Groyyo Raises $4.6 Million In Seed Round
The funds will be utilized to build teams across key manufacturing clusters in south Asia, the US and the Middle East
Mumbai-based startup Groyyo, a B2B manufacturing and automation company, has raised $4.6 million in a Seed round led by Alpha Wave Incubation.
The funds will be utilized to build teams across key manufacturing clusters in south Asia along with expanding its presence across the US and the Middle East. The company will also invest in the technological and physical upgradation of its manufacturing partners.
South Asia is home to an untapped network of 20 million-plus small and medium sized manufacturing businesses. This $120 billion industry is poised to grow five times by 2025. However, in this extremely fragmented market where 45 per cent production is driven by micro manufacturers, the majority of small players are operating at barely 50 per cent capacity utilization with critical operational inefficiencies. Groyyo is dedicated to driving growth and creating opportunities for these smaller players. Through its factory-first monetization model, the company is focused on sustainable growth and driving efficiency for its factory partners, said a statement.
“The future of global sourcing is going to be dominated by small manufacturers. With the rise and dominance of D2C brands, there is a pressing need for transparent, compliant, quality manufacturers who can cater to low minimum order sizes, fast turnaround times and price competitiveness. Our mission at Groyyo is to bring technology to millions of micro manufacturers across south Asia and change the face of sourcing globally,” said Subin Mitra, co-founder of Groyyo.
“We believe product sourcing is a global challenge with massive opportunities across both demand and supply. We really liked the supply first approach adopted by Groyyo, which helps them cater to a multitude of categories and products to serve buyers across the globe. Additionally, we also think Groyyo’s solution will give a fillip to south Asia’s rising small manufacturer segment,” said Anirudh Singh, managing director of Alpha Wave Incubation.
Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo has already empowered over 200 manufacturers across categories by maximizing their potential within just six months of being operational. The platform is an innovation led B2B manufacturing and automation company headquartered in Mumbai. They aim to transform the manufacturing sector with AI, technology, innovation and standardization, added the statement.