The Growth Enhancer: Subin Kumar Mitra, CEO, Groyyo With a vision to empower 20 million-plus micro-manufacturers across Asia, Groyyo was formed by a first-generation founder, Subin Kumar Mitra in 2021.
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In 2018, he commenced his career as an analyst and later exited the role as a senior analyst in 2019. So, what made him startup,"My breakthrough occurred in a conversation with a small factory owner a few months prior to launching Groyyo. The owner highlighted the challenges that SMEs frequently face in terms of procurement, financial constraints etc. The absence of a standardized manufacturing process across the industry motivated us to initiate Groyyo," the founder said.
The concept stands out due to the advantages the firm maps out for SMEs across India by providing them financial and technical support while at the same time bringing to them the exposure of dealing with international brands. The current growth trajectory involves a global presence, with a strong footing across key international hubs such as the US, UK, Turkey, and the UAE. "We have successfully served over 460 customers, including major international clients such as Oussum, Next, Inditex, Mango, among others.Additionally, we have successfully implemented production capabilities in Bangladesh."
In 2023, the startup underwent significant transformation, experiencing growth in both exports and software. Despite challenges such as decreased funding in the market, "We adeptly managed our working capital. Moreover, we successfully charted a new course by expanding our consulting and tech verticals," he explained.
"Looking ahead, our expansion plans include entering new markets, and we have a strategic pipeline for extending our operations to Indonesia and Vietnam. Furthermore, we aspire to take our innovative software solutions to a global scale, contributing to our overall growth and impact in the industry," Mitra added.
Factsheet:
Name and Designation: Subin Kumar Mitra
Age as on February 1, 2024: 26 Years
No. of co-founders: 2
Number of employees: 254+
Year of inception of the company: 2021
External Investors: 16 (~6 marquee investors and 10 Angel investors)
