B2B manufacturing and automation startup Groyyo has raised $40 million in a combination of debt and equity through a Series A funding round that it will use to grow its manufacturing teams as well as for product and tech development, VC Circle reported.
The Mumbai-based company plans to increase its employee count in the manufacturing segment of the business in India, Bangladesh, the United States and European Union, according to the report.
Tiger Global led Groyyo’s funding efforts, and there was participation from existing investors, including Alpha Wave, Sparrow Fund and Stride Opportunities. Other investors included Bahram Vakil (founder and senior partner at AZB and Partners) and Vineet Gautam (CEO of Bestseller India) and debt investors Blacksoil and Capsave Finance, the report stated.
“The [small- to medium-sized business (SMB)] manufacturing ecosystem in the fashion and lifestyle segments across South Asia is extremely disaggregated yet at a tipping point,” said Groyyo Co-Founder and CEO Subin Mitra in the report. “Having spent a considerable amount of time with manufacturers across South Asia, I have seen first-hand their hunger and zeal to grow and take their business global.”
Mitra said in the report that Groyyo’s goal is to partner with these SMB manufacturers, which number more than 20 million, to help them scale their businesses.
Groyyo raised $4.6 million in its seed round in January, bringing its total fundraising to $44.6 million after the Series A effort, according to the report. The company has onboarded more than 360 factories’ manufacturing products across 150 categories for 110 brands. It has a presence in Gurugram, Mumbai, Dhaka and Abu Dhabi.
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