Groyyo, a business-to-business (B2B) manufacturing and supply chain enablement startup, has raised $5.4 million in venture debt from global investment institution Lighthouse Canton and venture financing platform Trifecta Capital.
The firm plans to utilize the funding towards expanding its business among more medium and small businesses, the firm said in a media statement on January 18.
Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo was established to introduce initial level technology to overlooked small-scale factories in Gurgaon through an order management application.
The company lets SME manufacturers access global demand, and source cheaper raw materials further enabling digitization across the ecosystem through its marquee tech products, the company said.
Presently, the company claims to have enlisted over 360 factories across nine countries worldwide.
“The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global," cofounder Mitra said.
The firm has helped automise businesses in factories across UAE, Bangladesh, Vietnam, and Turkey. Their global retail customers include like Inditex, Next, Mango, Ross, and Burlington.
"This infusion of incremental capital will enable us to further fuel our goal of empowering SME manufacturers across South Asia to take their Groyyo, Funding, Alpha Wave, and Trifecta 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," Mitra said.
In 2022, the company had secured $40 million in a debt-equity combination in its Series A funding round. This round was led by Tiger Global, with participation from institutional investors such as Alpha Wave, Sparrow Capital, Stride Ventures and individuals like Vineet Gautam, CEO, Bestseller India and Bahram Vakil, Co-Founder, AZB & Partners.
“Groyyo is the largest manufacturing-tech player in lifestyle sector in India...We have been monitoring their progress and the team has demonstrated strong resilience and execution capabilities in a challenging macro environment," said Ankit Agrawal, Director - Venture Debt, Lighthouse Canton.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
