Groyyo, the cross-border supply chain management company, raised $40 million in a combination of equity and debt in its Series A round led by Tiger Global, it said in a statement on Wednesday. It will hire people across manufacturing units in India and other countries with these funds. The firm also plans on investing in product and technology development.
The round saw participation from Groyyo’s early investors, Alpha Wave Global, Sparrow Capital, Stride Ventures, Blacksoil and Capsave Finance, too. Angel investors like Bahram Vakil, Vineet Gautam were also a part of the fundraise.
Mumbai-based Groyyo helps small and medium-sized enterprises (SMEs) manufacturers, across South Asia, in the fashion and lifestyle space with their supply chain needs. Further, it assists clients to tap into global demand and source cheaper raw materials. The company claims to be clocking over $100 million in annualised revenue. It works with companies present in the US, European Union and other regions.
It was founded in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay. Its vision is to enable its network of partner manufacturers to scale their business with its factory-first growth strategy.
“The SME manufacturing ecosystem in the fashion and lifestyle segments across South Asia is extremely disaggregated yet at a tipping point. Having spent a considerable amount of time with manufacturers across South Asia, I have seen first-hand their hunger and zeal to grow and take their business global. Our vision at Groyyo is to partner with these 20 million+ SME manufacturers in their quest to scale their business,” said Subin Mitra, co-founder and chief executive officer, Groyyo.
The company’s goal is to create a network of manufacturing partners and brands that witness improved efficiency and scale profitability by creating an efficient supply chain.
“As supply chains for fashion and lifestyle goods move to South Asia, the sourcing market is poised for transformation. We are excited to support Groyyo’s vision to build an efficient, tech-enabled supply chain and are impressed with its traction so far,” said Griffin Schroeder, partner, Tiger Global.