Groyyo, a B2B manufacturing and automation firm, has raised $40 million (about Rs 308 crore) in a Series A fundraising round led by Tiger Global.
Existing investors such as Alpha Wave, Sparrow Fund, and Stride Opportunities joined the round, as did other investors such as Bahram Vakil (Founder and Senior Partner at AZB & Partners) and Vineet Gautam (CEO Of Bestseller India), as well as debt investors Blacksoil and Capsave Finance.
The new funds will be used to expand the team throughout manufacturing clusters in India and Bangladesh, as well as critical demand belts in the United States and the European Union, according to the Mumbai-based firm. It is also investing in the creation of new products and technologies.
“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,” said Subin Mitra, Co-founder, CEO, Groyyo.
Subin Mitra, Pratik Tiwari, and Ridam Upadhyay founded Groyyo in July 2021, Groyyo is transforming the manufacturing sector with AI, technology, innovation, standardization and industry experts’.
In South Asia, Groyyo works with micro, small, and medium companies (MSMEs). The startup’s goal is to help its network of partner manufacturers develop their businesses by using a factory-first strategy.
“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.
Over 360 factories have been onboarded, producing items for 110 brands across 150 categories. According to its website, it has offices in Gurugram, Mumbai, Dhaka, and Abu Dhabi.
In January, Groyyo raised $4.6 mn in a seed round. The latest fund injection brings the firm’s total funding raised to $44.6 mn.
Groyyo makes factories digital and empowers their business by unlocking internation demand.