B2B manufacturing startup and supply chain enablement company Groyyo has raised $40 million in a combination of debt and equity in the Series A round. The funding round was led by Tiger Global and participating investors included Alpha Wave, Sparrow Capital and Stride Ventures, according to a statement.
Angel investors include Bestseller India CEO Vineet Gautam, AZB & Partners Founder and Senior Partner Bahram Vakil, while debt partners include Blacksoil and Capsave Finance.
These funds will be allocated to scaling teams in manufacturing clusters in India and Bangladesh and demand belts such as the US and EU. Groyyo will also invest in product and technology development to create an efficient and sustainable ecosystem.
Groyyo was founded by Subin Mitra, Pratik Tiwari and Ridham Upadhyay in July 2021 and is posting over $100 million in annual revenue and working with clients in the US, EU, MENA and North America. The startup’s vision is to enable the network of partner manufacturers to scale the business using the factory-first strategy.
“Having spent a considerable amount of time with manufacturers in South Asia, I have seen firsthand their hunger and enthusiasm to grow and take their business global. Our vision at Groyyo is to partner with these 20+ million manufacturing SMEs as they seek to scale their business,” said Groyyo Co-Founder and CEO Subin Mitra upon receiving the funding.
Mitra also said that the SME manufacturing ecosystem in the fashion and lifestyle segments is “extremely disaggregated but at a tipping point.”
Tiger Global Partner Griffin Schroeder said, “We are excited to support Groyyo’s vision of building an efficient, technology-enabled supply chain and are impressed with its traction thus far.”