Australia-based Truventor.ai, a deep-tech led manufacturing company has acquired Chizel.io, an India-based B2B Cloud Manufacturing Platform. The acquisition is a 100% stock deal with Chizel investors and founders gaining stakes in Truventor. Further, Chizel founders will also be a part of the Truventor management.
Founded by Soumitra Joshi, Ex. Managing Director – TRUMPF India; Vineet Kapoor, Ex. Managing Director – Diehl India and Joerg Kienast, Ex. International Sales Director – TRUMPF Gmbh; Truventor aims to disrupt traditional manufacturing by offering on-demand, time-flexible, and Capex-free cloud machines for manufacturing.
Truventor provides an on-demand machine platform for seamless sales and purchase experience through a single integrated platform. Now, after acquiring Chizel, it has become the largest network of part manufacturers in India.
Chizel has been in the B2B manufacturing marketplace for the past 3 years and has played an instrumental role in pioneering the on-demand manufacturing ecosystem in India. Founded by Indian Institute of Technology, Roorkee alumni Yash Rane, Ravi Ranjan and Devang Saini in 2014, Chizel had raised seed amount of USD 300 from GSF and host of angel investors.
Talking about the acquisition, Soumitra Joshi, Founder & CEO of Truventor, says, “We are super excited to announce our entry into the Indian custom manufacturing industry through the acquisition of Chizel. We will leverage Chizel’s extensive batch manufacturing experience in India to deliver better business outcomes for our customers, enabled by intelligent workflows and deep-tech framework.”
Both the companies will now combine their technology to work on new projects focusing on Machine Learning and Artificial Intelligence to cater to the challenges faced by the industry. It includes supplier identification, quality control, cash flow issues, and machine maintenance, among others.
“Truventor is the right partner for us to help take our vision of On-Demand manufacturing global. Together, in the past four months, we have been able to identify and strategise areas of collaboration. We are very pleased to find a great team to work with. Truventor not only brings deep technical expertise but also global market understanding, which is important to achieve fast growth. We see strong synergies in the way both companies think, and by joining hands with them, we are only stronger and more aggressive,” says Yash Rane, Co-founder & CEO, Chizel.
With this acquisition, Truventor boasts of over 700 suppliers in its network across the globe. The supplier network includes job shops from industries such as sheet metal, CNC machining, 3D Printing, injection moulding, forging, and casting.
