- ByStartupStory | December 27, 2024
Leanworx, a Bengaluru-based startup specializing in real-time data solutions for manufacturing plants, has raised ₹8.3 crore in a funding round led by YourNest Venture Capital. The funding includes ₹6.5 crore from YourNest and ₹1.5 crore from an angel investment group.
The funding round is part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to provide strategic funding, mentorship, and market access to high-growth startups like Leanworx.
Founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx currently connects over 2,000 machines across industries. The company has ambitious plans to expand into high-density manufacturing regions, including Thailand, Vietnam, Indonesia, and Mexico, while targeting the FMCG sector.
According to the company, the fresh capital will be used to scale marketing efforts, improve lead generation, and hire key personnel to strengthen its sales team in India and Southeast Asia.
Speaking on the development, D. Srihari, Director of Sales and Marketing at Leanworx Technologies, said: “Leanworx is enabling some of India’s best-known manufacturing firms to improve their productivity in metal working. This investment will be used to enhance our market reach, geographically to other countries worldwide, and to other industry verticals. It will also be used for product enhancement, to offer better value to our customers. We would like to consolidate our position and become a dominant player in this sunrise domain in India and SE Asia in the near future.”
Venkat Raju, Venture Partner at YourNest, emphasized Leanworx’s potential, stating: “Leanworx Technologies aligns with our vision of backing scalable Industry 4.0 solutions. Their proven plug-and-play IoT system addresses critical inefficiencies in manufacturing. We were impressed by their strong early traction, and a robust sales funnel featuring industry leaders. Now with a clear go-to-market strategy and a vast addressable market, Leanworx is poised for rapid growth and should capture a significant market share.”
Leanworx’s innovative plug-and-play IoT systems are set to address inefficiencies in manufacturing processes, making it a key player in the Industry 4.0 revolution. The company’s expansion plans and strategic use of funds highlight its vision to become a dominant player in India and Southeast Asia.
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