IBEF: January 04, 2022
Manufacturing and automation start-up Groyyo, has raised US$4.6 million in seed-funding round from group of investors led by Alpha Wave Incubation an including early investors Sparrow Capital and famous venture-debt firm Stride Ventures.
Groyyo’s real-time production software digitalizes partner facilities by allowing for production tracking and intelligent inputs to improve productivity, as well as providing them with a global reach to international and national buyers. The startup is focusing on increasing efficiency for its factory partners, estimating a 15% boost in revenue and a 20% increase in profitability.
Groyyo, founded by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay in July 2021, has already worked with over 200 manufacturers across a variety of sectors. Prior to that, the founders held key leadership positions at Zilingo and Udaan, two B2B startups.
Subin Mitra, co-founder of Groyyo, said, “The future of global sourcing is going to be dominated by small manufacturers. With the rise and 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.”
The latest round of capital will be used to assist the company expand its team throughout key manufacturing clusters in South Asia, as well as increase its presence in the United States and the Middle East, allowing it to establish a worldwide footprint. It will also make significant investments in the technological and physical upgrades of its manufacturing partners.
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