GreyOrange, an Indian robotics firm backed by Tiger Global, is considering a US IPO to raise $500-600 million.

For the capital raising initiative, the company is in early talks with investment banks JPMorgan, Bank of America, and Morgan Stanley. It is expected to happen by the end of the year or early next year.

GreyOrange is a multinational organisation that uses Artificial Intelligence-driven software and AI-driven mobile robots to modernise order fulfillment. They work together to decide on and execute warehouse activities that optimise payoffs while minimising tradeoffs, resulting in the highest yield.

The artificial intelligence robotics company may be worth $1.5-1.7 billion. “The banks made presentations in the first week of the month. Talks are still exploratory,” said one official. No formal mandates have yet been given.

Some bankers have proposed the SPAC route for the listing. “The company concluded a fresh round of fundraising last year. The next round of funding is likely to be through a listing in the US. The company has almost become a global firm now, with large US operations,” said another official on condition of anonymity as the talks are not in the public domain.

GreyOrange has received $270 million in four rounds of funding. At a $500 million valuation, the company raised $140 million from investors led by Mythril Capital, which was co-founded by Paypal's Peter Thiel.

GreyOrange, which was founded in 2009 by BITS Pilani alumni Samay Kohli and Akash Gupta, has received multiple rounds of venture capital funding. Besides Tiger Global and Thiel, the company counts Flipkart cofounder Binny Bansal and Blume Ventures as investors.

GreyOrange professionals assist companies in mastering fulfillment in the Age of Immediacy so that they can maintain promises, increase sales, reduce fulfillment costs, and maximise warehouse employee satisfaction. GreyOrange's main offices are located in the United States, Singapore, Germany, Japan, and India.