Mumbai-based B2B manufacturing and supply chain enablement firm, Groyyo said that it has concluded a debt funding round, securing Rs 40 Crore ($5.4 million) from global investment institution Lighthouse Canton and venture financing platform Trifecta Capital.
This financing also includes a US dollar facility provided by Lighthouse Canton to help Groyyo scale its operations in UAE, the company said in a statement. The capital will be used to fortify the company’s financial reserves and reinforce its strategic initiatives in revolutionising the manufacturing sector, it added.
Groyyo facilitates supply chains for brands and MSMEs, hosting the largest MSME capacity pool in the lifestyle sector, it said. the company consolidates manufacturing Micro, Small, and Medium Enterprises (MSMEs) onto a unified platform, empowering them to expand and enhance their business ventures.
Subin Mitra, co-founder, and CEO of Groyyo said, “The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global.”
Founded in July 2021 by Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo was established with the aim of introducing initial level technology to overlooked small-scale factories in Gurgaon through an order management application. Presently, the company has successfully enlisted over 360 factories producing a diverse range of products spanning across 150+ categories for more than 110 brands across 9+ countries worldwide.
The company has also propelled technology-driven solutions in factories across UAE, Bangladesh, Vietnam, and Turkey, resulting in increased efficiency. Moreover, they've expanded their reach to global retailers like Inditex, Next, Mango, Ross, and Burlington, the statement added.
Talking about the latest investment round, Ankit Agrawal, director at Venture Debt, Lighthouse Canton said, “We have been monitoring their progress and the team has demonstrated strong resilience and execution capabilities in a challenging macro environment. Lighthouse Canton today is the only institution capable of providing Rs and US dollar financing to Indian start-ups with global ambitions and we hope our partnership will help in Groyyo’s mission to reshape manufacturing and democratise supply chains across key apparel hubs in the world.”
In 2022, the company had secured $40 million in a debt-equity combination in its Series A funding round. This round was led by Tiger Global, with participation from institutional investors such as Alpha Wave, Sparrow Capital, Stride Ventures, and individuals like Vineet Gautam, CEO, of Bestseller India, and Bahram Vakil, Co-Founder, of AZB & Partners.