Groyyo, a startup that claims to be world’s manufacturer-first automation platform, has raised $40 million in equity and debt in its Series A round of funding.
Groyyo plans to deploy the funds to expand the team across manufacturing clusters in India and Bangladesh, as well as key demand belts in the US and EU. It will also invest in product and technology development.
Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, the Mumbai-based startup Groyyo connects manufacturers with fashion and lifestyle brands, offers automation and technology to boost efficiency. It helps manufacturers access global demand across South Asia and source cheaper raw materials.
“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,” Founder of Groyyo Subin Mitra said.
Groyyo aims to grow its business in new promising world markets
The startup works with more than 400 manufacturers across over 150 product categories. It is present across North America, Europe, the Middle East, and North Africa region.
Tiger Global led the round, with participation from its early investor Alpha Wave Global. The startup previously raised $4.6 million in a seed round in January 2022.
The round also had participation by Blacksoil Capsave Finance, Sparrow Capital, Stride Ventures, and angel investors such as Bahram Vakil of AZB & Partners and Vineet Gautam of Bestseller India.
