B2B manufacturing startup Groyyo raises $40 mn in round led by Tiger Global 

B2B manufacturing startup and supply chain enablement company Groyyo has raised $40 million in a debt-equity combination in Series A round. The funding round was led by Tiger Global and participating investors included Alpha Wave, Sparrow Capital and Stride Ventures, according to a statement.

Angel investors include Bestseller India CEO Vineet Gautam, AZB & Partners Founder and Senior Partner Bahram Vakil whereas debt partners included Blacksoil and Capsave Finance.  

These funds will be allocated towards scaling teams across manufacturing clusters in India and Bangladesh and demand belts such as the USA and the EU. Groyyo will also invest in development of product and technology to create an efficient and sustainable ecosystem.  

Groyyo was founded by Subin Mitra, Pratik Tiwari and Ridham Upadhyay in July 2021 and is clocking over $100 million annualised topline and working with clients across the US, EU, MENA and North America. The startup’s vision is to enable partner manufacturers’ network to scale business using the factory-first strategy.  

“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,” co-founder and CEO of Groyyo Subin Mitra said on receiving funding.  

Mitra also said that the SME manufacturing ecosystem in fashion and lifestyle segments is “extremely disaggregated yet at a tipping point”. 

Tiger Global Partner Griffin Schroeder noted, “We are excited to support Groyyo’s vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far.”