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Thursday, June 20, 2024

B2B startup Groyyo gets $40M for team expansion, product & tech development

Groyyo has secured $40 million in a Series A round of funding. The money will be used to expand the production workforce as well as product and technology development for the B2B manufacturing and automation startup.

Groyyo, a B2B manufacturing and automation firm, has secured $40 million in a Series A fundraising round that will be used to expand its production teams as well as product and technology development.

According to the article, the Mumbai-based company wants to grow its manufacturing workforce count in India, Bangladesh, the United States, and the European Union.

Other investors included loan investors Blacksoil and Capsave Finance, as well as Bahram Vakil (founder and senior partner at AZB & Partners) and Vineet Gautam (CEO of Bestseller India).

In the research, Groyyo Co-Founder and CEO Subin Mitra stated, “The [small- to medium-sized company (SMB)] manufacturing ecosystem in the fashion and lifestyle categories across South Asia is tremendously disaggregated but at a tipping point.”

“Having spent a significant amount of time with manufacturers throughout South Asia, I’ve witnessed firsthand their desire to expand and expand their business globally.”

Groyyo’s mission, according to Mitra, is to collaborate with these SMB manufacturers, who number in the millions, to help them expand their companies.

According to the article, Groyyo collected $4.6 million in its seed round in January, increasing its total fundraising to $44.6 million following the Series A attempt. More than 360 factories have been onboarded, producing items for 110 brands across 150 categories. Gurugram, Mumbai, Dhaka, and Abu Dhabi are among its locations.

Flipkart announced various policy improvements in April, including shorter payment settlement cycles and lower return fees, as well as travel advantages for sellers thanks to a collaboration with Cleartrip.

Groyyo’s fundraising was spearheaded by Tiger Global, with involvement from existing investors such as Alpha Wave, Sparrow Fund, and Stride Opportunities.


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