B2B manufacturing startup Groyyo on Wednesday said it has raised USD 40 million (about Rs 310 crore) in a combination of equity and debt in its Series A round led by Tiger Global.
The funding round also witnessed strong participation from early investor Alpha Wave Global. Existing investors Sparrow Capital and Stride Ventures, and angel investors like Bahram Vakil (founder and Senior Partner at AZB & Partners) and Vineet Gautam (CEO – Bestseller India) were also involved in the round. Debt partners like Blacksoil & Capsave Finance also participated in the round.
“The funds raised will be utilised to exponentially scale the team across manufacturing clusters in India and Bangladesh, and key demand belts in the United States and European Union. The company will also invest aggressively in product and technology development to create a more efficient and sustainable ecosystem,” Groyyo said in a statement.
Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo claims to present cater to over 400 manufacturers across more than 150 product categories. “Having spent a considerable amount of 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 more than 20 million SME manufacturers in their quest to scale their business,” Groyyo co-founder and CEO Subin Mitra said.
The company claims to be clocking over USD 100 million annualised topline and working with marquee clients across the US, EU, MENA and North America. Groyyo is a cross-border B2B supply chain enablement company, helping SME manufacturers in the fashion and lifestyle categories across South Asia. The company facilitates clients access to global demand, sourcing cheaper raw materials and further enabling digitisation across the ecosystem through its tech products.
“As supply chains for fashion and lifestyle goods move to South Asia, the sourcing market is poised for transformation. We are excited to support Groyyo’s vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far,” Griffin Schroeder, Partner, Tiger Global, said.