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

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company

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

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer

Related Topics

News and Trends

Figr Raises $250,000 In Pre-Seed Funding

In an official release the company said it plans to use the new capital to grow its engineering team and continue to evolve its product to solve different parts of the design process

Technology

Survival Kit for Solopreneurs: 5 AI Tools to Maximize Productivity

The entrepreneurial journey is not a straightforward one. Rather it requires the founder to don multiple hats for marketing, sales, ideation, content curation, and raising funds. Solopreneurs of today are being molded to lead the businesses of tomorrow. And they do require some helping hands in the form of artificial intelligence.

Starting a Business

16 Accelerators Designed to Fast-Track Small Business Founder Success

If you want to start up, level up, or scale up, look into these accelerator programs being offered by the big businesses on our Champions of Small Business list.

Business News

These NYC Roommates Created a Fake Restaurant and Accidentally Garnered a 2,000-Person Waitlist — So They Opened a Pop-up for Real.

The Gen Z'ers dubbed their apartment "Mehran's Steak House" on Google Maps during the pandemic.

Business Ideas

105 Service Businesses to Start Today

With this many ideas to choose from, you have no excuse not to get started today with your own service business.

Business News

'Please Fix This': Elon Musk Frantically Emails Employees During Livestream Glitch

Musk attempted to livestream his visit to the U.S.-Mexico border.