Mumbai-based start-up Groyyo, a B2B manufacturing and supply chain enablement company has raised $40 million Series A in a mix of equity and debt funding round led by Tiger Global, along with the participation of Alpha Wave Global.
This round also saw participation from existing investors Sparrow Capital, Stride Ventures and Notable Angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO - Bestseller India) with notable debt partners like Blacksoil and Capsave Finance also participating.
Groyyo is a cross-border B2B Supply Chain enablement company helping SME manufacturers in the fashion and lifestyle categories across South Asia. The company helps its clients access global demand, source cheaper raw materials further enabling digitisation across the ecosystem through its marquee tech products.
Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo has already empowered over 400 manufacturers across more than 150 product categories by maximising their manufacturing potential within just 11 months of being operational. Groyyo is clocking $100 million annualised topline and working with clients across the US, EU, MENA and North America.
Groyyo’s vision is to enable its network of partner manufacturers to scale their business with its factory-first growth strategy. The company’s goal is to create a network of manufacturing partners and brands that not only witness improved efficiency but also scale profitability creating an efficient and robust supply chain.
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 on product and technology development to create a more efficient and sustainable ecosystem.
Groyyo’s tech platform brings brands, factories and raw material suppliers under one connected ecosystem. Groyyo’s Brands App offers trendy styles, easy RFQ placement, real-time tracking of orders to brands worldwide, whereas the Factory App acts as an operating system for MSME factories, enables the entire factory to be controlled from a mobile phone. Further, Groyyo’s Fabric App enables manufacturers to procure raw materials at high speed and low prices.
Subin Mitra, Co-Founder & CEO, Groyyo, said, “The SME manufacturing ecosystem in the fashion and lifestyle segments across South Asia is extremely disaggregated yet at a tipping point. 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 20 million + SME manufacturers in their quest to scale their business.”
“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.”