Groyyo, a supply chain enablement, and B2B manufacturing firm has reportedly raised USD 40 million in a Series A round that was spearheaded by Tiger Global and early investor Alpha Wave Global, through a combination of equity and debt in less than a year of operation.

This fundraising also saw participation from existing investors Stride Ventures and Sparrow Capital as well as angel investors including Vineet Gautam (CEO of Bestseller India), and Bahram Vakil (founder of AZB & Partners), along with the contribution of debt partners including Capsave Finance and Blacksoil.

However, Groyyo intends to use the fresh funds to expand the team throughout important demand belts in the US and the EU, as well as manufacturing clusters in Bangladesh and India. The company will also make significant investments in product and technology developments, to build a more effective and sustainable environment.

Subin Mitra, co-founder, and CEO of Groyyo mentioned t that the company’s mission is to partner with more than 20 million SME manufacturers in a desire to scale the business.

For the unversed, Groyyo is an international B2B supply chain enablement business that supports SME manufacturers in South Asian countries in the lifestyle and fashion industries. The company was founded in July 2021 by Pratik Tiwari, Subin Mitra, and Ridam Upadhyay, and has aided around 400 producers in over 150 product categories, within only 11 months of going into business.

It is also worth mentioning here that Groyyo generates a topline of USD 100 million on an annualized basis and is working with prestigious clients in the EU, the Middle East & North Africa, and North America in a short period.

SME manufacturing is a USD 120 billion worth sector, that is anticipated to grow five times by 2025. However, most participants in this highly fragmented sector, including the small-sized manufacturers, account for 45% of production. However, only 50% of these manufacturers use their available capacity and thus exhibit serious operational inefficiencies.

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https://www.business-standard.com/article/companies/groyyo-raises-40-million-in-series-a-funding-round-led-by-tiger-global-122061500314_1.html