Business-to-business manufacturing and supply chain enablement startup Groyyo has raised INR 40 Cr ($5.4 Mn) as a part of its debt funding round from Lighthouse Canton and Trifecta Capital.
The Delhi NCR-based startup will use the fresh capital to boost its financial reserves and scaling up its strategic initiatives for the manufacturing sector.
Founded by Subin Mitra, Pratik Tiwari and Ridam Upadhyay in July 2021, Groyyo brings manufacturing micro, small and medium enterprises (MSMEs) in the fashion and lifestyle industries onto a unified platform, empowering them to expand and enhance their business ventures.
“The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global,” Mitra said.
He further added that the investment will enable the startup to further fuel its goal of empowering SME manufacturers across South Asia to take their business global and digitise their shop-floor through proprietary technology solutions.
“This also lies strongly in sync with government of India’s Make in India mission; as we work tirelessly to bring more and more of international demand to the subcontinent,” he added.
The startup aims to introduce initial-level technology to overlook small-scale factories in Delhi NCR through an order management application. It claims to have enlisted over 360 factories producing a diverse range of products spanning across 150 categories for more than 110 brands.
In addition to India, Groyyo is also operational in the UAE, Bangladesh, Vietnam and Turkey, resulting in increased efficiency. The startup also claims to have expanded its reach to global retailers which are Inditex, Next, Mango, Ross and Burlington.
Earlier in 2022, the startup secured $40 Mn in debt and equity in its Series A funding round to scale the team across manufacturing clusters in India and Bangladesh and key demand belts in the US and the European Union.
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