B2B manufacturing and automation start-up Groyyo has raised $4.6 million in a seed round of funding led by Alpha Wave Incubation. Early investors Sparrow Capital and notable venture-debt fund Stride Ventures also participated in this round.
The company’s real-time production software digitises partner factories by enabling production tracking and intelligent inputs to optimise efficiency and gives them a global outreach to international and national buyers.
The start-up is focused on driving efficiency for its factory partners – and estimated they will see revenue grow by 15 per cent and profitability increase by 20 per cent.
Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo has already partnered over 200 manufacturers across categories. Prior to this the founders held key leadership positions at B2B unicorns Zilingo and Udaan.
Subin Mitra, co-founder of Groyyo, said, “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.”
The latest funding will help the company build its teams across key manufacturing clusters in South Asia along with expanding its presence across the United States and the Middle-east establishing a global footprint. Additionally, it will aggressively invest in the technological and physical upgradation of its manufacturing partners.