Groyyo raises USD 4.6 million seed funding to expand global presence
Author : Pankaj Singh | Published Date : 2022-01-04
- Groyyo intends to hire new talent across key manufacturing clusters in South Asia.
- It is also working on establishing its presence across the United States and MEA.
B2B manufacturing and automation company Groyyo has reportedly raised USD 4.6 million in a seed funding round led by Falcon Edge Capital's startup incubator, Alpha Wave Incubation, which is backed by DisruptAD and ADQ’s venture platform.
Angel investors such as Deepak Jain and Arpan Seth of Bain & Co., Maninder Gulati of Oyo, and Anjali Bansal of the Bombay Chamber of Commerce along with Sparrow Capital and Stride Ventures were among the other major contributors.
The proceeds will be used by the company for expanding its operations to United States and Middle East, as well as to establish teams throughout important manufacturing hubs in South Asia. Groyyo will also invest in its manufacturing partners' technological and physical upgrades.
Groyyo is betting on the estimated five-fold growth of the South Asia MSME industry by 2025, which is currently valued at USD 120 billion. CEO Subin Mitra claims that small manufacturers will dominate global sourcing with the emergence and domination of D2C companies as need for transparent, compliant, quality manufacturers who can accommodate low minimum order sizes, quick turnaround times, and price competitiveness increases.
Established in July 2021 by Subin Mitra, Ridam Upadhyay, and Pratik Tiwary, it aims to provide technology to the millions of micro-manufacturers in South Asia and to change the face of global sourcing. The startup employs artificial intelligence to improve the productivity of the small-scale manufacturing business, which is highly fragmented.
In the last six months, the Mumbai-based firm claims to have digitalized the operations of 200 small and medium-sized businesses. It anticipates revenue to improve by 15% and profitability by 20% at a Groyyo standard factory.
Source credits-
About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
Related News
Bayers new CEO initiates management job cuts to accelerate decision-making
Bayer newly appointed CEO, Bill Anderson, has reportedly unveiled plans to streamline the companys management structure in a bid to expedite decision-making processes. This marks the first step in a broader effort to transform the embattled German company, which has been under pressure from inv... Read More>>
Smurfit Kappa in Merger Talks with WestRock worth $19 Billion
Smurfit Kappa, a prominent player in the packaging industry, is reportedly engaged in merger discussions with its US counterpart, WestRock. This prospective merger has the potential to create a cardboard box-making powerhouse boasting a market value approaching $19 billion (€17.8 billion). Furt... Read More>>
RBC plans job cuts to take on anticipated economic softening
The Royal Bank of Canada is reportedly planning to reduce its workforce by approximately 1,800 jobs as part of cost-cutting measures, on account of the anticipated upcoming economic landscape. This decision comes after the country's largest bank surpassed analysts' predictions for the third ... Read More>>