B2B Manufacturing Company Groyyo raises $4.6 million in seed round
- ByTejika Bajaj | January 4, 2022
B2B manufacturing and automation company Groyyo recently announced that it has raised a sum of $4.6 million in its seed round of funding led by Falcon Edge Capital’s startup incubator, Alpha Wave Incubation.
The round also saw participation from prominent investors like Sparrow Capital and Stride Ventures as well as angel investors like Deepak Jain, Arpanw Seth (Bain and Co.), Maninder Gulati (Oyo) and Anjali Bansal (Chairperson, Bombay Chamber of Commerce).
Sources reveal that the automation brand will deploy the recently infused capital to build a strong team for its key manufacturing clusters across South Asia as well as for expansion across the countries of the United and Middle East. The officials also stated that the company will further invest the funds to upgrade manufacturing partners both physically and technologically.
Sparrow Capital Conceptualized by Subin Mitra, Ridam Upadhyay and Pratik Tiwary in July 20211, Groyyo is a business-to-business manufacturing and automation company which leverages artificial intelligence to bolster efficiency of the small-scale manufacturing industry. The company also claims to have taken the operations of more than 200 SMEs (Small and Medium Scale Enterprises) digital in the last six months.
“The future of global sourcing is going to be dominated by small manufacturers. With the rise and dominance of D2C (direct-to-consumer) 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,” he said. “Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally,” said Subin Mitra, chief executive officer at Groyyo.
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