Groyyo Raises $40 Million Led By Tiger Global The funds raised will be utilised to exponentially scale the team across manufacturing clusters in India and Bangladesh, and key demand belts in the US and the European Union
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Groyyo, a B2B manufacturing and supply chain enablement company, on Wednesday announced to have raised $40 million in a combination of equity and debt in Series A funding round. The round of funding was led by Tiger Global with participation from early investors Alpha Wave Global. The round also witnessed participation from existing investors Sparrow Capital, Stride Ventures and notable angel investors such as Bahram Vakil and Vineet Gautam along with debt partners Blacksoil and Capsave Finance also participating. The funds raised will be utilised to exponentially scale the team across manufacturing clusters in India and Bangladesh, and key demand belts in the US and the European Union. The company will also invest aggressively on product and technology development to create a more efficient and sustainable ecosystem.
"The SME Manufacturing ecosystem in the fashion and lifestyle segments across South Asia is extremely disaggregated yet at a tipping point. Our vision at Groyyo is to partner with over 20 Million SME manufacturers in their quest to scale their business," said Subin Mitra, co-founder and CEO, Groyyo
SME Manufacturing is a $120 billion industry poised to grow five times by 2025. However, in this extremely fragmented market where about 45 per cent production is driven by micro manufacturers, with the majority of players operating at barely 50 per cent capacity utilisation with critical operational inefficiencies, according to a statement given by the company.
"As supply chains for fashion and lifestyle goods move to South Asia, the sourcing market is poised for transformation. We are excited to support Groyyo's vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far," said Griffin Schroeder, partner, Tiger Global.
Groyyo is a cross-border B2B Supply Chain enablement company helping SME manufacturers in the fashion and lifestyle categories across South Asia. Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo has already empowered over 400 manufacturers across 150-plus product categories by maximising their manufacturing potential within just 11 months of being operational. Groyyo is clocking $100 million-plus annualised topline and is working with marquee clients across the US, EU, MENA and North America. Groyyo's tech platform brings brands, factories and raw material suppliers under one connected ecosystem. 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
