A B2B manufacturing and a supply chain enablement startup, Groyyo has raised $40 million in a Series A round of funding. This funding round was participated by Tiger Global, and Alpha Wave Global.
Prior to this round, the company had already made funding of $4.6 million in January FY22.
Groyyo is planning to utilize the fresh funding capital in the following ways:
Groyyo was founded by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay in July 2021. This Mumbai-based startup connects manufacturers with fashion and lifestyle brands and also facilitates automation and technology to boost their efficiency. The startup also helps manufacturers access global demand across South Asia and provides them with cheaper raw materials.
The startup is currently working with more than 400 manufacturers in 150 product categories. In the 11 months of being operational, the company claimed to be clocking around over $100 million in annual revenue. The motive of the company is to leverage the under-utilized SME industry, which it expects to be a $120 billion opportunity to grow 5 times by the year 2025.
"The small and medium enterprises (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," said Subin.
“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.