Mumbai, India-based B2B manufacturing and supply chain enablement startup Groyyo raised USD 40 million. The Series A round took place on June 15, 2022. Tiger Global Management led the funding for Groyyo. Meanwhile, early investor Alpha Wave Global also invested in the firm. The round also saw participation from existing investors such as Sparrow Capital, Stride Ventures, and angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO, Bestseller India), with debt partners like Blacksoil & Capsave Finance.
The funding is a combination of equity and debt. The startup received USD 28 million in equity, whereas USD 12 million comes as debt.
Purpose of Funding for Groyyo
The startup will deploy funds to scale the team across manufacturing clusters in India and Bangladesh and critical demand belts in the United States and European Union. The company will also invest aggressively in product and technology development. Groyyo wants to create a more efficient and sustainable ecosystem.
Earlier, the startup raised USD 4.6 million in seed funding. Alpha Wave Incubation, managed by Falcon Edge Capital, led the funding back then.
What the founder has to say
Subin Mitra, Co-Founder & CEO, Groyyo, said, “The SME Manufacturing ecosystem in the fashion & lifestyle segments across South Asia is extremely disaggregated yet at a tipping point. Having spent considerable time with manufacturers across South Asia, I have seen first-hand their hunger and zeal to grow and take their business global. Our vision at Groyyo is to partner with these 20 million + SME Manufacturers in their quest to scale their business. We will be ramping up our buyer and product app and will be expanding our team in supply hubs in South Asia like Ludhiana, Biwandi, Tirupur in India and Dhaka in Bangladesh.”
What the investor has to say
“As supply chains for fashion and lifestyle goods move to South Asia, the sourcing market is poised for transformation,” said Griffin Schroeder, Partner, Tiger Global.
“We are excited to support Groyyo’s vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far,” he added.
Subin Mitra, Pratik Tiwari & Ridam Upadhyay co-founded Groyyo in July 2021. It is a cross-border B2B manufacturing and supply chain enablement company. The startup helps SME manufacturers across South Asia in the fashion and lifestyle categories.
It has already partnered with 400 manufacturers across 150 product categories by maximising its manufacturing potential within 11 months of operation. Groyyo is clocking a $100 million annualised topline and working with marquee clients across the US, EU, MENA and North America.
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