Groyyo Raises $5.4 Million in Debt Funding to Boost Global Manufacturing Automation

• ByStartupStory     |    January 19, 2024

Manufacturing automation startup Groyyo has secured $5.4 million (~Rs 40 crore) in debt funding from Lighthouse Canton and venture financing platform Trifecta Capital. Following the recent closure of its loss-making raw material trading business, Groyyo plans to utilize the funding to forge partnerships with a broader spectrum of small and medium enterprises (SMEs) and facilitate their global expansion. The debt infusion will specifically support Groyyo’s expansion in the UAE.

Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo serves as a supply chain enablement platform, digitizing manufacturing processes for SMEs and connecting demand and supply from national and international clients. With over 100 brands and 350 factories in its portfolio, Groyyo recently achieved EBITDA profitability with an annualized revenue run rate of Rs 1,600 crore in FY23.

Commenting on the funding, Subin Mitra, Co-founder and CEO of Groyyo, stated, “This infusion of incremental capital will enable us to further fuel our goal of empowering SME manufacturers across South Asia to take their business global and digitize their shop-floor through our in-house technology solutions. This also lies strongly in sync with Govt. of India’s Make in India mission; as we work tirelessly to bring more and more international demand to the subcontinent.”

Ankit Agarwal, Director (Venture Debt) at Lighthouse Canton, emphasized the partnership’s significance, saying, “Lighthouse Canton today is the only institution capable of providing INR and USD financing to Indian startups with global ambitions and we hope our partnership will help in Groyyo’s mission to reshape manufacturing and democratize supply chains across key apparel hubs in the world.”

Groyyo’s international markets include Bangladesh, Vietnam, and Turkey, and the company has previously received $40 million in Series A funding led by Tiger Global, Alpha Wave, Stride Ventures, and Sparrow Capital.

In January last year, Groyyo partnered with the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, Seed Group, for B2B fashion and retail manufacturing and sourcing processes with technology.

Groyyo aims to leverage this funding to enhance its capabilities in reshaping manufacturing and democratizing supply chains, aligning with global ambitions and supporting the mission to digitize manufacturing for SMEs.

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