India’s GreyOrange, often overlooked in the realm of deep-tech innovation, has emerged as a dark horse in the $10 billion e-commerce robots industry, surpassing expectations as a global leader. Co-founders Akash Gupta and Samay Kohli, who initially met at BITS Pilani in 2007, embarked on a challenging journey to create something extraordinary.
In 2011, with an investment of 5 lakhs, Gupta and Kohli established GreyOrange, defying the assumption that India was an unlikely hub for deep-tech innovation. Focused on robotics, their journey began with the creation of Acyut, India’s first humanoid, earning them gold at the World’s Robo Olympics. Despite the absence of a conducive startup or hardware ecosystem, they persisted.
A turning point came in 2012 when a visit to Flipkart’s warehouse inspired them. The complex warehousing problem required an elegant solution, and with the support of German technologist Wolfgang Hoeltgen, who moved to India to mentor them, GreyOrange secured its first order from Flipkart.
The development of the Butler Robot system revolutionized warehouse operations, with Flipkart reporting a 4x increase in item picking and an 80% drop in shipment time. GreyOrange’s potential became evident, leading to a significant fundraising round.
By 2016, challenges like one-day deliveries and labor shortages became prominent, mirroring global trends seen in Amazon’s acquisition of Kiva. India’s GST ruling further propelled GreyOrange’s growth as it moved towards central warehousing.
The company’s trajectory continued to impress, with Home Logistics in Japan selecting GreyOrange in 2017, and a staggering 300% growth by 2018. The company raised an impressive $140 million, reaching $100 million in revenue by 2019, a noteworthy achievement for a deep-tech Indian company.
The COVID-19 pandemic in 2020 transformed robots from a luxury to a necessity, propelling e-commerce and diminishing labor availability. GreyOrange responded swiftly, raising $110 million in 2022, valuing the company at $600 million. Despite a challenging year that delayed IPO plans and prompted a management reorganization, GreyOrange started 2023 strongly with $150 million in revenue.
The company has solidified its position as a global leader in mobile autonomous robots, expanding its team to 1,000 people worldwide and hiring regional CEOs. GreyOrange’s journey exemplifies how a robotic ambition from India can evolve into a globally recognized company over a decade.