-party logistics providers worldwide, with headquarters in Atlanta, US, and offices across Europe, the Middle East, Africa, and Asia Pacific including India. Founded in 2012 by BITS Pilani alumni Samay Kohli and Akash Gupta, it addresses labor challenges, boosts productivity, and optimizes supply chain movements. On December 20, 2023, GreyOrange announced the first close of its Series D funding round, raising $135 million in a mix of equity and debt led by Anthelion Capital (formerly Cowen Sustainable Investments). Participating investors included Mithril Capital Management, 3State Ventures, Blume Ventures, and Sahin Boydas, with Mithril being a returning investor from prior rounds. This extended Series D follows a $110 million growth capital raise in May 2022 from Mithril Capital (with BlackRock debt) and a $140 million Series C in 2018 led by Mithril. CEO Akash Gupta, elevated from CTO in April 2023, noted the funding amplifies commitment to AI and robotics orchestration leadership. The capital will accelerate technology leadership and hiring, support global expansion, and drive adoption of GreyOrange's fulfillment orchestration platform in warehouses, distribution centers, and retail stores. Anthelion's Vusal Najafov highlighted GreyOrange's network optimizing retailer goods movement across supply chains and innovative inventory transformation. The company serves Fortune 500 customers, validating its supply chain automation capabilities.
May 2022Undisclosed stageBlackRock; Mithril Capital Management$110MGreyOrange is a global provider of automated robotic fulfillment and inventory optimization software, offering end-to-end warehouse automation solutions through autonomous mobile robots and AI-based software. The company serves major retail brands including Walmart, H&M, COS, Coupang, and GXO Logistics, helping them optimize supply chains, enhance productivity in fulfillment centers, and address e-commerce demands. On May 18, 2022, GreyOrange announced $110 million in comprehensive growth financing, with a majority from Mithril Capital Management and participation from a group of current and new investors, plus separate debt financing from BlackRock funds. This non-traditional round, described variably as growth capital or growth financing with both equity and debt components, followed a $140 million Series C in 2018 led by Mithril and brought total funding to around $280 million including prior investors like Tiger Global, Flipkart, and Blume Ventures. The capital is earmarked to accelerate technology leadership, particularly in SaaS applications like gStore, drive global expansion, boost adoption of the omnichannel fulfillment platform in warehouses, distribution centers, and retail stores, and scale headcount by adding over 300 roles in customer service, sales, marketing, product, and engineering. Investors highlighted strong demand for GreyOrange's solutions amid rising robotic automation needs in retail fulfillment. This 2022 round preceded a $135 million Series D in early 2024 led by Anthelion Capital with Mithril participation. GreyOrange, founded in 2011 with roots in India, now headquartered in Atlanta, Singapore, and other locations, competes in the heated warehouse robotics sector against firms like Locus Robotics and Symbotic.
Sep 2018Series CMithril Capital Management (lead); Blume Ventures; Flipkart$140MGreyOrange, a Singapore and Gurugram-based robotics company, closed a $140 million Series C funding round in September 2018 led by Mithril Capital Management, co-founded by Peter Thiel and Ajay Royan. Flipkart co-founder Binny Bansal also participated alongside existing investors Blume Ventures. The company planned to deploy the capital for research and development and to expand its supply chain automation systems, particularly in the United States where it had established a headquarters in Atlanta. GreyOrange's two main product offerings at the time were a robotic butler system that moves heavy shelves and installations within warehouses, and a robotic sorter belt for package organization. The company had five regional offices across India, Singapore, Japan, Germany, and the U.S., with three R&D centers and over 60 installations with retail customers globally. According to financial filings, GreyOrange posted net sales of Rs 75.8 crore in fiscal year 2016-17, representing 74% growth from Rs 43.6 crore in the previous year. The funding brought total capital raised to approximately $170 million, with investors including Mitsubishi and Flipkart. GreyOrange's founders, Samay Kohli and Akash Gupta, stated their vision was to build the world's first fully-autonomous warehouse within three to four years, positioning the company in competition with established firms like Amazon-owned Kiva. The company aimed to deploy over 20,000 robots within three years and planned to launch a research center in Boston.
Aug 2015Series BTiger Global (lead); Blume Ventures$29MGreyOrange is a warehouse robotics and automation company founded in 2009 by BITS Pilani alumni Samay Kohli and Akash Gupta that provides intelligent systems to optimize e-commerce and logistics order fulfillment. The company develops two primary products: the Butler System, an automated storage and goods-to-person order picking system using mobile robots with proprietary machine learning and swarm intelligence algorithms, and the Sorter, a high-speed system for order consolidation and parcel routing. In August 2015, GreyOrange raised $30 million in Series B funding led by Tiger Global Management with participation from existing investor Blume Ventures. The capital was allocated toward research and development of new products, expanding the executive team, and accelerating international expansion into Asia Pacific, the Middle East, and Europe. At the time of the funding, GreyOrange operated with more than 300 employees across offices in Hong Kong, Gurgaon, Mumbai, Delhi, Bengaluru, Hyderabad, and Singapore, with approximately two-thirds of staff in engineering roles. The company served major customers including Flipkart, Amazon India, Jabong, Delhivery, GoJavas, Aramex, DTDC, and Kerry Logistics, with plans to achieve sortation capacity of 3 million parcels per day by Diwali 2015.
Apr 2014Series ABlume Ventures (lead); Tiger Global (lead); Dileep Nath; Alok Rawat$9MGreyOrange raised INR 54 crore in its Series A round in April 2014 from investors including Blume Ventures, Tiger Global, and angels such as Alok Rawat and Dileep Nath. The company develops robotic systems for warehouse automation, including the Butler for order-picking and the Sorter for parcel routing. These products serve e-commerce and logistics clients like Flipkart, Jabong, Delhivery, Amazon India, GoJavas, Aramex, and DTDC. GreyOrange held a 90% share of India's warehouse automation market at the time and powered over 180,000 square feet of warehouse space.

Who has invested in GreyOrange?

10 investors have backed GreyOrange across its funding rounds, including Blume Ventures, Mithril Capital Management, Tiger Global, BlackRock, Sahin Boydas and Flipkart.

Lead investors include Anthelion Capital, Mithril Capital Management, Tiger Global and Blume Ventures.


GreyOrange Investors

Investors in GreyOrange by funding rounds participated
InvestorHQRoundsRoleFirst check
Blume VenturesIndiaMumbai4LeadApr 2014
Mithril Capital ManagementUnited StatesSan Francisco, CA3LeadSep 2018
Tiger GlobalUnited StatesNew York City, NY2LeadApr 2014
Sahin BoydasUnited StatesSan Francisco, CA1ParticipantDec 2023
Dileep Nath--1ParticipantApr 2014
BlackRockUnited StatesUnited States1ParticipantMay 2022
3STATE VenturesUnited StatesUnited States1ParticipantDec 2023
Anthelion CapitalUnited StatesNew York City, NY1LeadDec 2023

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GreyOrange Competitors

GreyOrange competitors include listed companies like EquipmentShare.com and Cadence Design Systems, and private ones like Quicktron Robotics, Exotec, Vecna Robotics and Semitech.

Public and private companies comparable to GreyOrange
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Quicktron RoboticsChinaShanghaiPrivate--$2.3B-
ExotecFranceLillePrivate$100M-$2B20.0x
Vecna RoboticsUnited StatesBoston, MAPrivate--$900M-
SemitechChinaShanghaiPrivate--$870M-
EquipmentShare.comUnited StatesUnited StatesPublicly listed$4.4B$704M$4.6B1.8x
Cadence Design SystemsUnited StatesUnited StatesPublicly listed$5.3B$1.8B$77B13.0x

GreyOrange Public Comps

GreyOrange is still privately-owned, but its public comps include Siemens, Schneider Electric, ABB, Hitachi, Mitsubishi, Delta Electronics (Thailand), Johnson Controls, Emerson Electric, Cadence Design Systems and Honeywell.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Siemens$91B$15B3.0x2.9x18.1x15.7x
Schneider Electric$46B$9.5B4.3x3.9x21.0x18.4x
ABB$33B$6.9B5.4x4.9x25.9x22.6x
Hitachi$68B$11B2.2x2.2x13.8x13.5x
Mitsubishi$122B$8.7B1.2x1.2x17.2x21.8x
Delta Electronics (Thailand)$5.9B$1.1B15.0x11.4x80.8x64.9x
Johnson Controls$24B$3B4.0x3.7x31.0x20.0x
Emerson Electric$18B$4.7B5.2x5.0x19.9x17.1x

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Common questions about GreyOrange

When was GreyOrange founded?GreyOrange was founded in 2011.
Where is GreyOrange headquartered?GreyOrange is headquartered in Atlanta, GA, United States.
Is GreyOrange publicly listed?No, GreyOrange is a private, VC-backed company.
How much funding has GreyOrange raised?GreyOrange has raised $423M across 5 funding rounds.
What was GreyOrange's last funding round?GreyOrange's last funding round was a $135M Series D in December 2023, led by Anthelion Capital.
Who are GreyOrange's investors?GreyOrange's investors include Blume Ventures, Mithril Capital Management, Tiger Global, Sahin Boydas, Dileep Nath, BlackRock, 3STATE Ventures, Anthelion Capital, Flipkart and Alok Rawat.
Which companies are comparable to GreyOrange?Companies comparable to GreyOrange include Quicktron Robotics, Exotec, Vecna Robotics, Semitech, EquipmentShare.com and Cadence Design Systems.

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