Groyyo raises $40 million in the Series A round of funding led by Tiger Global
- ByStartupStory | June 15, 2022
Groyyo, a B2B manufacturing and supply chain enablement firm, has secured $40 million in a Series A round that includes both stock and debt in less than a year since its creation. This round of fundraising was headed by Tiger Global, with Alpha Wave Global as a key early investor. Existing investors Sparrow Capital and Stride Ventures, as well as angel investors Bahram Vakil (Founder and Senior Partner at AZB & Partners) and Vineet Gautam (CEO, Bestseller India), and debt partners Blacksoil and Capsave Finance, participated in this round.
The funds obtained will be used to expand the team throughout production clusters in India and Bangladesh, as well as significant demand belts in the US and EU. To establish a more efficient and sustainable environment, the company will also spend heavily on product and technology development.
Subin Mitra, Co-Founder and CEO of Groyyo said that the SME Manufacturing ecosystem in the fashion and lifestyle categories across South Asia is tremendously disaggregated but at a tipping point. And he has spent a lot of time with manufacturers in South Asia and witnessed their desire to expand and take their business worldwide. Groyyo’s mission is to work with these 20 million+ SME manufacturers to help them expand their businesses. Groyyo is a cross-border B2B supply chain enablement firm that works with SME fashion and leisure producers across South Asia.
Groyyo, founded by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay in July 2021, has already empowered over 400 businesses across 150 product categories by maximising their production capacity in just 11 months. Groyyo has a $100 million annualised topline and works with high-profile customers in the United States, Europe, the Middle East, and North America.
Griffin Schroeder, Partner, Tiger Global stated that the sourcing market is primed for revolution as supply chains for fashion and leisure items relocate to South Asia. And the firm is pleased to support Groyyo’s ambition of creating a more efficient, tech-enabled supply chain.
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