Groyyo said the fundraising is aimed at enhancing its operations, particularly in the UAE, and fortifying its financial reserves for strategic initiatives in the manufacturing sector.
Democratizing global supply chains
Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo's core mission is to democratize global supply chains, especially for brands and MSMEs.
The platform consolidates manufacturing Micro, Small, and Medium Enterprises (MSMEs) onto a unified platform, empowering them to expand and enhance their business ventures. It claims to have boarded over 100 brands and 350 factories, extending its reach to global retailers like Inditex, Next, Mango, Ross, and Burlington.
Partnering with a broader spectrum of SMEs
The new capital is set to empower Groyyo to partner with a broader spectrum of SMEs, helping them to take their businesses global.
Subin Mitra, Co-founder, and CEO of Groyyo said, “The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global.”
He further added, “Groyyo’s mission statement has been to enhance growth and efficiency within the apparel & textile manufacturing industry. 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 digitise 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 of international demand to the subcontinent.”
Groyyo's financial growth
Groyyo said it has achieved EBITDA profitability with an annualized revenue run rate of Rs 1,600 crore in FY23. The startup's international markets include Bangladesh, Vietnam, and Turkey.
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. It aims to leverage this funding to enhance its capabilities in reshaping manufacturing and democratizing supply chains.
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