11months old Gurgaon Based B2B technology platform Groyyo raises $40 mn in Series A funding from VCs and angel investors
Date of Announcement: Tuesday, June 14, 2022
Investee Startup/Company: Groyyo (Groyyo Private Limited)
Funding: $40 Million (~Rs.300 Crores)
Instruments Used:
- Equity: $28 Million
- Debt: $12 Million
About Groyyo: Groyyo is an Indian origin startup founded in July 2021 by Subin Mitra (Ex-ilingo), Ridam Updhyay (with prior experience as Software engineer with Flipkart and Udaan) and Pratik Tiwari (Ex-Zilingo). Company started with an objective to provide technology infrastructure to SMEs across South Asia and helping industries in unlocking their demand potential and supplying with technology. It also connects manufacturers with brands which act as a catalyst in expansion of clients.
As of June 2022, company has an annualised turnover of $100 million and is presently working with over 100 clients in the fashion and lifestyle area, as well as serving around 400 manufacturers across 9 countries including US, North America, MENA and others etc
In an interview with e-daily, Mitra said "We are aiming to multiply our topline by two-fold in the next year and in terms of clients we are aiming to double the number, too"
Company aims to help these companies unlock their value and growth potential thorough its tech enabled platform with easy access to markets and supplies.
Round of Funding: Series A
Investors Participated: Funding was led by Tiger Global. The round also saw participation from investors like Alpha Wave Global, Sparrow Capital, Stride Ventures and other angel investors like Bahram Vakil (Founding partner AZB and Partners) , Vineet Gautam (CEO Bestseller India) and Capsave Finance.
Purpose of Funding:
- Expand the team across India's and Bangladesh's manufacturing clusters, as well as significant demand belts in the United States and the European Union.
- To establish a more efficient and sustainable ecosystem, invest in product and technology development.
Through this funding, Groyyo looks to build an efficient, tech-enabled supply chain, thereby giving competition to its rivals like Sourcewiz, Shadowfax, Leap India, etc
