Mumbai-based B2B manufacturing and automation start-up Groyyo on Monday announced it has raised $4.6 million in a seed round of funding led by Alpha Wave Incubation (AWI), which is backed by DisruptAD, ADQ’s venture platform, and managed by Falcon Edge Capital.
The round also witnessed participation from marquee angels such as Deepak Jain (Partner & Manufacturing Lead, Bain & Co), Arpan Seth (Partner & Global PE Lead – Bain & Co), OYO Group’s Global Chief Strategy Officer Maninder Gulati, and Bombay Chamber of Commerce Chairperson Anjali Bansal. Early investors, Sparrow Capital and notable venture-debt fund Stride Ventures, also participated in this round.
Founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo focuses on transforming the manufacturing sector by leveraging technologies such as AI. It has worked with over 200 manufacturers across categories by maximising their potential within six months of becoming operational. Prior to this, the founders held key leadership positions at B2B unicorns Zilingo and Udaan, respectively.
The company’s real-time production software digitises partner factories by enabling production tracking and intelligent inputs to optimise efficiency. Groyyo has been working with MSMEs across South Asia.
The company will utilise the latest funding to build its teams across key manufacturing clusters in South Asia along with expanding its presence across the US and West Asia, establishing a global footprint. Additionally, it will aggressively invest in the technological and physical upgradation of its manufacturing partners.
Subin Mitra, Co-Founder, Groyyo, said, “The future of global sourcing is going to be dominated by small manufacturers. With the rise & dominance of D2C 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. Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally.”
Anirudh Singh, Managing Director, Alpha Wave Incubation, added, “We believe product sourcing is a global challenge with massive opportunities across both demand and supply. We really liked the supply first approach adopted by Groyyo, which helps them cater to a multitude of categories and products to serve buyers across the globe. Additionally, we also think Groyyo’s solution will give a fillip to South Asia’s rising small manufacturer segment, which is hungry to work with large scale clients.”
