Groyyo, a platform that helps micro manufacturers across Asia access global markets and supply chain digitally, has announced a new equity+debt series A round. The $40Mn round was led by Tiger Global with participation from early investors Alpha Wave Global.
Existing investors Sparrow Capital, Stride Ventures also chipped in, with notable Angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO – Bestseller India) also participating. Debt part was invested in by Blacksoil & Capsave Finance.
Founded in 2021 by Subin Mitra, Pratik Tiwari & Ridam Upadhyay, Groyyo is a cross-border B2B Supply Chain enablement company helping SME manufacturers in the fashion & lifestyle categories across South Asia. The company helps its clients access global demand, source cheaper raw materials further enabling digitization across the ecosystem through its marquee tech products. Pretty much an Alibaba model, but specific to the fashion industry in South Asia.
Talking about the company, its prospects and reasoning behind launch, Subin Mitra, Co-Founder & CEO 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 claims to have empowered over 400+ manufacturers across 150+ product categories by maximising their manufacturing potential within just 11 months of being operational. The B2B startup is clocking $100 million+ annualised topline and working with marquee clients across the US, EU, MENA and North America.
The platform achieves its B2B digitisations through a suite of offerings. Groyyo’s tech platform brings brands, factories and raw material suppliers under one connected ecosystem. Its ‘Brands’ App offers latest styles, easy RFQ placement, real-time tracking of orders to brands worldwide, whereas the Factory App acts as an operating system for MSME factories, enables the entire factory to be controlled from a mobile phone. Lastly, Groyyo’s Fabric App enables manufacturers to procure raw materials with lightning speed and at considerably cheaper prices. All three solutions together, make Groyyo a one of its kind technology ecosystem transforming the fashion sourcing landscape and driving operational efficiencies.