Groyyo Private Limited (“Groyyo”), the world’s pioneering manufacturer-first automation platform, headquartered in Gurugram, has recently concluded a debt funding round, securing INR 40 Crore (US$5.4 million) from global investment institution Lighthouse Canton andventure financing platform Trifecta Capital. This financing also includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in UAE.
The additional capital will help in fortifying Groyyo’s financial reserves, to reinforce its strategic initiatives in revolutionizing the manufacturing sector. Groyyo is the pioneer in democratizing global supply chains for brands and MSMEs, hosting the largest MSME capacity pool in the lifestyle sector outside China. The company consolidates millions of 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.”
He further added, “Groyyo’s mission statement has been to enhance growth and efficiency within the apparel & textile manufacturing industry. This infusion of incremental capital will enable us to further fuel our goal of empowering SME manufacturers across South Asia to take their business global and digitise their shop-floor through our in-house technology solutions. This also lies strongly in sync with Govt. of India’s Make in India mission; as we work tirelessly to bring more and more of international demand to the subcontinent.”
Founded in July 2021 by Subin 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. They have 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.
Talking about the latest investment round, Ankit Agrawal, Director – Venture Debt, Lighthouse Canton said, “Groyyo is the largest manufacturing-tech player in lifestyle sector in India with known for its ground-breaking approach to empowering small-scale factories through technology. 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 INR and USD financing to Indian start-ups with global ambitions and we hope our partnership will help in Groyyo’s mission to reshape manufacturing and democratize supply chains across key apparel hubs in the world.”
Trifecta Capital spokesperson said “Trifecta Capital is excited to collaborate with Groyyo through our Venture Debt Fund, recognizing its disruptive potential in transforming manufacturing through innovative technology. Our commitment lies in supporting outstanding entrepreneurs like Subin Mitra, Pratik Tiwari, Ridam Upadhyay throughout their start-up journey, fostering the creation of influential institutions. We are excited to support an energetic team with an incredible bias for action.” Trifecta Capital has products spanning growth equity, credit, & financial advisory and a combined assets under management in excess of USD 600 million.
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, Bestseller India and Bahram Vakil, Co-Founder, AZB & Partners.
