Groyyo raises $40 million in Series A funding round led by Tiger Global

These funds will be utilised to scale up the team across manufacturing clusters in India and Bangladesh and key demand belts in the United States and European Union

B2B manufacturing and supply chain enablement company Groyyo has raised $40 million in a combination of equity and debt in its Series A round in less than a year since inception. Tiger Global led this round of funding with strong participation from early investor Alpha Wave Global.

This round also saw participation from existing investors Sparrow Capital, Stride Ventures, and angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO, Bestseller India), with debt partners like Blacksoil & Capsave Finance also participating.

The funds raised will be utilised to scale up the team across manufacturing clusters in India and Bangladesh and key demand belts in the United States and European Union. The company will also invest aggressively in product and technology development to create a more efficient and sustainable ecosystem.

Subin Mitra, Co-Founder & CEO, Groyyo, said, “The SME Manufacturing ecosystem in the fashion & lifestyle segments across South Asia is extremely disaggregated yet at a tipping point. Having spent a considerable amount of time with manufacturers across South Asia, I have seen first-hand their hunger and zeal to grow and take their business global. Our vision at Groyyo is to partner with these 20 million + SME Manufacturers in their quest to scale their business.”

Groyyo is a cross-border B2B supply chain enablement company helping SME manufacturers across South Asia in the fashion and lifestyle categories. 

Founded in July 2021 by Subin Mitra, Pratik Tiwari & Ridam Upadhyay, Groyyo has already empowered over 400 manufacturers across 150 product categories by maximising their manufacturing potential within just 11 months of being operational. Groyyo is clocking a $100 million annualised topline and working with marquee clients across the US, EU, MENA and North America.

“As supply chains for fashion and lifestyle goods move to South Asia, the sourcing market is poised for transformation,” said Griffin Schroeder, Partner, Tiger Global. “We are excited to support Groyyo’s vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far,” he added.

SME Manufacturing is a $120 billion industry poised to grow 5X by 2025. However, in this extremely fragmented market where micro manufacturers drive about 45% of production, the majority of players operate at barely 50% capacity utilisation with critical operational inefficiencies.