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Groyyo raises USD 4.6 million seed funding to expand global presence

Author : Pankaj Singh | Published Date : 2022-01-04 
  • Groyyo intends to hire new talent across key manufacturing clusters in South Asia.  
  • It is also working on establishing its presence across the United States and MEA.

B2B manufacturing and automation company Groyyo has reportedly raised USD 4.6 million in a seed funding round led by Falcon Edge Capital's startup incubator, Alpha Wave Incubation, which is backed by DisruptAD and ADQ’s venture platform.

Angel investors such as Deepak Jain and Arpan Seth of Bain & Co., Maninder Gulati of Oyo, and Anjali Bansal of the Bombay Chamber of Commerce along with Sparrow Capital and Stride Ventures were among the other major contributors.

The proceeds will be used by the company for expanding its operations to United States and Middle East, as well as to establish teams throughout important manufacturing hubs in South Asia. Groyyo will also invest in its manufacturing partners' technological and physical upgrades.

Groyyo is betting on the estimated five-fold growth of the South Asia MSME industry by 2025, which is currently valued at USD 120 billion. CEO Subin Mitra claims that small manufacturers will dominate global sourcing with the emergence and domination of D2C companies as need for transparent, compliant, quality manufacturers who can accommodate low minimum order sizes, quick turnaround times, and price competitiveness increases.

Established in July 2021 by Subin Mitra, Ridam Upadhyay, and Pratik Tiwary, it aims to provide technology to the millions of micro-manufacturers in South Asia and to change the face of global sourcing. The startup employs artificial intelligence to improve the productivity of the small-scale manufacturing business, which is highly fragmented.

In the last six months, the Mumbai-based firm claims to have digitalized the operations of 200 small and medium-sized businesses. It anticipates revenue to improve by 15% and profitability by 20% at a Groyyo standard factory.

Source credits-

https://economictimes.indiatimes.com/tech/funding/groyyo-gets-4-6-million-seed-funding-from-alpha-wave-others/articleshow/88665018.cms

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

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