+1-888-308-5802      . .

B2B firm Groyyo bags USD 40 Mn from Tiger Global-backed funding round

Author : Pankaj Singh | Published Date : 2022-06-17 

B2B firm Groyyo bags USD 40 Mn from Tiger Global-backed funding round

Groyyo, a supply chain enablement, and B2B manufacturing firm has reportedly raised USD 40 million in a Series A round that was spearheaded by Tiger Global and early investor Alpha Wave Global, through a combination of equity and debt in less than a year of operation.

This fundraising also saw participation from existing investors Stride Ventures and Sparrow Capital as well as angel investors including Vineet Gautam (CEO of Bestseller India), and Bahram Vakil (founder of AZB & Partners), along with the contribution of debt partners including Capsave Finance and Blacksoil.

However, Groyyo intends to use the fresh funds to expand the team throughout important demand belts in the US and the EU, as well as manufacturing clusters in Bangladesh and India. The company will also make significant investments in product and technology developments, to build a more effective and sustainable environment.

Subin Mitra, co-founder, and CEO of Groyyo mentioned t that the company’s mission is to partner with more than 20 million SME manufacturers in a desire to scale the business.

For the unversed, Groyyo is an international B2B supply chain enablement business that supports SME manufacturers in South Asian countries in the lifestyle and fashion industries. The company was founded in July 2021 by Pratik Tiwari, Subin Mitra, and Ridam Upadhyay, and has aided around 400 producers in over 150 product categories, within only 11 months of going into business.

It is also worth mentioning here that Groyyo generates a topline of USD 100 million on an annualized basis and is working with prestigious clients in the EU, the Middle East & North Africa, and North America in a short period.

SME manufacturing is a USD 120 billion worth sector, that is anticipated to grow five times by 2025. However, most participants in this highly fragmented sector, including the small-sized manufacturers, account for 45% of production. However, only 50% of these manufacturers use their available capacity and thus exhibit serious operational inefficiencies.

Source Credits –

https://www.business-standard.com/article/companies/groyyo-raises-40-million-in-series-a-funding-round-led-by-tiger-global-122061500314_1.html

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Moderna’s new bivalent booster stand strong against Omicron subvariants

Moderna’s new bivalent booster stand strong against Omicron subvariants

Published Date: 2022-06-24         Author: Pankaj Singh

As per reliable sources, Moderna Inc. announced that its modified COVID-19 vaccine induces a potent immune response against the Omicron subvariants BA.4 and BA.5 which have recently spread throughout the United States. Additionally, the biotech major expressed optimism that its bivalent vaccine, ... Read More>>

StashFin secures USD 270 million in fresh funding to expand its reach

StashFin secures USD 270 million in fresh funding to expand its reach

Published Date: 2022-06-23         Author: Pankaj Singh

Neo-banking startup StashFin has reportedly raised USD 200 million in debt by Fasanara Capital and Abstract Ventures, along with a USD 70 million equity capital led by San Francisco-based Uncorrelated Ventures. With the latest funding, the company is now valued at USD 800 million. The fundraising... Read More>>

British airline EasyJet to buy 56 aircraft from Airbus for USD 6.5 Bn

British airline EasyJet to buy 56 aircraft from Airbus for USD 6.5 Bn

Published Date: 2022-06-22         Author: Pankaj Singh

EasyJet plc is reportedly planning to buy about 56 Airbus SE’s A320neo air jets to honor its 2013 agreement with the European aircraft manufacturer, as well as upgrade its previous order to 18 new A321neo aircraft. According to the British airline, the proposed order, which is currently awa... Read More>>

© 2022 Fractovia. All Rights Reserved