Mumbai-based start-up Groyyo, a B-2-B Manufacturing and Supply Chain Enablement company, announced it had raised USD 40 million in a combination of equity & debt in its Series A round in less than a year of inception. Tiger Global led the round of funding with participation from early investors Alpha Wave Global.
This round also saw participation from existing investors Sparrow Capital, Stride Ventures and Notable Angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO – Bestseller India) with notable debt partners like Blacksoil & Capsave Finance participating.
Groyyo is a cross-border B2B Supply Chain enablement company helping SME manufacturers across South Asia in the fashion & lifestyle categories. The company helps its clients access global demand, and source cheaper raw materials, further enabling digitisation across the ecosystem through its marquee tech products.
Groyyo has over 400+ manufacturers across 150+ product categories. Groyyo is clocking more than USD 100 million annualised topline and working with marquee clients across the US, EU, MENA and North America.
SME Manufacturing is a USD 120 billion industry poised to grow 5X by 2025. However, in this highly fragmented market where about 45% of production is driven by micro manufacturers, the majority of players operating at barely 50% capacity utilisation with critical operational inefficiencies.